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Comerica’s $16 Million Investment for COVID-19 Relief in 2021

Two-year COVID-19 relief investment reaches $27 million

Comerica and the Comerica Charitable Foundation has committed 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.

In an effort to preserve communities and businesses through the ongoing pandemic, Comerica will remain focused on supporting and partnering with organizations serving those disproportionately impacted by COVID-19.

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.

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.

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.

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