BCL of Texas Launches Dallas Small Business Diversity Fund With $1 Million Investment From Comerica Bank

DALLAS, Aug. 31, 2022 /PRNewswire/ — Neighborhood Growth Monetary Establishment (CDFI) BCL of Texas introduced right this moment that it’ll provide loans starting from $10,000–$75,000 to historically underserved companies. The Dallas Small Enterprise Range Fund, a $1 million funding from Comerica Financial institution, will particularly goal Dallas County ladies and minority-owned companies with two or extra years in operation.

A further $1 million funding from Comerica might be allotted to BCL’s Progress Fund for bigger enterprise loans in its Texas goal market. 

“We all know that many minority companies are sometimes self-funded on account of lack of entry to capital, and a key part of our mission is to offer rising small companies alternatives to increase their operations,” mentioned Rosa Rios Valdez, BCL of Texas President and CEO. “We wish to assist degree the enjoying discipline with this fund.”

The mortgage utility basic necessities are as follows: have to be a minority, lady or veteran enterprise proprietor positioned in a rural, redevelopment or low- to moderate-income space. As well as, the Dallas Small Enterprise Range Fund features a strategic teaching part with BCL’s Entrepreneurship Specialists. Previous to finishing a mortgage utility, potential candidates are requested to schedule a monetary readiness evaluation to make sure they’ve a powerful and arranged path to progress. Permitted debtors will obtain no-cost enterprise teaching all through the lifetime of the mortgage. 

“At Comerica, we stay dedicated to investing in CDFIs with extra versatile underwriting and collateral necessities than conventional lending applications,” mentioned Omar Salah, Comerica Financial institution’s Director of Small Enterprise Banking. “Because the main financial institution for enterprise, it’s crucial that we elevate expectations in all of the communities we serve by partnering with nonprofits just like the BCL of Texas as a result of they’re enjoying an integral function in closing the entry to capital hole for minority and women-owned companies.”

In 2021, Comerica made a three-year, $5 billion small enterprise lending dedication to assist communities disproportionately affected by the COVID-19 pandemic. As of June 30, 2022, Comerica has assisted greater than 8,600 small companies and funded $2.4 billion (49% of purpose) of the mortgage dedication.

To schedule a Dallas Small Enterprise Range Fund session go to bcloftexas.org/DDF, or contact BCL of Texas Mortgage Officer David R. Arriola ([email protected]; (214) 688-7456 x126).

ABOUT BCL OF TEXAS

Enterprise & Neighborhood Lenders (BCL) of Texas is a statewide 501(c)3 nonprofit neighborhood growth monetary establishment (CDFI) dedicated to Constructing Sturdy Communities. BCL helps Texans to accumulate wealth-building property, reminiscent of homeownership and entrepreneurship, with the monetary instruments and training mandatory to construct private internet price. With an emphasis on range, fairness, and inclusion, we serve communities of colour, ladies, veterans, rural communities, and low- and moderate-income people, households, and small enterprise homeowners.

ABOUT COMERICA

Comerica Integrated (NYSE: CMA) is a monetary companies firm headquartered in Dallas, Texas, and strategically aligned by three enterprise segments: The Business Financial institution, The Retail Financial institution and Wealth Administration. Comerica focuses on relationships, and serving to individuals and companies achieve success. Along with Texas, Comerica Financial institution places may be present in Arizona, California, Florida and Michigan, with choose companies working in a number of different states, in addition to in Canada and Mexico. Comerica reported whole property of $86.9 billion as of June 30, 2022.­­

SOURCE Comerica Financial institution