Comerica Bank Contributes $150,000 to Invest Detroit's Loan Relief Fund, Supporting Small Businesses in Metro Detroit
Comerica Bank has committed $150,000 to the Loan Relief Fund of Invest Detroit, a nonprofit supporting small businesses impacted by COVID-19. The program is aimed at businesses with fewer than 75 employees and under $1 million in annual revenue, offering loan forgiveness to enhance cash flow. Approximately 79% of eligible businesses are minority or female-owned, and 88% are located in low- to moderate-income areas. This initiative is part of Comerica's broader effort, alongside an $8 million investment in COVID-19 relief for small businesses.
- Comerica's $150,000 commitment to Invest Detroit's Loan Relief Fund to support small businesses.
- Loan forgiveness can improve cash flow and operational sustainability for eligible businesses.
- 79% of the supported businesses are minority or female-owned, promoting diversity and inclusion.
- None.
DETROIT, Sept. 10, 2020 /PRNewswire/ -- Comerica Bank announced today its
This program, which targets small businesses with less than 75 employees and less than
"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
"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
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
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.
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SOURCE Comerica Bank
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