NAPLES, Fla., Nov. 24, 2020 /PRNewswire/ -- Comerica Bank
announced today it has made a $250,000 investment in Ascendus' small business
lending program, which will give Collier
County small businesses access to much-needed capital in the
wake of the COVID-19 crisis.
"In response to the pandemic, we've prioritized our giving
to support strategic programs designed to meet the needs of
small and micro businesses, the anchor of our economy," said
Comerica Bank Chief Community Officer Irvin
Ashford, Jr. "Community Development Financial
Institutions like Ascendus are able to provide affordable lending
with more flexible terms than traditional financial institutions,
increasing their capacity to assist under-resourced entrepreneurs
and small businesses that have been disproportionately impacted
this year."
Ascendus, formerly Accion East, empowers low- to moderate-income
(LMI) business owners with financial assistance and education. With
economic opportunity, these entrepreneurs – often individuals of
color and women – can build assets, better provide for their
families, create employment opportunities for their neighbors, and
strengthen their communities.
"Ascendus believes in creating a world of financial ascension
for all," said Paul Quintero, CEO of
Ascendus. "For small business owners in Collier County, this means access to capital
to manage through this pandemic. Thanks to the grant from
Comerica, Ascendus now has the kind of flexible capital needed to
support Collier County's
businesses at this very difficult moment."
"As a relationship bank, our efforts to assist community during
this critical time are ongoing," said Mo Corker Florida External
Affairs Manager. "Our partnership with Ascendus will play a vital
role in Collier County's economic
recovery."
To date, Comerica Bank and the Comerica Foundation has invested
more than $9 million in community
programming support and businesses impacted by the COVID-19 crisis
across its five-state footprint.
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 $83.6 billion at Sept. 30,
2020.
About Ascendus
Ascendus is a
nonprofit small business lender working to create
economic opportunity by providing entrepreneurs with
access to the capital and the business support they need to create
and grow healthy enterprises and contribute to thriving local
economies. Since 1991, Ascendus has provided
more than $200 million to 25,000 small
businesses owners across the country. For more
information, visit www.ascendus.org
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SOURCE Comerica Bank