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Two-year COVID-19 relief investment reaches $27 million
DALLAS, March 15, 2021 /PRNewswire/ -- Comerica and the Comerica Charitable Foundation announced today a commitment to invest approximately $16 million in 2021 to support small businesses and communities impacted by COVID. This support is in addition to the $11 million in 2020 that was directed toward small business relief and nonprofits providing essential needs, such as food and supplies – as a result of the pandemic – in Comerica's footprint of Texas, Michigan, California, Arizona and Florida.
"As our communities persevere through the ongoing pandemic, we remain focused on supporting and partnering with organizations serving those disproportionately impacted by COVID-19," said Curt Farmer, Chairman and CEO, Comerica Incorporated and Comerica Bank. "The pandemic has created unparalleled hardships for our communities, and we aim to help alleviate many of the challenges they face."
Of the $16 million, $12 million will be directed to Community Development Financial Institutions (CDFIs) to meet the needs of small and micro businesses in low- to moderate-income communities adversely impacted by the pandemic. And, $4 million will be directed to a range of nonprofit organizations, including several that target women, young girls and seniors, as well as those that focus on addressing food insecurities and access to health care.
Coupled with investments, Comerica colleagues will continue to provide their time and expertise through partnerships with local community-based organizations, school districts and nonprofits, including support of Comerica $ense programs, Small Business Bootcamps, EMPOWER Series, National Business League's Black Capital Access Program, Young Entrepreneurz Solutions (YES) for middle and high school students, and the launch of a National Youth Chamber.
"Since the start of the pandemic, we have worked to identify the needs in our local communities and determine where we can make the greatest impact," said Irvin Ashford, Jr., Chief Community Officer, Comerica. "The challenges created by the pandemic will not be resolved overnight, that is why it is important for us to provide both financial and human capital to lend a hand and show that together we can continue to move forward."
Comerica's impact on local communities in 2020 was also felt through the more than 110 Small Business Bootcamps hosted across its markets, assisting 1,250 small businesses. More than 35,000 low- to moderate-income individuals took part in financial education sessions and in 2021 it looks to increase its reach.
In late 2020, Comerica also moved $10 million in deposits to Minority Depository Institutions (MDIs), as well as established mutual mentoring relationships with these institutions. MDIs assist minority and underserved communities and foster economic viability in their communities. Specifically, Comerica allocated $2.5 million to each selected MDI, including First Independence Bank in Detroit, Mich.; Broadway Federal Bank in Los Angeles, Calif.; Unity National Bank in Houston, Texas; and Commercial Bank of California in Irvine, Calif.
To further support small business recovery, Comerica launched the RISE! (Resources, Ideas, Support and Engagement) COVID-19 Relief Program to help businesses in Michigan recover and thrive amid the pandemic. In 2020, Comerica helped more than 140 small business customers and provided over $250,000 in marketing support. Small businesses had opportunity to leverage Comerica's network of resources to promote their businesses to new clients through digital ads, radio ads during Detroit Tigers broadcasts and placement in the Comerica Business Customer Directory. Comerica small business customers in Michigan can continue to access the support available through the RISE! COVID-19 Relief Program in 2021 by visiting www.comerica.com/RISE.
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 focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $88 billion at Dec. 31, 2020.
About the Comerica Charitable Foundation
The Comerica Charitable Foundation, established in 1997 as a 501(c)(3) organization funded by Comerica Incorporated, supports nonprofit organizations in Comerica's footprint markets of Texas, Michigan, California, Arizona and Florida through grants. The mission of the Foundation is to partner with the communities Comerica serves through investments in education, economic and community development, and human services for those in need.
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SOURCE Comerica Bank