U.S. SBA also honors Comerica as Top 10 Lender
DETROIT, May 4, 2023 /PRNewswire/ -- The U.S. Small Business Administration (SBA) named Comerica Bank as the Michigan District Office Lender of the Year for the 2022 fiscal year (Oct. 1, 2021 through Sept. 30, 2022). Comerica, a National SBA Preferred Lender, was also honored among Top 10 Lenders.
The U.S. SBA awards the Lender of the Year for the best overall performance by a 7(a) lender in Michigan. Criteria considered for the honor includes volume, year-over-year increase and area coverage. The lender must be in good standing with the U.S. SBA.
For Top 10 Lender, the criteria to determine the top 10 best performing 7(a) lenders in Michigan was based on number of loans approved. The lender must also be in good standing with the U.S. SBA.
"Assisting our small business customers with a wide variety of tools helps them succeed; and providing access to capital for small businesses remains vital in supporting our communities," said Steve Davis, Comerica Bank Michigan Market President. "SBA loan programs are among those valuable resources. We appreciate the advocacy and commitment the U.S. SBA provides daily to assist small businesses across the country and value partnering with them in these lending programs. We are humbly honored to be recognized by the Michigan District Office for our results in meeting customers' needs."
The U.S. SBA Michigan District announced this year's awards at a ceremony held April 11 at the Federal Reserve Bank in Detroit.
The 7(a) Loan Program, SBA's most common loan program, includes lending that ranges from $10,000-$5 million and is the SBA's primary program providing financial assistance to small businesses.
In addition to the Lender of the Year and Top 10 Lender honors, Comerica was recognized as a finalist for the Rising Star Lender of the Year, which recognizes the highest increase in loan activity from the previous fiscal year based on percentage change of number of loans for both the 7(a) and 504 loan programs.
"During FY 22, the SBA helped Michigan entrepreneurs access over $981 million through our traditional 7(a) and 504 loan programs," SBA Michigan District Director Laketa Henderson continued. "We couldn't have achieved these record numbers and get more capital into the hands of Michigan small business owners without the hard work and dedication of our SBA lending partners."
Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating back nearly 174 years to its Detroit founding in 1849. It is the largest bank employer in metro Detroit and has approximately 4,500 employees (FTE) statewide. With one of the largest banking center networks in Michigan, Comerica nurtures lifelong relationships with unwavering integrity and financial prudence. Comerica positively impacts the lives of Michigan residents by helping customers be successful, providing financial support that assists hundreds of charitable organizations, and actively participating in Detroit's downtown revitalization. Comerica Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Follow on Facebook: www.facebook.com/Comerica, Twitter: @ComericaBank and Instagram: @comerica_bank. Download new Comerica Bank corporate logo.
SOURCE Comerica Bank