NAPLES, Fla., Nov. 24, 2020 /PRNewswire/ -- Comerica Bank announced today it has made a $250,000 investment in Ascendus' small business lending program, which will give Collier County small businesses access to much-needed capital in the wake of the COVID-19 crisis.
"In response to the pandemic, we've prioritized our giving to support strategic programs designed to meet the needs of small and micro businesses, the anchor of our economy," said Comerica Bank Chief Community Officer Irvin Ashford, Jr. "Community Development Financial Institutions like Ascendus are able to provide affordable lending with more flexible terms than traditional financial institutions, increasing their capacity to assist under-resourced entrepreneurs and small businesses that have been disproportionately impacted this year."
Ascendus, formerly Accion East, empowers low- to moderate-income (LMI) business owners with financial assistance and education. With economic opportunity, these entrepreneurs – often individuals of color and women – can build assets, better provide for their families, create employment opportunities for their neighbors, and strengthen their communities.
"Ascendus believes in creating a world of financial ascension for all," said Paul Quintero, CEO of Ascendus. "For small business owners in Collier County, this means access to capital to manage through this pandemic. Thanks to the grant from Comerica, Ascendus now has the kind of flexible capital needed to support Collier County's businesses at this very difficult moment."
"As a relationship bank, our efforts to assist community during this critical time are ongoing," said Mo Corker Florida External Affairs Manager. "Our partnership with Ascendus will play a vital role in Collier County's economic recovery."
To date, Comerica Bank and the Comerica Foundation has invested more than $9 million in community programming support and businesses impacted by the COVID-19 crisis across its five-state footprint.
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.
Ascendus is a nonprofit small business lender working to create economic opportunity by providing entrepreneurs with access to the capital and the business support they need to create and grow healthy enterprises and contribute to thriving local economies. Since 1991, Ascendus has provided more than $200 million to 25,000 small businesses owners across the country. For more information, visit www.ascendus.org
SOURCE Comerica Bank