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Omar Salah, EVP and head of small business banking at Comerica Bank [Photo: Comerica]
Dallas-based Comerica Bank has launched its first fully digital, end-to-end lending platform to provide convenient access to capital and innovative value-added benefits for its small business customers.
“The Comerica Small Business Convenient Capital platform is the newest of many investments in small business products and services we’ve introduced this year,” Omar Salah, the bank’s director of small business banking, said in a statement. “By providing faster access to capital through our new online lending platform, we’re focused on delivering a frictionless, unmatched customer experience for our growing small business community. We aim to raise expectations of what a bank should be by empowering small businesses through enhanced digital capabilities.”
Built in collaboration with Amount, a leading digitally enabled lender and credit solutions provider, the Comerica Small Business Convenient Capital platform was created to serve small business customers nationwide with loan needs up to $100,000.
Speeding access to capital
Comerica said the platform is focused on simplifying and speeding access to capital and on providing faster approvals and funding.
The bank said the lending platform’s chief perks typically include:
- Instant decisions in most cases, or within 24 hours
- Funding within 72 hours of approval
- Streamlined in-person and self-serve digital applications
- No tax returns required
- Online customer acceptance
- eSign digital loan closing
“Banks must evolve with customer demand, and we’re excited to partner with Comerica in helping to expand its digital capabilities to better meet the needs of its small business customers,” Amount CEO Adam Hughes said in a statement. “We believe Comerica Small Business Convenient Capital will offer exactly what small businesses are looking for—a simplified process to receiving loan approvals, with swift decision-making and funding in less than three days.”
The launch of Comerica’s Small Business Convenient Capital platform follows the release of SizeUp by Comerica, an exclusive, online complimentary tool that enables Comerica small business customers to tap into competitive research, insights, and data to help their businesses make informed decisions.
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