Comerica Bank Contributes $112,000 to Grand Rapids Opportunities for Women to Support West Michigan Entrepreneurs and Small Businesses

Rhea-AI Summary

Comerica Bank has announced a $112,000 contribution to Grand Rapids Opportunities for Women (GROW) to support West Michigan entrepreneurs affected by the COVID-19 pandemic. The funds will provide crucial capital and technical assistance for small businesses as they recover. Comerica and GROW will also host Business $ense Boot Camps, the next of which is scheduled for September 22, to educate small business owners on various topics like credit history. This partnership aims to stabilize and promote the growth of small enterprises, highlighting Comerica's ongoing commitment to community support.

Positive

• Comerica Bank's $112,000 contribution enhances support for West Michigan small businesses recovering from COVID-19.
• Ongoing Business $ense Boot Camps provide essential education and resources to local entrepreneurs.
• Comerica's overall investment in COVID-19 relief efforts totals $8 million, demonstrating a strong commitment to community support.

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• None.

GRAND RAPIDS, Mich., Sept. 16, 2020 /PRNewswire/ -- Comerica Bank today announced a $112,000 contribution to Grand Rapids Opportunities for Women (GROW) to aid west Michigan entrepreneurs and small businesses. Comerica and GROW also will continue to provide Comerica Business $ense Boot Camps with the next camp scheduled on Sept. 22.

Comerica's investment in GROW supports the organization's ongoing effort to provide critical capital and financial resources and technical assistance to small businesses as they recover and reopen amid the COVID-19 pandemic.

"In helping GROW stabilize and develop entrepreneurial viability and growth, we understand that small businesses need both financial and technical resources to serve their customers and communities," said Debra Van Hevele, Comerica Bank senior vice president, retail regional director. "Small businesses impact families and neighborhoods through their services and job opportunities, and our partnership pools valuable resources to support the recovery of businesses affected by the COVID-19 pandemic."

Comerica's contribution adds to the bank's ongoing support with GROW over recent months. Since June, Comerica has partnered with GROW to provide technical services to small business owners through Business $ense Boot Camp events.

"We appreciate Comerica Bank's partnership and contribution so we can help small businesses overcome the unforeseen challenges COVID-19 has presented," said Bonnie Nawara, GROW CEO. "With these funds, we will be able to continue to provide lending opportunities to entrepreneurs in West Michigan, and the next Business $ense Boot Camps will help small businesses connect to tools and information that will help them reach their goals."

Comerica kicked off its partnership with GROW more than two decades ago with the goal of supporting small businesses. In June, Comerica and GROW launched a virtual business boot camp series, focused on credit history.

Thus far, Comerica Bank External Affairs Leader Mike DeMartelaere and Vice President Business Banking Marci Chapin have led Comerica's Business $ense Bootcamps with GROW focused on numerous topics vitally important for small businesses and entrepreneurs.

To reach more business owners and entrepreneurs, DeMartelaere and Chapin will again partner with GROW on September 22 to present Comerica Business $ense Boot Camp, the fourth session of the series. The upcoming session will focus on credit history - cleaning up a credit report, preparing for access to capital and understanding how credit history effects business operations. For more information and to register: https://www.eventbrite.com/e/business-ense-boot-camp-with-comerica-bank-part-i-tickets-118313130759?aff=ebdssbonlinesearch

Alongside Rosie Orchanian, GROW program and volunteer coordinator, DeMartelaere and Chapin have presented a variety of topics to help small businesses, including the following Comerica Business $ense Boot Camps held thus far:

• Session 1 (June 20): Credit History. Cleaning up a credit report, preparing for access to capital and understanding how credit history effects business operations.
• Session 2 (July 28): Understanding Your Financials. Reading, reviewing and preparing financial and business statements, along with budgeting and bookkeeping.
• Session 3 (August 25): Navigating Small Business Financing. Understanding business and start-up financing, applying for microloans and recovery loan programs, implementing financial management and developing lender relationships. Also featured Karen Benson, GROW Business Development Officer-West Michigan Lakeshore.

GROW is one of only 110 certified Women's Business Centers in the nation, and one of three in the State of Michigan, all in partnership with the U.S. Small Business Administration. GROW assists current and aspiring business owners at various stages of business ownership, and offers professional services via business assessments, planning sessions, trainings and education. Additionally, GROW provides business loans and lending options, designed to help entrepreneurs start or grow their small businesses, especially when traditional financing is not available. This spring, the organization designed a low-interest COVID-19 Working Capital Loan and swiftly deployed a total $235,000 in loans to businesses who were facing crisis as a direct result of the pandemic.

Comerica Bank and Comerica Charitable Foundation are investing a total of $8 million in COVID-19 relief efforts for small businesses and community programming impacted by the pandemic coupled with aid to small and micro businesses and investments directed toward community service organizations providing services to youth, seniors and other vulnerable populations.

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 Grand Rapids Opportunities for Women

GROW is a service focused on under-served entrepreneurs at various stages of business ownership. We are a unique resource that helps individuals take the next step, empowering and supporting them with professional expertise for a lifetime. As a 31-year-old organization, GROW has worked to provide thousands of entrepreneurs with skills and tools including access to capital through our lending program, opportunities for networking, and collaborative events with other community nonprofits. GROW offers classes, workshops, and one on one counseling to our clients to help them succeed. They provide technical assistance covers marketing, social media, search engine optimization, strategic planning, branding, financial analysis, and business insurance. GROW has offices in Grand Rapids as well as Muskegon area to serve a wide variety of clients in the West Michigan area.

 

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SOURCE Comerica Bank