Comerica Bank and Comerica Charitable Foundation announced today that it will invest $4 million in community programming support and businesses impacted by the COVID-19 crisis.
“The impact of COVID-19 on the nonprofit organizations that care for and provide critical services to our communities is extraordinary. Serving and supporting our communities during this unique time in history is of critical importance,” said Curt Farmer, Chairman and CEO, Comerica Incorporated and Comerica Bank.
These funds will be primarily deployed to Community Development Financial Institutions to support strategic programs designed to meet the needs of small and micro businesses that have been impacted by COVID-19. Community service organizations that provide services to youth, seniors and other vulnerable populations also will receive funds as part of this effort, particularly those organizations addressing food insecurities and access to health care. We also are expediting $500,000 of planned funding to several local United Way organizations in our markets.
In addition to these contributions, Comerica is discussing various loan payment deferral and fee waiver options with its business customers who have been impacted by COVID-19. And, for our personal customers experiencing financial difficulty as a result of COVID-19, we are asking that they contact us to discuss fee and penalty waivers, loan deferrals and other considerations that best meet their circumstances. Comerica customers can call (888) 444-9876 to discuss their unique situations.
“Comerica is a relationship bank. Partnering with our customers and helping them navigate these difficult times is why we are here,” said Farmer. “For more than 170 years we have supported our customers through the hardships of world wars, the Great Depression, the Great Recession and many other monumental challenges, and we will continue to do so.”