Comerica Bank Named Michigan District Office Lender of the Year by the U.S. Small Business Administration

Detroit, MI – Comerica Bank has been honored as the Michigan District Office Lender of the Year for the 2022 fiscal year by the U.S. Small Business Administration (SBA). The prestigious award recognizes Comerica’s exceptional performance as a 7(a) lender in Michigan during the period from October 1, 2021, to September 30, 2022. In addition, Comerica Bank was also acknowledged among the Top 10 Lenders, further highlighting its significant contributions to small business lending.

Lender of the Year Selection Criteria

The U.S. SBA selects the Lender of the Year based on the lender’s overall performance in Michigan. Criteria considered for this recognition include loan volume, year-over-year increase, and area coverage. To qualify for the award, the lender must also be in good standing with the U.S. SBA, demonstrating a commitment to compliance and ethical lending practices.

Top 10 Lender Recognition

Comerica Bank’s exceptional performance was further acknowledged with its inclusion among the Top 10 Lenders in Michigan. The determination of the top 10 best-performing 7(a) lenders was based on the number of loans approved during the fiscal year. Similar to the Lender of the Year award, being in good standing with the U.S. SBA was a prerequisite for this recognition as well.

Comerica Bank’s Commitment to Small Businesses

Steve Davis, Comerica Bank Michigan Market President, expressed his appreciation for the recognition, stating, “Assisting our small business customers with a wide variety of tools helps them succeed, and providing access to capital for small businesses remains vital in supporting our communities.” Davis further highlighted the value of the SBA loan programs as valuable resources, emphasizing Comerica Bank’s commitment to partnering with the U.S. SBA to support small businesses. The bank takes pride in meeting customers’ needs and is honored to receive recognition from the Michigan District Office for its outstanding results.

Award Ceremony

The U.S. SBA Michigan District announced this year’s awards at a ceremony held on April 11 at the Federal Reserve Bank in Detroit. The event provided an opportunity to celebrate the achievements of Comerica Bank and other distinguished lenders in Michigan.

The Importance of the 7(a) Loan Program

The 7(a) Loan Program, the SBA’s primary program for providing financial assistance to small businesses, plays a crucial role in supporting entrepreneurs. With loan amounts ranging from $10,000 to $5 million, the program offers vital capital to help small businesses thrive and grow.

Additional Recognitions for Comerica Bank

In addition to being named Lender of the Year and achieving Top 10 Lender status, Comerica Bank was also recognized as a finalist for the Rising Star Lender of the Year. This recognition is awarded to the lender that exhibits the highest increase in loan activity from the previous fiscal year based on the percentage change in the number of loans for both the 7(a) and 504 loan programs.

Praising the Contribution of SBA Lending Partners

Laketa Henderson, SBA Michigan District Director, commended the efforts of SBA lending partners in helping Michigan entrepreneurs access over $981 million in FY 22 through the traditional 7(a) and 504 loan programs. Henderson acknowledged the hard work and dedication of these partners, emphasizing their crucial role in achieving record lending numbers and providing much-needed capital to small business owners in Michigan.

About Comerica Bank

Comerica Bank, a subsidiary of Comerica Incorporated, holds a remarkable legacy in Michigan, serving the community for nearly 174 years since its founding in Detroit in 1849. As the largest bank employer in metro Detroit with approximately 4,500 employees statewide, Comerica Bank maintains one of the largest banking center networks in Michigan. The bank prides itself on fostering lifelong relationships with unwavering integrity and financial prudence. Comerica Bank not only helps its customers succeed but also provides significant financial support to numerous charitable organizations, contributing to the betterment of Michigan residents. Moreover, the bank actively participates in the revitalization efforts of downtown Detroit, playing a vital role in the city’s ongoing development and growth. With its rich history, strong community engagement, and dedication to financial excellence, Comerica Bank continues to make a positive impact on the lives of Michigan residents.