DETROIT, Sept. 10, 2020 /PRNewswire/ -- Comerica Bank
announced today its $150,000
commitment to support Invest Detroit – a nonprofit lender, investor,
and partner that assists business and real estate projects that
ignite economic growth in Detroit
and the surrounding region. Comerica's contribution to Invest
Detroit's Loan Relief Fund furthers the bank's ongoing support for
small business recovery from COVID-19 and will impact entrepreneurs
in downtown Detroit and
surrounding neighborhoods.
This program, which targets small businesses with less than 75
employees and less than $1 million in
annual revenue, provides loan forgiveness to eligible clients in
Invest Detroit's small business portfolio.
"Small businesses have served as a cornerstone to Detroit's resurgence, and we're committed to
supporting them throughout the pandemic," said Mike Ritchie, Comerica Bank Michigan market
president. "By working together with Invest Detroit we can continue
assisting our vulnerable small businesses by providing much needed
relief that will help keep their doors open."
Invest Detroit's Loan Relief
Fund program lowers eligible businesses' monthly expenses, improves
cash flow and/or offsets revenue losses. This expands each
business's ability to persevere long term, allowing them to
re-focus this revenue/capital on re-opening, staying open and
pivoting strategy if necessary. Approximately 79% of Invest
Detroit's eligible small business partners are sponsored by
minority and/or female owners, and 88% are located in low- or
moderate-income (LMI) communities.
"We are grateful for Comerica Bank's support so we can continue
to serve businesses in downtown Detroit and surrounding neighborhoods," said
Tosha Tabron, Invest Detroit senior
vice president of lending. "Detroit's neighborhood small businesses have
been particularly impacted by COVID-19 and with these funds we'll
be able to provide more technical support and assistance to their
operations. We've been providing this support for 25 years, to date
we've helped over 400 small businesses, and we're committed to
continuing to aid small businesses so they can thrive in our
city."
Invest Detroit's mission is to
support real estate and business projects that struggle to find
traditional financing. The nonprofit's small business program is a
catalyst for both new and existing locally owned businesses with
loans that support operational and property needs. The
organization's small business team is deeply embedded in
Detroit's small business ecosystem
and provides ongoing technical assistance to help small business
owners refine plans and achieve business goals.
Comerica Bank and Invest Detroit are a part of the Detroit Means
Business initiative consisting of a coalition of nearly 35
businesses and organizations working together to aid small
businesses in reopening, providing financial support and more.
Comerica Bank is also hosting Comerica Business $ense Bootcamps
and Ask the Banker series in the Detroit and Grand
Rapids markets to aid entrepreneurs and small business
owners navigate through these challenging times. Additionally,
Comerica Bank and Comerica Charitable Foundation are investing
$8 million in COVID-19 relief efforts
for small businesses and community programming. Learn more about
Comerica's COVID-19 relief efforts at
www.comerica.com/coronavirus.
About Comerica Bank
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.
About Invest Detroit
Invest Detroit is a nonprofit lender, investor, and
partner that supports business and real estate projects that will
ignite economic growth in Detroit
and the region. Their goal is to increase density and job
opportunities in a way that is strategic and inclusive. Learn more
at www.InvestDetroit.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/comerica-bank-contributes-150-000-to-invest-detroits-loan-relief-fund-supporting-small-businesses-in-metro-detroit-301127723.html
SOURCE Comerica Bank