DETROIT/October 18, 2004 - Comerica Incorporated today announced that it has taken over the top spot in the state among lenders of U.S. Small Business Administration (SBA) 7(a) loans based on dollar volume for fiscal year 2004, which ended September 30.
Comerica 's No. 1 ranking was confirmed by numbers released recently by the SBA, which showed that the Detroit-based bank approved $46.6 million in loans to small businesses in Michigan - $4 million more than its closest competitor. When tabulated by number of loans, Comerica ranked sixth inMichigan with 81 7(a) loans in 2004.
"This is the first time Comerica has attained the No. 1 ranking in Michigan," notes Troy King who leads Comerica’s Michigan SBA lending team. "Our performance demonstrates our continuing commitment to helping small businesses succeed."
Comerica's SBA 7(a) lending volume in Michigan has more than quadrupled this decade. Comerica is the third largest SBA 7(a) lender in the U.S. In a recent study conducted by the Greenlining Institute, a consumer advocacy group dedicated to improving the quality of life for low income and minority communities, Comerica ranked second in SBA lending to minorities among banks with assets of $50 billion or more.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $55 billion at June 30, 2004.
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