Comerica Adds Over $1 Million in Investments to Strengthen California Nonprofits
DALLAS, Dec. 18, 2020 /3BL Media/ Comerica Bank announced more than $1 million in contributions split among six California nonprofits helping to facilitate critical support for minority-owned small businesses and low- to moderate-income communities impacted by the COVID-19 pandemic. AltaMed Institute for Health Equity, AmPac Business Capital, MLK Community Health Foundation (MLKCHF), Neighborhood Partnership Housing Services, Inc. (NPHS), Small Business Development Corporation of Orange County and Vermont Slauson Economic Development Corporation (VSEDC) will benefit from Comerica's latest round of investments.
The more than $1 million in investments pushes Comerica's total contributions in the California market to over $4.4 million. Contributions impacting California are part of Comerica's Capital Grant investments that supply capital for small and microbusinesses, and from Comerica Bank and Comerica Charitable Foundation's investments to nonprofits to combat the economic disruption caused by COVID-19.
"Meeting the needs of our communities during these uncertain times remains imperative," said Comerica Bank California Market President Morgan Rector. "Comerica remains firmly committed to doing our part to provide stability for small businesses and communities impacted by the COVID-19 pandemic to ensure they can recover."
Earlier this year, Comerica helped meet the critical lending needs of several Community Development Financial Institutions (CDFIs). Investments to Clearinghouse CDFI, California FarmLink, Local Initiatives Support Corporation (LISC), Lendistry and Accion supplied more than $2.5 million in funding to California businesses.
"Since the start of the pandemic, Comerica has engaged in discussions with community partners and nonprofit organizations on ways we can best serve low- to moderate-income communities that have been disproportionately impacted by COVID-19," said Larry S. Reed, Comerica Bank External Affairs Senior Vice President, Community Impact and Compliance. "We are proud to support organizations that assist in strengthening our communities in various ways from providing access to capital for small businesses to ensuring those severely impacted have access to nutritious food and medical services."
The critical funding provided by Comerica to AltaMed Institute for Health Equity, AmPac Business Capital, MLK Community Health Foundation, NPHS, Small Business Development Corporation of Orange County and VSEDC will resonate throughout the Southern California region.
AltaMed Institute for Health Equity
Since 1969, AltaMed has delivered complete medical services to communities across Southern California. Its team of qualified multicultural and bilingual professionals – from these same communities – focuses on eliminating barriers to primary care services, senior care programs, and essential community resources. With nearly 50 accredited health centers and service facilities, AltaMed remains committed and ready to help individuals grow healthy at any age.
Efrain Talamantes, MD, Chief Operating Officer
"Thanks to Comerica Bank, AltaMed can help create financial empowerment among youth and families who have experienced job loss and income reductions as a result of the pandemic. AltaMed relies on the support of trusted partners like Comerica to be able to address every aspect of the health and well-being of the communities we serve."
AmPac Business Capital
AmPac Business Capital partners with local government and federal initiatives to manage and administer micro loan programs to encourage entrepreneurship and provide low cost capital that businesses may not otherwise have access.
Hilda Kennedy, Founder and President
"As we consider the wealth gap between people of color and other groups, it is critical that we do something about it. The research shows that entrepreneurship is a game changer for building wealth, and we are confident the minority business loan program, coupled with financial and business acumen training, will create winning results. Comerica Bank is one of the trailblazers for making sure these funds get to black and brown business leaders and we are thrilled to be a partner to execute on this promise."
MLK Community Health Foundation (MLKCHF)
The MLK Community Health Foundation (MLKCHF) is dedicated to raising and stewarding financial support for MLK Community Healthcare and its work to improve health in South Los Angeles. The MLKCH hospital – Martin Luther King, Jr. Community Hospital – is an award-winning safety-net hospital serving one of the most medically underserved areas in the nation. Since its opening in 2015, the hospital has garnered awards and headlines for its innovative approaches to quality, safety and patient satisfaction. In partnership with its supporters and the Foundation, MLK Community Healthcare brings healthcare and prevention to more than 100,000 patients and families in South Los Angeles every year.
Dyan Sublett, President
"MLK Community Health Foundation, on behalf of MLK Community Healthcare and the patients served by our hospital and clinics, is grateful to be a part of the Comerica Charitable Foundation's family. Comerica's gift will help to expand support of our food insecure and homeless patients, through the MLKCH Recipe for Health and Transitional Housing programs. Addressing the most pressing needs of our patient population is critical in creating communities that thrive now and for years to come."
Neighborhood Partnership Housing Services, Inc. (NPHS)
NPHS, a nonprofit community development organization that is part of the Neighborworks® Network, is dedicated to creating innovative housing and economic solutions that advance the well-being of people, vitality of neighborhoods, creation of jobs and sustainability of the environment. Since 1991, NPHS has assisted more than 30,000 low- to moderate-income families throughout the Inland Valley, stimulating over $4 billion in direct investment back into local communities.
Clemente Arturo Mojica, President and Chief Executive Officer
"We are grateful to Comerica Bank for allocating this award to NPHS. This grant award will further capitalize NPHS' Community Investment Trust which provides vital financing programs for low- to moderate-income homebuyers throughout the Inland Valley."
Small Business Development Corporation of Orange County
Small Business Development Corporation of Orange County, established in 2001, is a mission-driven organization dedicated to assisting small business owners, particularly those located in vulnerable communities, in securing operating capital through a variety of access programs including its Entrepreneur Loan Fund, California's State Loan Guarantee Program, Export Lines of Credit, bond conduit and Green Energy Initiatives
Michael A. Ocasio, President and Chief Executive Officer
"We are so grateful for the investment Comerica Bank has made in our organization as it positions us to better serve the state's small business community which has struggled so greatly during this ongoing pandemic. This sector is vital to the state's economy and many entrepreneurs and owners of small businesses are in dire need of capital and other resources. Partnerships with other mission-driven organizations such as Comerica Bank are paramount in filling the gap."
Vermont Slauson Economic Development Corporation (VSEDC)
For nearly four decades, VSEDC has facilitated community development of the South Los Angeles area by providing programs that revitalize the physical, economic, and social life of the community. A newly designated Community Development Financial Institution (CDFI), VSEDC has developed and implemented a comprehensive approach to community economic development that includes business development, access to capital, technical assistance and training, residential housing, commercial, and industrial development.
Joseph T. Rouzan III, President and Chief Executive Officer
"Businesses in South Los Angeles and beyond have experienced extreme economic devastation as a result of the COVID-19 pandemic. The Business Resiliency Program provides critical support to help new and established businesses to strengthen their infrastructure, thereby allowing them to weather future difficulties."
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 as of Sept. 30, 2020.