Comerica Bank announced 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 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
Omar Salah, Comerica Bank’s Director of Small Business Banking, said:
“The Comerica Small Business Convenient Capital platform is the newest of many investments in small business products and services we have introduced this year. 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.”
Adam Hughes, CEO of Amount, said:
“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. 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.”
As noted in the update, 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.”
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 reportedly “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.”