BCL of Texas launches Dallas Small Business Diversity Fund with $1 million investment from Comerica Bank

Dallas, August 31, 2022 /PRNewswire/ — Community Development Financial Institution (CDFI) BCL of Texas announced today that it will be offering loans ranging from $10,000–$75,000 to traditionally underserved companies. The Dallas Small Business Diversity Fund, a 1 million dollars Investments by Comerica Bank will specifically target this Dallas County Women and minority-owned businesses that have been in operation for two or more years.

An additional 1 million dollars Comerica’s investment will be allocated to BCL’s growth fund for larger corporate loans in its BCL Texas target market.

“We know that many minority businesses are often self-funding due to a lack of access to capital, and a key component of our mission is to provide emerging small businesses with opportunities to expand their businesses,” he said Rosa Rios Valdez, President and CEO of BCL of Texas. “We want to use this fund to help create a level playing field.”

The general requirements for the loan application are as follows: Must be a minority, female, or experienced business owner located in a rural, redeveloped, or low-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, prospective applicants are asked to agree on a financial readiness assessment to ensure they have a strong and organized growth path. Approved borrowers receive free business coaching throughout the life of the loan.

“At Comerica, we remain committed to investing in CDFIs with more flexible underwriting and collateral requirements than traditional lending programs,” said Omar Salah, director of small business banking at Comerica Bank. “As the leading corporate bank, it is imperative that we raise expectations in all of the communities we serve by partnering with not-for-profit organizations like BCL Texas because they play an essential role in bridging the gap in access to capital for minority and women-owned businesses.”

In 2021, Comerica made a three-year, 5 billion dollars Small business loan commitment to support communities disproportionately affected by the COVID-19 pandemic. away June 30, 2022Comerica has supported and funded more than 8,600 small businesses $2.4 billion (49% of target) of the loan approval.

To schedule a Dallas Small Business Diversity Fund consultation, visit bclotexas.org/DDF or contact the BCL of Texas Loan Officer David R Arriola ([email protected]; (214) 688-7456×126).

ABOUT BCL BY TEXAS

Business & Community Lenders (BCL) by Texas is a nationwide 501(c)3 not-for-profit Community Development Financial Institution (CDFI) dedicated to building strong communities. BCL assists Texans in acquiring wealth-building assets such as home ownership and entrepreneurship with the financial tools and education needed to build personal wealth. With a focus on diversity, equity, and inclusion, we serve communities of color, women, veterans, rural communities, and low- and middle-income individuals, families, and small business owners.

ABOUT COMERICA

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned to three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships and helping people and businesses thrive. In addition to Texas, Comerica Bank has offices in Arizona, California, Florida and Michigan, with select companies operating in several other states as well as Canada and Mexico. Comerica reported $86.9 billion in total assets as of June 30, 2022.

SOURCE Comerica Bank