SAN JOSE, Calif., May 18 /PRNewswire-FirstCall/ -- Comerica Bank today announced $1.6 million in grants to nine community development non-profits, mostly in the San Francisco Bay Area and Los Angeles. The grants, some over two and three years, provide funds for women-owned and minority-owned businesses and low-income neighborhoods in communities served by the bank.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
These new grants continue and expand a pattern of community investment by Comerica Bank, which in 2006 awarded approximately $5 million in direct grants to community development agencies as well as cultural, educational and civic organizations in California. The bank also provided $15 million in lines of credit to private, non-profit community lending agencies in California.
"These grants announced today reflect our understanding of the importance of working with our community development partners to provide access to capital for individuals and business owners not currently eligible for traditional banking solutions," said William Becker, vice president for public affairs for Comerica Bank's Western Market.
The grants announced today are for:
-- $500,000 three-year capital grant to the Women's Initiative for Self
Employment, of San Francisco, for the group's "economic independence"
campaign, which will provide major support for a new training center
and business incubator in Silicon Valley, slated for opening in 2008.
The agency provides business training, ongoing support, matched savings
programs and micro-loans to low-income women throughout the San
Francisco Bay Area. This grant is to be presented at the group's annual
gala on May 22 in San Francisco. (http://www.womensinitiative.org/)
-- $250,000 one-year grant to the San Francisco-based Northern California
Community Loan Fund, which make loans to other non-profit entities
throughout Northern California for affordable housing, day-care centers
and community facilities. The fund also provides "fiscal fitness"
training, helping other non-profits make sound financial decisions. The
grant, to be presented in ceremonies tonight in San Francisco, is the
largest equity gift from a bank in the 20-year history of the fund.
(http://www.ncclf.org/)
-- $250,000 one-year grant to TMC Development Working Solutions, of San
Francisco, for its micro-loan fund. The organization provides micro-
loans, education and technical assistance to underserved entrepreneurs
in nine Bay Area counties. (http://www.tmcworkingsolutions.org/)
-- $50,000 per year for two years to each of the following agencies, to
assist in their efforts to provide technical assistance to low-income,
minority-, disabled- and/or women-owned businesses within their
communities.
-- Renaissance Entrepreneurship Center, San Francisco
-- Mission Economic Development Association, San Francisco
-- El Pajaro Community Development Corporation, Watsonville
-- Pacific Asian Consortium in Employment, Los Angeles
-- Vermont Slauson Economic Development Corporation, Los Angeles
-- Pacific Coast Regional Small Business Development Center, Los
Angeles
About Comerica Bank
The overall Community Reinvestment Act performance of Comerica Bank, and its performance in California, in 2007 received an "Outstanding" rating by the Federal Reserve Bank of Chicago. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $57.5 billion at March 31, 2007. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts. (Or, for more information, go to http://www.comerica.com/.)
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Barry Holtzclaw of Comerica Bank, +1-408-556-5111, or
+1-408-315-6554, or bholtzclaw@comerica.com
Web site: http://www.comerica.com/
http://www.womensinitiative.org/
http://www.ncclf.org/
http://www.tmcworkingsolutions.org/
