Comerica Bank's New Lending Platform Accelerates Access to Capital for Small Businesses

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Jun 14, 2023, 13:03 ET

Comerica Small Business Convenient Capital™, powered by Amount, is aimed at providing faster approvals and funding for qualified small business customers

DALLAS, June 14, 2023 /PRNewswire/ -- Comerica Bank announced today the launch of Comerica Small Business Convenient Capital™, its first fully digital, end-to-end new lending platform to provide convenient access to capital and innovative value-added benefits for Comerica small business customers.

Built in collaboration with Amount, a leading digitally enabled lender and credit solutions provider, the Comerica Small Business Convenient Capital platform was developed to serve small business customers throughout the country with loan needs up to $100,000. Comerica Small Business Convenient Capital is focused on simplifying and accelerating access to capital and on providing faster approvals and funding.

Significant perks of the lending platform generally include:

Instant decisions in most cases, or within 24 hours
Funding within 72 hours of approval
Streamlined in-person and self-serve digital applications
No tax returns required
Online customer acceptance
eSign digital loan closing

"The Comerica Small Business Convenient Capital platform is the newest of many investments in small business products and services we have introduced this year," said Omar Salah, Comerica Bank's Director of Small Business Banking. "By providing faster access to capital through our new online lending platform, we're focused on delivering a frictionless, unmatched customer experience for our growing small business community. We aim to raise expectations of what a bank should be by empowering small businesses through enhanced digital capabilities."

"Banks must evolve with customer demand, and we're excited to partner with Comerica in helping to expand its digital capabilities to better meet the needs of its small business customers," said Adam Hughes, CEO of Amount. "We believe Comerica Small Business Convenient Capital will offer exactly what small businesses are looking for – a simplified process to receiving loan approvals, with swift decision-making and funding in less than three days."

For more information about Comerica Small Business Convenient Capital, visit Small Business Financing Solutions | Comerica or visit any Comerica office.

The Comerica Small Business Convenient Capital platform launch follows SizeUp by Comerica. The exclusive, online complimentary tool allows Comerica small business customers to tap into competitive research, insights and data to help their businesses make informed decisions. To learn more about SizeUp by Comerica, visit here.

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, one of the 25 largest U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded nearly 174 years ago in Detroit, Michigan, Comerica continues to expand into new regions, establishing its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $91.1 billion at March 31, 2023. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, Twitter, Instagram and LinkedIn.

About Amount
Amount helps financial institutions make banking simpler, safer and more convenient with a full suite of end-to-end omnichannel consumer, small business and POS financing solutions. Developed by lending industry experts, Amount's fully integrated and flexible platform is underpinned by enterprise bank-grade infrastructure and compliance, enabling banks to securely power new and differentiated offerings within months — not years. With Amount, banks can optimize performance across product categories while tapping into various service offerings including customer acquisition, funnel and performance assessments, and risk analytics. Amount clients include financial institutions collectively managing just over $3.1T in US assets and servicing more than 50 million U.S. customers. Visit www.amount.com for more information.

SOURCE Comerica Bank