Comerica's (CMA) New Lending Platform Aids Small Businesses
Comerica Incorporated (CMA) launched Comerica Small Business Convenient Capital, its first fully digital end-to-end lending platform, in collaboration with Amount, a leading digitally enabled lender and credit solutions provider. The platform has been developed to provide convenient capital to small business customers having loan needs up to $100,000.
Comerica Small Business Convenient Capital has been developed to simplify and accelerate access to capital by providing faster approvals. In fact, it will provide funding within 72 hours of approval. Also, CMA stated that in most cases decisions regarding approval will be taken instantly or within 24 hours.
To avail the loan facility, CMA will be accepting the streamlined in-person and self-serve digital applications as well as online customer applications. Also, no tax return documents will be required for loan application.
Further, the convenience of electronic signatures of borrowers will be available to certify the loan documents.
Omar Salah, Comerica Bank's director of Small Business Banking stated, "The Comerica Small Business Convenient Capital platform is the newest of many investments in small business products and services we have introduced this year."
Recently Comerica announced plans to exit the mortgage banking finance business by 2023 end. With these efforts it is likely to smoothen seasonality in its loan portfolio. All these factors are expected to strengthen CMA's lending pipeline in the upcoming period by diversifying its customer base and product offerings.
Shares of this Zacks Rank #3 (Hold) bank have plunged 35.8% year to date compared with the industry’s decline of 5.9%.
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