Dallas-based banking giant Comerica Bank announced that it has exceeded the three-year, $5 billion small business lending commitment it announced in May 2021.
The company said that through 2023 third quarter earnings, Comerica Bank achieved 102% of its commitment since that announcement.
“Small businesses inject opportunities and value into our communities, and they significantly impact their customers, employees, families and neighborhoods,” Omar Salah, Comerica Bank EVP and director of Small Business Banking, said in a statement. “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.”
Omar Salah, EVP and head of small business banking at Comerica Bank [Photo: Comerica]
Comerica said that via its small business lending commitment, the company has supported more than 15,000 small businesses across its entire footprint.
The banking company said that topping that $5 billion small business lending commitment was the result of 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 loans of $1 million or less.
Since May 2021, Comerica said it has added more than 100 small business bankers, new digital solutions, and innovative small business products and services.
Comerica announced in June 2022 that 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 said it has fortified a small business banking team dedicated to meeting unmet customer needs, serving its communities, and driving growth.
Comerica said in 18 months, it has expanded small business banker coverage fivefold, now supporting 80% of banking centers across all markets and reaching 92% of locations serving in low- to moderate-income communities.
New digital solutions and offerings for entrepreneurs
Comerica also has debuted several digital solutions for entrepreneurs with a focus on payments and access to convenient capital, the company said.
The new solutions are:
Comerica Maximize: A new package, it 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, it is Comerica Bank’s first fully digital, end-to-end new lending platform that 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 SVP and director of Community Development Banking, said in a statement. “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.”
Comerica launched unique offerings over that past year in the Texas market that innovate the delivery of critical resources to entrepreneurs and business owners, the company said. These resources are pilot programs with potential to expand in additional markets in coming years, which includes Comerica BusinessHQ, Comerica SmallBizCo-op, and Comerica CoWorkSpaces, the company said.
The newly curated small business experiences have more than 1,400 customers gaining access to Comerica resources or utilizing office space, the company said.
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