Comerica Bank and National Business League Announce $1 Million Commitment to Support Black-Owned Small Businesses

Rhea-AI Summary

Comerica Bank has announced a $1 million commitment to the National Business League to launch the Black Capital Access Program (BCAP), aimed at supporting Black-owned businesses. The initiative will provide access to a capital toolkit, technical services, and financial planning resources. Initially piloted in five states—Arizona, California, Florida, Michigan, and Texas—BCAP is set for a nationwide rollout in 2021. The investment includes a $150,000 financial contribution and $100,000 in technical support over four years, addressing capital access challenges exacerbated by COVID-19.

Positive

• Comerica's $1 million investment highlights strong commitment to supporting Black-owned businesses.
• BCAP aims to provide critical resources and capital access to help Black enterprises thrive.
• The program will reach five primary markets initially, expanding nationwide in 2021.

Negative

• The initiative is a response to the COVID-19 crisis, indicating existing vulnerabilities in the market.

DALLAS, June 19, 2020 /PRNewswire/ -- Comerica Bank today announced its $1 million commitment over four years to the National Business League as part of a national partnership that will launch the Black Capital Access Program (BCAP), an access to capital initiative to assist Black businesses across the country.

This innovative small business program is set to pilot over the next three months and will reach Comerica's five primary markets of Arizona, California, Florida, Michigan and Texas. The program will become available in all 50 states in 2021.

A one-stop online platform for Black-owned businesses, BCAP will offer access to a capital toolkit, wide variety of technical services, financial planning information, webinars and more.

"Small businesses face a myriad of inherent challenges to open their doors and remain viable, and the current conditions due to COVID-19 only deepened those issues especially among African American business owners," said Curt Farmer, Chairman and CEO, Comerica Incorporated and Comerica Bank. "We believe our partnership with the National Business League will become crucial in helping many Black-owned businesses and entrepreneurs recover and survive this turbulent time."

The National Business League fights for legislation and policy to promote the growth of Black businesses, while aggressively finding solutions to challenges and business problems in the marketplace. As a nonprofit, non-partisan and non-sectarian trade organization, the National Business League collaborates with policy makers and CEOs to advance Black communities' economic interest supported by research, data and evidence, while at the same time holding the public and private accountable.

"Capital access remains the most important factor limiting the establishment, expansion and growth of Black-owned businesses," said Ken L. Harris, Ph.D., President/CEO National Business League, Inc. "As part of the organization's mission to eliminate institutional, structural and systemic barriers to capital, it is important to develop public and private partnerships to address the financial burden on Black entrepreneurs who are trying to keep their businesses thriving in today's economy, in response to the COVID-19 pandemic.

"Our mission with the launch of the Black Capital Access Program presented by Comerica Bank is to assist Black-owned businesses with their capital needs and resources, and we are thankful to Comerica for its extensive support and national partnership."

The BCAP aims to ensure that Black-owned businesses will benefit from being capitalized, to create and grow sustainable enterprises that are consistently bankable and investment ready in the digital economy.

"We believe strongly that investing financially as well as connecting our team members to offer a wide range of technical resources will enable the NBL's Black Capital Access Program to effectively reach and serve businesses in need," said Irvin Ashford, Jr., Chief Community Officer, Comerica Bank. "We proudly support the 120-year mission of the National Business League and its mission to deliver critical services to Black-owned businesses."

Comerica's $1 million investment to kickstart the BCAP includes a $150,000 financial contribution and in-kind and technical support valued at $100,000 for four years.

Comerica Bank has been helping small businesses succeed for more than 170 years. Comerica's small business relationship managers are part of a decision-making team with the local credit authority so they can go to bat for all small businesses and entrepreneurs. Comerica serves the bank's communities with 435 banking centers throughout its 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 $76.3 billion at March 31, 2020 and celebrated its 170th anniversary in August 2019. Follow on Facebook: www.facebook.com/Comerica, Twitter: @ComericaBank and Instagram: @comerica_bank.

About The National Business League
The National Business League is the first and largest nonprofit, non-partisan, and non-sectarian, Black business professional and trade association, founded August 23, 1900 by the iconic Booker T. Washington. The NBL has more than 120,000 members nationwide, with 4 regional offices in Atlanta, GA, Detroit, MI, Los Angeles, CA, and Washington, DC, and more than 360 local league chapters across the country. The organizations provide access to 2.6 million Black businesses throughout the United States, celebrating 120 years of service. Follow on https://nationalbusinessleague.org/, Twitter: theNBL1900, Instagram: NBL1900 Facebook: theNBL1900.

View original content to download multimedia:http://www.prnewswire.com/news-releases/comerica-bank-and-national-business-league-announce-1-million-commitment-to-support-black-owned-small-businesses-301079892.html

SOURCE Comerica Bank

FAQ

What is the Black Capital Access Program (BCAP) launched by Comerica?

BCAP is an initiative by Comerica Bank to support Black-owned businesses through access to capital and resources.

How much is Comerica investing in the Black Capital Access Program?

Comerica is committing $1 million over four years to support the Black Capital Access Program.

In which states will BCAP initially be available?

BCAP will initially be available in Arizona, California, Florida, Michigan, and Texas.

When will the BCAP program be available nationwide?

The Black Capital Access Program is set to launch nationwide in all 50 states in 2021.

What types of support will BCAP offer to Black-owned businesses?

BCAP will provide a capital toolkit, technical services, financial planning information, and webinars.