DETROIT/May 30, 2013 – Comerica Bank is increasing its investment in Michigan small businesses through its support of microlending nonprofits, such as the Detroit Micro Enterprise Fund (DMEF) and Grand Rapids Opportunities for Women (GROW), and the Hatch Detroit retail contest.
Microlending helps entrepreneurs not yet ready for a traditional bank loan get the funding necessary to open doors to new businesses and opportunities. Microloans average $13,000 but can go up to $50,000 as needed. Generally, businesses that don’t qualify for bank financing are start ups or businesses in their first two years, as well as businesses without sufficient collateral.
DMEF strives to support the overall health of metro Detroit’s economy by helping entrepreneurs start or expand their businesses through microlending. Comerica was the first corporate sponsor in 2007 and for the past two years has contributed $50,000 annually to support its microloan program. For more information about the DMEF, visit www.detroitmicroenterprisefund.org.
GROW helps entrepreneurs and small businesses develop an idea into a functioning business through training, networking and financing which includes microlending. Comerica’s $25,000 contribution has helped GROW’s microloan program reach new areas outside of Grand Rapids, including Allegan, Kalamazoo, Kent, Muskegon and Ottawa counties. For more information about GROW, visit www.growbusiness.org.
Both DMEF and GROW are certified by the U.S. Small Business Administration as intermediary lenders, which allows each to determine eligibility requirements and administer its microlending program.
“Comerica Bank has a long history of commitment to Michigan small businesses and the community,” said Michael T. Ritchie, president, Comerica Bank-Michigan. “We hope our investment leads to the continued growth and revitalization of the regions we serve.”
Comerica also supports small businesses through the Comerica Hatch Detroit contest. Launched in 2011, the business competition awards a $50,000 grand prize to the winning idea for opening a retail business in Detroit. In addition to the grand prize, winners receive a package of services including legal, marketing, advertising and IT support provided by local businesses and organizations.
Hatch Detroit contest alumni include Hugh, a home furnishings shop featuring a vintage bachelor pad style, and La Feria, an authentic Spanish Tapas restaurant in the style of those seen in southern Spain, both located in Detroit’s burgeoning Midtown area.
The 2013 Comerica Hatch Detroit Contest kicks off Monday, June 3 with the winner being crowned later this summer. To learn more about Comerica Hatch Detroit its submission guidelines and contest rules, visit www.hatchdetroit.com.
About Comerica Bank
Comerica Bank, with 215 banking centers in Michigan, is a subsidiary of Comerica Incorporated. Founded in Detroit in 1849, Comerica continues to invest in Michigan. Comerica’s $17 million renovation of its building at 411 W. Lafayette in Detroit was completed last year and the renamed Comerica Bank Center is now the bank’s Michigan Market headquarters. Comerica Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts . To find us on Facebook, please visit www.facebook.com/ComericaCares. Follow us on Twitter at @ComericaCares.
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