DETROIT, Sept. 10, 2020 /PRNewswire/ -- Comerica Bank announced today its $150,000 commitment to support Invest Detroit – a nonprofit lender, investor, and partner that assists business and real estate projects that ignite economic growth in Detroit and the surrounding region. Comerica's contribution to Invest Detroit's Loan Relief Fund furthers the bank's ongoing support for small business recovery from COVID-19 and will impact entrepreneurs in downtown Detroit and surrounding neighborhoods.
This program, which targets small businesses with less than 75 employees and less than $1 million in annual revenue, provides loan forgiveness to eligible clients in Invest Detroit's small business portfolio.
"Small businesses have served as a cornerstone to Detroit's resurgence, and we're committed to supporting them throughout the pandemic," said Mike Ritchie, Comerica Bank Michigan market president. "By working together with Invest Detroit we can continue assisting our vulnerable small businesses by providing much needed relief that will help keep their doors open."
Invest Detroit's Loan Relief Fund program lowers eligible businesses' monthly expenses, improves cash flow and/or offsets revenue losses. This expands each business's ability to persevere long term, allowing them to re-focus this revenue/capital on re-opening, staying open and pivoting strategy if necessary. Approximately 79% of Invest Detroit's eligible small business partners are sponsored by minority and/or female owners, and 88% are located in low- or moderate-income (LMI) communities.
"We are grateful for Comerica Bank's support so we can continue to serve businesses in downtown Detroit and surrounding neighborhoods," said Tosha Tabron, Invest Detroit senior vice president of lending. "Detroit's neighborhood small businesses have been particularly impacted by COVID-19 and with these funds we'll be able to provide more technical support and assistance to their operations. We've been providing this support for 25 years, to date we've helped over 400 small businesses, and we're committed to continuing to aid small businesses so they can thrive in our city."
Invest Detroit's mission is to support real estate and business projects that struggle to find traditional financing. The nonprofit's small business program is a catalyst for both new and existing locally owned businesses with loans that support operational and property needs. The organization's small business team is deeply embedded in Detroit's small business ecosystem and provides ongoing technical assistance to help small business owners refine plans and achieve business goals.
Comerica Bank and Invest Detroit are a part of the Detroit Means Business initiative consisting of a coalition of nearly 35 businesses and organizations working together to aid small businesses in reopening, providing financial support and more.
Comerica Bank is also hosting Comerica Business $ense Bootcamps and Ask the Banker series in the Detroit and Grand Rapids markets to aid entrepreneurs and small business owners navigate through these challenging times. Additionally, Comerica Bank and Comerica Charitable Foundation are investing $8 million in COVID-19 relief efforts for small businesses and community programming. Learn more about Comerica's COVID-19 relief efforts at www.comerica.com/coronavirus.
About Comerica Bank
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 focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $84 billion at June 30, 2020.
About Invest Detroit
Invest Detroit is a nonprofit lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and the region. Their goal is to increase density and job opportunities in a way that is strategic and inclusive. Learn more at www.InvestDetroit.com.
SOURCE Comerica Bank