Comerica Bank Debuts Co-Op for Small Businesses – PYMNTS.com

Comerica Bank has launched a co-op to help its small business clients expand and prosper.
“The backbone of our economy, small businesses account for 99.9% of all U.S. and 99.8% of all Texas businesses,” the Dallas-based bank said in a news release Thursday (Jan. 26). “Yet, most are often at a disadvantage compared to their bigger competitors — with significantly smaller budgets and fewer employees, and the owner usually playing multiple roles at once.”
To that end, the bank has unveiled the Comerica SmallBizCo-Op, a no cost benefit to its small-to medium-sized business (SMB) customers, according to the release.
Among the tools it offers are SizeUp, which lets customers access competitive market research and data to compare themselves to their competition and make more informed decisions, the release stated.
The bank is also rolling out a program that gives SMB customers two free tickets to Dallas sports team home games once a year so they can entertain clients or offer perks to employees, according to the release.
Lastly, Comerica will offer SMBs the chance to advertise themselves through the bank’s ad network, with commercials for the businesses appearing during Dallas Stars, Texas Rangers or other Dallas sports games, the release stated.
“At Comerica, we believe in doing everything possible to empower our small business customers and give them the opportunity to succeed,” said Cassandra McKinney, executive director of Comerica’s retail bank. “These opportunities are designed to deliver real value to our customers and create an even stronger relationship with them. In turn, our small business customers can then leverage these opportunities to help strengthen their own customer relationships.”
Banks and SMBs have a somewhat fraught relationship at the moment.
One study found that 76% of SMBs want financial advice from their bank on things like reducing banking fees, improving their financial situation and understanding how the bank’s technological offerings can help them. But just 15% reported receiving comprehensive advice.
Additionally, working capital from traditional lenders is scarce, and SMBs are seeking fresh funds from digital channels. PYMNTS research has shown that big banks’ approval rating for business loans fell to below 15%, a 10-month low.
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