DALLAS, July 22, 2020 /PRNewswire/ -- Comerica Bank
continues its response to supporting local communities with
investments totaling $2 million to
Community Development Financial Institutions (CDFIs) assisting
small businesses impacted by the COVID-19 crisis.
Investments of $1.5 million to
Lendistry and $500,000
to California FarmLink are part of Comerica Bank and
the Comerica Charitable Foundation's $8
million investment in community programming support for
businesses impacted by COVID-19. The investments will provide
necessary funding to small businesses across Comerica's five-state
footprint of Arizona, California, Florida, Michigan and Texas.
"Lendistry and California FarmLink work directly with small
businesses to deliver critical funding and resources," said
Comerica Bank Chief Community Officer Irvin
Ashford, Jr. "These businesses provide valuable services,
goods and jobs that are vital to our communities, and we want to
help those needing support recover and weather these challenging
times."
Lendistry, led by a team of experienced commercial and community
lenders, provides affordable small business and commercial real
estate loans. The CDFI delivers economic opportunities and
progressive growth for small business owners and underserved
communities as a source of financing and financial education.
Lendistry ranks second nationwide in SBA Community Advantage
lending.
"Reversing the staggering unemployment numbers depends on small
businesses having the resources to get back on track," Lendistry
CEO Everett K. Sands said.
"Comerica's investment in Lendistry will support loans to some of
the smallest and most underserved businesses in Comerica's markets,
including those owners by minorities, women and veterans.
"Comerica's capital also will enable Lendistry to accelerate our
development and enlarge our impact as we rise to meet the growing
need for the combination of small business support, low-cost
financing and fintech efficiency that Lendistry was built to
deliver. We appreciate Comerica's vision and commitment to our
shared purpose, along with its trust and partnership."
California FarmLink invests in the prosperity of farmers and
ranchers through lending, education and access to land. FarmLink
helps farmers to build strong business skills, access fair
financing and establish secure land tenure.
"We deeply appreciate the bank's partnership. Today, FarmLink's
loan portfolio of $15 million serves
200 small-scale farmers throughout California," said California FarmLink
Executive Director Reggie Knox.
"These farmers are the future of regional food systems. So far this
year, more than 35% of borrowers are women and 80% are farmers of
color. Many of these farmers have been adversely impacted by the
closing of restaurants, schools and other sales channels due to the
coronavirus pandemic. Comerica's timely commitment of capital to
our loan fund will support these farmers, and help to guarantee
continued access to fresh, healthy foods in this time of
crisis."
On May 7, Comerica Bank and
Comerica Charitable Foundation announced investments totaling
$8 million to support community
programming and businesses impacted by the COVID-19
crisis. Coupled with aid to small and micro businesses,
investments are directed toward community service organizations
providing services to youth, seniors and other vulnerable
populations. Among the aid recently announced includes a
$1 million commitment to the National
Business League to launch the Black Capital Access Program, and
access to capital to assist Black businesses across the
country.
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Dallas,
Texas, and strategically aligned by three business segments:
The Commercial Bank, The Retail Bank, and Wealth Management.
Comerica focuses on relationships, and helping people and
businesses be successful. In addition to Texas, Comerica Bank locations can be found in
Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets
of $84 billion at June 30, 2020
and celebrated its 170th anniversary in August 2019.
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SOURCE Comerica Bank