Innovative products, services and resources driving
Comerica's small business banking transformation, reach and
growth
DALLAS, Dec. 14,
2023 /PRNewswire/ -- Comerica Bank announced
today that it has exceeded the three-year, $5 billion small business lending commitment
first announced in May 2021. Through
2023 third quarter earnings, Comerica Bank has achieved 102% of its
commitment since the bank's initial announcement.
"Small businesses inject opportunities and value into our
communities, and they significantly impact their customers,
employees, families and neighborhoods," said Omar Salah, Comerica
Bank Executive Vice President and Director of Small Business
Banking. "For small businesses to grow, they need access to
support, especially capital, to create effective business
operations to meet their own clients' needs. We strive to deliver
an innovative customer experience, and our lending commitment over
the past three years has reached thousands of businesses to help
them thrive and succeed."
The impact of Comerica's small business lending commitment has
supported over 15,000 small businesses across its entire
footprint.
Surpassing the $5 billion small
business lending commitment resulted from a collaborative effort
led by the Small Business Banking, Community Development, and
Business Banking teams to serve Comerica's customers and
communities with much needed access to capital comprising of loans
of $1 million or less.
Since May 2021, Comerica has added
over 100 small business bankers, new digital solutions and
innovative small business products and services.
Small Business Transformation
In June 2022, Comerica announced
it would add "more focused roles, such as small business bankers in
strategic locations, which enable colleagues to spend more quality
time with customers and develop deeper, more meaningful
relationships."
Behind the leadership of Executive Director Retail Bank
Cassandra McKinney and Salah, Comerica has fortified a small
business banking team dedicated to meeting unmet customer needs,
serving its communities, and driving growth.
In 18 months, Comerica has expanded small business banker
coverage fivefold, which now supports 80% of banking centers across
all markets and reaches 92% of locations serving in low- to
moderate-income communities.
Digital Solutions: Throughout the year, Comerica has
debuted several digital solutions for entrepreneurs with a focus on
payments and access to convenient capital. Thus far, Comerica has
delivered the following to small business customers.
- Comerica Maximize™: The robust new package allows
qualifying small business and business banking customers to earn
interest income while growing and protecting their businesses with
essential treasury services.
- Comerica Small Business Convenient Capital™ powered by
Amount: Comerica Bank's first fully digital, end-to-end new
lending platform provides convenient access to capital and
innovative value-added benefits for Comerica small business
customers.
- SizeUp by Comerica: During National Small Business Week,
Comerica Bank introduced a new exclusive and complimentary online
tool that allows small business customers to tap into
industry-specific research, insights and analysis to help them make
data-driven business decisions while providing a competitive
advantage in a highly challenging business environment.
"Our commitment to small business continues to focus on building
relationships and providing access to capital, and doing so is
especially crucial in underserved communities," Beatrice Kelly, Comerica Bank Senior Vice
President and Director of Community Development Banking.
"Successful small businesses uplift the well-being of the
communities in which they operate and serve. It remains vital to
remove barriers and assist businesses overcome challenges they
face."
Innovative Small Business Resources: With a steadfast
commitment to supporting small business customers and helping them
grow and cultivate their businesses, Comerica launched unique
offerings over that past year in the Texas market that innovates the delivery of
critical resources to entrepreneurs and business owners. These
valuable resource are pilot programs with potential to expand in
additional markets in coming years, which includes Comerica
BusinessHQ™, Comerica
SmallBizCo-op™, Comerica
CoWorkSpaces™.
The newly curated small business experiences have over 1,400
customers gaining access to Comerica resources or utilizing office
space.
National Recognition
Comerica has recently received national recognition for
innovative products and how the bank brings value to small business
customers. Comerica Maximize received a prestigious honor during
the 2023 Impact Awards in Cash Management and Payments by Datos
Insights (formerly Aite-Novarica) as the small business banking
platform was named Best in Class for Product Development
among financial institutions of all sizes.
In October, the American Banker Association awarded Comerica
Bank first-place in its prestigious Brand Slam Awards integrated
marketing category by recognizing Comerica's small business
"Opportunity for All" marketing campaign. The "Opportunity
for All" campaign, targeting the Dallas-Fort Worth metroplex, highlights the
bank's resources and programs designed to bring value to its small
business customers.
About Comerica
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, one of the 25 largest U.S. financial
holding companies, focuses on building relationships and helping
people and businesses be successful. Comerica provides more than
400 banking centers across the country with locations in
Arizona, California, Florida, Michigan and Texas. Founded 174 years ago in Detroit, Michigan, Comerica continues to
expand into new regions, including its Southeast Market, based in
North Carolina, and Mountain West
Market in Colorado. Comerica has
offices in 17 states and services 14 of the 15 largest U.S.
metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of
$85.7 billion at September 30, 2023. Learn more about how Comerica
is raising expectations of what a bank can be by visiting
www.comerica.com, and follow us on Facebook, X (formerly known
as Twitter), Instagram and LinkedIn.
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SOURCE Comerica Bank