DALLAS, Dec. 21, 2020 /PRNewswire/ -- Comerica Bank announced today it is investing $250,000 in Community Development Financial Institution (CDFI) DreamSpring to help small businesses sustain in its Dallas and Phoenix markets, as the pandemic continues to be a hardship on this sector.
"CDFI's play a vital role in providing the engine of our economy relief during economic crises," said Comerica Bank Chief Community Officer Irvin Ashford, Jr. "At Comerica, we are committed to assisting the communities we serve navigate through these difficult times by collaborating with nonprofit organizations like DreamSpring to support inclusive recovery efforts."
For the past 26 years, DreamSpring has funded business dreams while vitalizing communities. The award-winning nonprofit organization works with a diverse group of business owners, each with unique needs and circumstances. DreamSpring is often able to provide flexible financial products that effectively address the needs of the community when traditional sources cannot.
"During the pandemic underserved communities; including people of color, low income and rural communities have been disproportionately hit harder," Brad Woodward, DreamSpring Director of Marketing and Communications, said. "With the support and investment from Comerica we're going to be able to get rapid funding in the hands of the small businesses that need it most. We'll also be able to recirculate that capital over time and help more underserved borrowers realize their dreams. With partners like Comerica we can continue to fuel the access to capital, increase lending capacity and grow impact."
To date, Comerica Bank and the Comerica Foundation has invested more than $9 million in COVID-19 relief efforts for small business and community programming support. These funds have primarily been deployed to Community Development Financial Institutions to support strategic programs designed to meet the needs of small and micro businesses and underserved communities across the bank's five-state geographical footprint. Community service organizations that provide services to youth, seniors and other vulnerable populations also have received grants as part of this effort, particularly those organizations addressing food insecurities and access to health care.
About Comerica Bank
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 $83.6 billion at Sept. 30, 2020.
Founded in Albuquerque in 1994, DreamSpring is a nonprofit organization that increases access to business credit, makes loans and provides support to enable entrepreneurs to realize their dreams and be catalysts for positive economic and social change. Serving Arizona, Colorado, Georgia, Nevada, New Mexico, North Carolina and Texas, DreamSpring is dedicated to helping entrepreneurs and business owners generate income, build assets, create jobs and achieve financial well-being through business ownership. DreamSpring has provided more than 16,000 loans totaling over $170 million to entrepreneurs in 677 communities. The small businesses funded by the organization have created or sustained an estimated 22,600 jobs.
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SOURCE Comerica Bank