Comerica Bank Contributes $ 150,000 to Detroit’s Loan Relief Fund to Help Small Businesses in Metro Detroit
DETROIT, September 10, 2020 / PRNewswire / – Comerica Bank announced theirs today $ 150,000 Commitment to support Invest Detroit – a non-profit lender, investor and partner supporting business and real estate projects that drive economic growth in Detroit and the surrounding region. Comerica’s contribution to Invest Detroit’s Loan Relief Fund will fuel the bank’s continued support for small business recovery from COVID-19 and will impact downtown entrepreneurs Detroit and surrounding neighborhoods.
This program is aimed at small businesses with fewer than 75 employees and fewer than $ 1 million of annual sales, grants credit waiver to eligible customers in Invest Detroit’s small business portfolio.
“Small businesses have served as the cornerstone Detroit Resurgence and we aim to support them throughout the pandemic, “said Mike Ritchie, Market President of Comerica Bank Michigan. “By working with Invest Detroit, we can continue to help our small businesses at risk by providing much-needed assistance that will help keep their doors open.”
Invest Detroit The Loan Relief Fund program lowers the monthly expenses of eligible companies, improves cash flow and / or offsets lost income. This expands any business’s ability to persevere in the long run, and allows them to refocus that revenue / capital on reopening, staying open and strategy if necessary. Approximately 79% of Invest Detroit’s eligible small business owners are sponsored by minority and / or female owners, and 88% are located in low- or middle-income communities (LMI).
“We are grateful for the support from Comerica Bank so that we can continue to serve businesses in the city center Detroit and surrounding neighborhoods, “said Tosha Tabron, Invest Detroit senior vice president of lending. “Detroit Small businesses in the neighborhood are particularly hard hit by COVID-19, and these resources allow us to provide more technical support and assistance for their operations. We have been providing this support for 25 years, have helped over 400 small businesses to date, and aim to continue to support small businesses so they can thrive in our city. “
Invest Detroit Mission is to support real estate and business projects that are struggling to find traditional funding. The nonprofit’s small business program is a catalyst for both new and existing locally owned businesses with loans to meet business and real estate needs. The organization’s small business team is deeply embedded in Detroit Small business ecosystem and provides ongoing technical support to help small business owners refine plans and meet business goals.
Comerica Bank and Invest Detroit are part of the Detroit Means Business Initiative, which is a coalition of nearly 35 companies and organizations working together to help small businesses reopen, provide financial assistance, and more.
Comerica Bank also hosts Comerica Business $ ense Bootcamps and the Ask the Banker series in the Detroit and big rapids Markets to help entrepreneurs and small business owners navigate these challenging times. In addition, Comerica Bank and the Comerica Charitable Foundation invest $ 8 million in COVID-19 small business relief efforts and community programs. 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 with strategic focus on three businesses: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, helping people and businesses to thrive. In addition to Texas, the Comerica Bank offices are located in Arizona, California, Florida and Michigan, with select companies operating in several other states, as well as in Canada and Mexico. Comerica has total assets of. the end $ 84 billion at June 30, 2020.
About Invest Detroit
Invest Detroit is a non-profit lender, investor, and partner supporting business and real estate projects that drive economic growth in Detroit and the region. Its aim is to increase density and employment opportunities in a strategic and inclusive way. Learn more at www.InvestDetroit.com.
SOURCE Comerica Bank