LOS ANGELES/October 24, 2003 -- Comerica Bank announced today that it is making substantial contributions to 15 very deserving community-based organizations in Southern California. The grants are the bank's way of supporting the work these agencies do in providing affordable housing, technical assistance to small businesses, and community services in low-income communities.
Executives from the agencies selected will receive contribution checks during a special ceremony on Oct. 24 at Comerica's Los Angeles Airport office. The contributions are part of Comerica's Community Reinvestment Act (CRA) grant program in which a total of $382,500 is being donated on this day to organizations in Los Angeles, Orange and San Diego Counties.
"The bank is pleased to present these contributions," said CRA Manager Mindy Stogsdill. "The awardees are well established organizations and have a proven track record in providing assistance to low-income people and low- income communities."
Following remarks by David White, Southern California Regional President of Comerica Bank's Western Division, Stogsdill will present grant checks to the following awardees from the bank's Technical Assistance Initiative:
PACE Business Development Center, Los Angeles, $30,000: Affiliate of the Pacific Asian Consortium in Employment (PACE). Funding will be used for its entrepreneurial training program. The Executive Director is Kerry Doi.
Vermont Slauson Economic Development Corporation, Los Angeles, $40,000: Real estate developer and technical assistance provider. Funding will be used for its entrepreneurial training program. The Executive Director is Marva Smith Battle-Bey.
West Angeles Community Development Corporation, Los Angeles, $40,000: Community development corporation affiliate of the West Angeles Church of God in Christ. Funding will assist with their entrepreneurial training program. The Executive Director is Dr. Lula Bailey Ballton.
William Becker, Southern California CRA Market Manager, will present grant checks to the following community partners:
ACCION San Diego, $30,000: Local office of a national organization that makes microloans to small and start-up businesses in low- and moderate- income (LMI) areas. The funds will be used to assist with the organization's on-going operations in San Diego as well as its expansion into Orange County. The President & CEO of ACCION San Diego is Patricia Mason.
Affordable Housing Clearinghouse, Orange County, $25,000: Network of lenders, community groups, and public agencies dedicated to affordable housing issues in Orange County. The agency provides housing financing for low-income and special-needs populations; provides education on housing opportunities, issues, and needs; and provides a forum for communication, partnerships, and innovative solutions. The funds will be used to help finance the organization's ongoing operations. The Executive Director is Trinh LeCong.
Banker's Small Business Community Development Corporation of Orange County, $17,500: Their mission is to serve the capital needs of small businesses in Orange County by providing loans, technical assistance and other services. Funds will be used for general operating support. The Executive Director is Michael Ocasio.
Banker's Small Business Community Development Corporation of San Diego, $20,000: San Diego based operation of the same organization mentioned above that provides similar products and services. Funds will be applied to their small business technical assistance program. The Vice President of Administration is Kimberly Buttemer.
Community Financial Resource Center, Los Angeles, $20,000: Organization whose mission is to create and enhance the wealth and capacity of residents and businesses in disinvested areas of Los Angeles by encouraging collaborative efforts among businesses, the community and government. They provide a number of services to businesses and consumers. Funds will be used for general operating support. The President & CEO is Forescee Hogan-Rowles.
East County Economic Development Council, San Diego, $25,000: Public- private partnership whose mission is to foster economic prosperity and enhance the quality of life in San Diego's East County. The Council has developed a very well received business-to-business website called Connectory.com , which helps link businesses and provide resources to them. The funds will be used to assist their outreach to small businesses in LMI areas and make these businesses aware of the program and resources. The Executive Director is Deanna Weeks.
Habitat for Humanity Orange County, $15,000: Local branch of the national organization that builds affordable, quality housing for low-income and special needs individuals. The funding will be used to assist in their ongoing efforts. The Executive Director is Pete Major.
Local Initiative Support Corporation (LISC), Los Angeles, $25,000: Los Angeles office of a national organization. It acts as a training and funding clearinghouse for other non-profits, as well as providing debt and equity financing for community development projects. The bank's grant will be used to support their operating efforts. The local Program Director is Neelura Bell.
Local Initiative Support Corporation (LISC), San Diego, $25,000: San Diego office of the same organization mentioned above. The funds will be used for the same purpose as that of the Los Angeles office. The local Program Director is Joseph Horiye.
Los Angeles Trade Technical College Mortgage Finance Program, $25,000: Community college program (one of only three in the nation) that recruits low- income and minority students and trains them through a two-year degree program for careers in the mortgage finance industry. The grant will be used for ongoing operational needs necessitated by funding shortages at the state government level. The Program Directors are Dr. Denise Fairchild and Maria Keller.
Orange County Community Housing Corporation, $20,000: Developer, owner, and manager of affordable housing for extremely low-income Orange County families. The funds will be used to support the "Stepping Up" program, which provides resident services such as after-school tutoring for students; home-ownership and financial literacy training for adults; and, various other informational resources. The Executive Director is Allen Baldwin.
Valley Economic Development Center, Los Angeles, $25,000: Community development corporation which offers training, consulting, technical assistance and financing to small and medium-sized businesses in the San Fernando Valley. The grant funds will be used to assist with the organization's general operating efforts. The Executive Director is Roberto Barragan.
About Comerica Bank
The Western Division of Comerica Bank includes more than 70 offices (42 branches) in California, Arizona, Colorado, Oregon and Washington. National businesses originating from the Western Division include Small Business Administration Lending, which has 31 offices in 14 states; and Technology and Life Sciences, with offices in major technology centers nationwide. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA - News), a financial services company strategically aligned into the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to become successful. Comerica Incorporated reported total assets of $55 billion at September 30, 2003.
Media Contact:
Keith Turner
(408) 556-5111
