Comerica Bank’s top priority is the well-being of its employees, customers and the community. For more than 170 years, Comerica has supported the communities it serves through the hardships of world wars, the Great Depression, the Great Recession and many other monumental challenges, and will continue to do so.
“As a relationship bank, partnering with our customers and helping them navigate these difficult times is why we are here.” Comerica Bank Arizona Market President Steve Richins said.
Across its five-state footprint, Comerica has processed and submitted approximately 14,100 Paycheck Protection Program (PPP) loan applications as of June 10, 2020 -- all of which have been approved by the U.S. Small Business Administration (SBA). Currently, the total loans expected to be funded stands at $3.8 billion, with 66 percent of loans being less than $100,000 and 62 percent of loans going to companies with fewer than 10 employees. Based on each application received, this funding will impact approximately 340,000 employees.
Locally, First Institutional Baptist Church received a PPP loan from Comerica Bank.
“Receiving a PPP loan from Comerica proved to be the safety net needed for our church to retain skilled and tenured employees during this time of pandemic,” Carolyn Engram-Sullivan, Director of Operations of First Institutional Baptist Church. “Our relationship manager Stacey Mixson provided timely assistance during the entire PPP loan application process. She’s very personable and her sincerity always shines through. There was never any doubt that she was genuinely rooting for our success.”
Comerica Bank and the Comerica Foundation also are investing $8 million in its markets -- Arizona, California, Florida, Michigan and Texas -- for COVID-19 relief.
“Now more than ever, It is important that we support our communities and local businesses in Maricopa County through the nonprofit agencies that are providing critical products and services during these difficult times," Richins said.
In response to the COVID-19 crisis, Comerica contributed to the Arizona Hispanic Chamber of Commerce Small Business SUCCESS Grant initiative – a turnkey assistance program, allowing Hispanic and other multicultural entrepreneurs to remain in business while retaining employees.
“Comerica Bank has been a strong community partner for quite some time.” Monica Villalobos, AZHCC President and CEO said. “Because of the generous support of companies like Comerica, we were able to distribute $100,000 over two weeks to our small business members. This funding helped these businesses survive until they could get access to traditional funding and receive technical assistance while creating a pivot strategy.”
AZHCC is partnering with Comerica to host free monthly Business $ense virtual bootcamp sessions. This online financial education series launched on June 9 and will run through November; providing resources, information, and technical assistance to help under-resourced businesses scale and sustain during this time. To register, or for more details about the upcoming sessions, visit https://members.azhcc.com/events.
For more information about banking confidently with Comerica during the COVID-19 pandemic, please visit www.comerica.com/covid19.
