News Releases

DETROIT, Sept. 1, 2020 – Comerica Bank announces the launch of its new small business support program, RISE! (Resources, Ideas, Support and Engagement), to help businesses and communities in Michigan recover and thrive amid the COVID-19 pandemic.

RISE! provides free resources to Comerica’s small business customers to promote their businesses to current Comerica customers and potential prospects.

Opportunities for small businesses in Michigan that are eligible and participate in RISE! include:

• Free digital ads (such as on the Nextdoor app).
• Free live-read radio spots on Detroit Tigers broadcasts.
• Free e-mail blasts to Comerica’s entire customer base promoting participating businesses via Business Customer Directory.
• Free placement in the Comerica Business Customer Directory, where hundreds of thousands of Comerica customers can learn about participating businesses.

“Businesses have a long road to recovery ahead, and we’re committed to aiding their efforts by driving new business and raising their visibility in our communities,” said Mike Ritchie, Comerica Bank Michigan Market President. “Through RISE!, we can provide valuable platforms to reach and build a customer base that is much needed as they fight to keep their doors open and grow.”

To be eligible, businesses must have 500 or fewer employees, a physical business location in Michigan, serve Michigan residents and be a Comerica customer. Businesses that qualify can register for this assistance at www.comerica.com/RISE.

“As we continue to engage with our communities and customers, we understand that there is such a great need in so many areas to keep their businesses viable,” said Jim Weber, Comerica Bank Executive Vice President, Chief Experience Officer. “They need resources, and this program offers businesses tangible assets to communicate to their customers that they are open to serve as we help them get through very difficult and challenging times.”

Comerica’s support of Michigan businesses spans 171 years and has expanded greatly amid COVID-19. In addition to RISE!, Comerica Bank has committed to the state of Michigan nearly $  million to directly support local communities and businesses recover from the COVID-19 pandemic.

• Comerica Bank and the Comerica Charitable Foundation thus far has invested $1.4 million in Michigan supporting community programming and businesses impacted by COVID-19.
• Comerica moved $2.5 million in deposits to First Independence Bank, the only Minority Depository Institution (MDI) headquartered in Michigan, and launched a strategic partnership that includes collaboration, mentorship and exchange of expertise in key lines of business. Minority Depository Institutions (MDIs) assist minority and under-served communities and foster economic viability in these communities.

Additionally, Comerica’s participation in the Small Business Association Paycheck Protection Program, a federal program designed to keep employees on payroll, provided much needed relief to thousands of businesses in Michigan. That support included (as of June 30, 2020):

• Nearly $1.5 billion in PPP loans funded.
• Over 6,600 PPP loans processed.
• Over 5,200 loans made were under $150,000.
• Approximately 6,100 loans made for businesses with less than 50 employees.
• Approximately 4,300 loans made for businesses with less than 10 employees.

Comerica community commitments throughout Michigan include:

• Hatch Detroit. Investing $150,000 in Hatch Detroit has launched the Hatch Detroit Small Business Alumni Relief Fund supporting alumni businesses of the Comerica Hatch Detroit Contest that have been financially affected by COVID-19. The $100,000 relief fund provides utility assistance for more than 40 Comerica Hatch Detroit Contest alumni businesses that have opened since the inaugural contest in 2011.
• Business $ense Bootcamps. Hosting virtual Small Business Bootcamps to aid local businesses and entrepreneurs impacted by COVID-19. In Michigan, Comerica Bank partnered with Grand Rapids Opportunities for Women (GROW), Southwest Detroit Business Association (SDBA) and Michigan Minority Supplier Development Council (MMSDC) on Business $ense sessions aimed at small business recovery.
• United Way. Committing nearly $370,000 to United Way COVID-19 relief efforts to reach Southeast Michigan, mid-Michigan and West Michigan communities.
• Food Security. Together with Forgotten Harvest, Gleaners, Food Gatherers and other nonprofit organizations, Comerica has donated resources to fight hunger and deliver access to sufficient, healthy and nutritious meals to communities in need.
• Pandemic Resources. Several partnerships have supported organizations that provided free testing to help COVID-19, free personal protective equipment (PPEs) and other vital resources to combat the pandemic.

In addition to Comerica’s nearly $4 million supporting statewide communities and business, the bank has also engaged in national partnerships that will impact small businesses in Michigan.

• National Business League. Comerica Bank has committed $1 million over four years to the National Business League, headquartered in Detroit, as part of a national partnership that will launch the Black Capital Access Program (BCAP), an access to capital initiative to assist Black businesses across the country.
• Lendistry. Comerica’s has made a $1.5 million investment into Lendistry, a Community Development Financial Institution that supports businesses nationwide, including Michigan. The CDFI delivers economic opportunities and progressive growth for small business owners and underserved communities as a source of financing and financial education.

To learn more about the RISE! program visit www.comerica.com/RISE.

About Comerica Bank

Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating back 171 years to its Detroit founding in 1849. It is the largest bank employer in metro Detroit and has more than 4,700 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 at www.facebook.com/Comerica and Twitter @ComericaBank.