DALLAS, August 31, 2022 /PRNewswire/ — Community Development Financial Institution (CDFI) BCL of Texas announced today that it will offer loans ranging from $10,000–$75,000 to traditionally underserved businesses. The Dallas Small Business Diversity Fund, a $1 million investment from Comerica Bank, will specifically target Dallas County businesses owned by women and minorities for at least two years.
An additional amount of $1 million Comerica’s investment will be allocated to the BCL’s growth fund for larger corporate loans in its Texas target market.
“We know that many minority businesses are often self-funded due to lack of access to capital, and a key part of our mission is to provide emerging small businesses with opportunities to expand their businesses,” said Rosa Rios Valdez, President and CEO of Texas BCL. “We want to help level the playing field with this fund.”
General loan application requirements are as follows: Must be a minority, female, or veteran business owner located in a rural, redevelopment, or low-to-moderate income area. In addition, the Dallas Small Business Diversity Fund includes a strategic coaching component with BCL’s entrepreneurship specialists. Before completing a loan application, potential applicants are encouraged to schedule a financial readiness assessment to ensure they have a solid and organized path to growth. Approved borrowers will receive free business coaching for the duration of the loan.
“At Comerica, we remain committed to investing in CDFIs with more flexible underwriting and collateral requirements than traditional loan programs,” said Omar Salah, director of small business banking at Comerica Bank. “As the leading bank for businesses, it is imperative that we raise expectations in all the communities we serve by partnering with not-for-profit associations such as the BCL of Texas because they play a vital role in reducing the access to capital deficit for minority and women-owned businesses. »
In 2021, Comerica made a three-year term, $5 billion small business lending commitment to support communities disproportionately impacted by the COVID-19 pandemic. From June 30, 2022Comerica has helped over 8,600 small businesses and funded $2.4 billion (49% of target) of loan commitment.
To schedule a consultation on the Dallas Small Business Diversity Fund, visit bcloftexas.org/DDF, or contact BCL of Texas Loan Officer David R. Arriola ([email protected]; (214) 688-7456 x126).
ABOUT THE BCL TEXAS
Commercial and Community Lenders (BCL) of Texas is a statewide 501(c)3 nonprofit Community Development Financial Institution (CDFI) committed to building strong communities. BCL helps Texans acquire legacy assets, such as homeownership and entrepreneurship, with the financial tools and education needed to build personal net worth. With a focus on diversity, equity, and inclusion, we serve communities of color, women, veterans, rural communities, and low-income individuals, families, and small business owners. medium.
Comerica Incorporated (NYSE: CMA) is a Dallas-based financial services company, Texas, and strategically aligned with three business segments: commercial banking, retail banking and wealth management. Comerica focuses on relationships and helping people and businesses succeed. In addition to Texas, Comerica Bank branches are found in Arizona, California, Florida and Michigan, with select companies operating in several other states, as well as Canada and Mexico. Comerica reported total assets of $86.9 billion as of June 30, 2022.
SOURCE Comerica Bank