COMERCIA INC : Comerica Bank Donates $50,000 to ACCION Texas to Expand Microloans, Spur Small Business Growth in San Antonio Market
August 23, 2011 at 04:25 pm EDT
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Shortly After Entering San Antonio Market, Comerica Invests in Loan Pool for Local Entrepreneurs, Small Businesses
SAN ANTONIO, TX/August 23, 2011 – As part of its commitment to helping small businesses prosper and grow, Comerica Bank announced a $50,000 donation to ACCION Texas, Inc., a nonprofit microlender with the nation’s largest microloan portfolio. The $50,000 grant is specified for use in the San Antonio market, a region Comerica Bank recently entered with its acquisition of Sterling Bancshares on July 28, 2011.
“ACCION provides extremely valuable services to entrepreneurs and small business owners and Comerica is proud to support this non-profit organization for many years running,” said J. Patrick Faubion, Texas Market President for Comerica Bank. “This donation, specifically directed to support microloans in the San Antonio market, will help local small business owners achieve their dreams and grow their businesses, and boost our economy by creating much-needed jobs.”
ACCION offers credit and services to small businesses that do not have access to loans from commercial sources. It provides loans of up to $50,000 for startups and up to $250,000 for established businesses. Additionally, it offers SBA 504 loans. ACCION has helped more than 8,000 entrepreneurs and small businesses in Texas and Louisiana and has made more than $112 million in loans, producing an estimated $179 million in new economic activity.
Comerica Bank is a subsidiary of Comerica Incorporated, a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas, Houston, San Antonio and Austin, 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, China and Mexico. Comerica reported total assets of $54.1 billion as of June 30, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
Comerica Incorporated is a financial holding company. Its Commercial Bank segment serves small and middle market businesses, multinational corporations, and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services. Retail Bank segment includes a range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. The segment also offers a subset of commercial products and services to micro-businesses. Wealth Management segment offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. Finance segment includes the securities portfolio and asset and liability management activities.
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