Innovative products, services and resources driving Comerica's small business banking transformation, reach and growth
DALLAS, Dec. 14, 2023 /PRNewswire/ -- Comerica Bank announced today that it has exceeded the three-year, $5 billion small business lending commitment first announced in May 2021. Through 2023 third quarter earnings, Comerica Bank has achieved 102% of its commitment since the bank's initial announcement.
"Small businesses inject opportunities and value into our communities, and they significantly impact their customers, employees, families and neighborhoods," said Omar Salah, Comerica Bank Executive Vice President and Director of Small Business Banking. "For small businesses to grow, they need access to support, especially capital, to create effective business operations to meet their own clients' needs. We strive to deliver an innovative customer experience, and our lending commitment over the past three years has reached thousands of businesses to help them thrive and succeed."
The impact of Comerica's small business lending commitment has supported over 15,000 small businesses across its entire footprint.
Surpassing the $5 billion small business lending commitment resulted from a collaborative effort led by the Small Business Banking, Community Development, and Business Banking teams to serve Comerica's customers and communities with much needed access to capital comprising of loans of $1 million or less.
Since May 2021, Comerica has added over 100 small business bankers, new digital solutions and innovative small business products and services.
Small Business Transformation
In June 2022, Comerica announced it would add "more focused roles, such as small business bankers in strategic locations, which enable colleagues to spend more quality time with customers and develop deeper, more meaningful relationships."
Behind the leadership of Executive Director Retail Bank Cassandra McKinney and Salah, Comerica has fortified a small business banking team dedicated to meeting unmet customer needs, serving its communities, and driving growth.
In 18 months, Comerica has expanded small business banker coverage fivefold, which now supports 80% of banking centers across all markets and reaches 92% of locations serving in low- to moderate-income communities.
Digital Solutions: Throughout the year, Comerica has debuted several digital solutions for entrepreneurs with a focus on payments and access to convenient capital. Thus far, Comerica has delivered the following to small business customers.
- Comerica Maximize™: The robust new package allows qualifying small business and business banking customers to earn interest income while growing and protecting their businesses with essential treasury services.
- Comerica Small Business Convenient Capital™ powered by Amount: Comerica Bank's first fully digital, end-to-end new lending platform provides convenient access to capital and innovative value-added benefits for Comerica small business customers.
- SizeUp by Comerica: During National Small Business Week, Comerica Bank introduced a new exclusive and complimentary online tool that allows small business customers to tap into industry-specific research, insights and analysis to help them make data-driven business decisions while providing a competitive advantage in a highly challenging business environment.
"Our commitment to small business continues to focus on building relationships and providing access to capital, and doing so is especially crucial in underserved communities," Beatrice Kelly, Comerica Bank Senior Vice President and Director of Community Development Banking. "Successful small businesses uplift the well-being of the communities in which they operate and serve. It remains vital to remove barriers and assist businesses overcome challenges they face."
Innovative Small Business Resources: With a steadfast commitment to supporting small business customers and helping them grow and cultivate their businesses, Comerica launched unique offerings over that past year in the Texas market that innovates the delivery of critical resources to entrepreneurs and business owners. These valuable resource are pilot programs with potential to expand in additional markets in coming years, which includes Comerica BusinessHQ™, Comerica SmallBizCo-op™, Comerica CoWorkSpaces™.
The newly curated small business experiences have over 1,400 customers gaining access to Comerica resources or utilizing office space.
National Recognition
Comerica has recently received national recognition for innovative products and how the bank brings value to small business customers. Comerica Maximize received a prestigious honor during the 2023 Impact Awards in Cash Management and Payments by Datos Insights (formerly Aite-Novarica) as the small business banking platform was named Best in Class for Product Development among financial institutions of all sizes.
In October, the American Banker Association awarded Comerica Bank first-place in its prestigious Brand Slam Awards integrated marketing category by recognizing Comerica's small business "Opportunity for All" marketing campaign. The "Opportunity for All" campaign, targeting the Dallas-Fort Worth metroplex, highlights the bank's resources and programs designed to bring value to its small business customers.
About Comerica
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, one of the 25 largest U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 174 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $85.7 billion at September 30, 2023. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X (formerly known as Twitter), Instagram and LinkedIn.
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SOURCE Comerica Bank
