Comerica Bank Small Business Loan Review
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Comerica Bank present themselves as staffing with dedicated small business specialists with the knowledge and experience necessary to provide companies with up to $20 million in revenue and the one-on-one attention as the medium of communication.
Understanding Your Loan Options
Comercia Bank offers many financial products for small businesses. These include lines of credit, term loans, SBA loans, commercial real estate loans, equipment leasing and letters of credit. As support services they offer online banking, deposit accounts, merchant services and Treasury management. They place great emphasis on their expertise and firsthand knowledge, especially in relation to your business in that they want to “immerse” themselves in your business.
Depending on what kind of financial product you are specifically interested in, Comercia Bank has different requirements and conditions. Some of their products will require collateral, but these will usually offer a lower interest rate to reflect the secured nature of the loan. There aren’t any guidelines available about what kind of collateral you can put up.
Speed of Implementation and Loan Duration
The generalized approach that Comerica makes to lending is swept up in its larger pitch toward business growth. They quite clearly state their purpose as to identify unrealized opportunities and develop customized financial solutions that align with your specific goals and objectives. This makes the details specifically difficult to discern without a direct financial consultation that takes all of your businesses’ qualities into account.
However, Comerica has been in business for over 100 years. They position their small business relationship managers are part of a decision-making team, they have the local credit authority to make it happen faster. So in instances of seasonal lag or some unexpected expense, Comerica can fulfill borrowing needs, whether to manage temporary cash flow, or to purchase property and equipment.
Whether you need to restock or take advantage of a seasonal discount, this flexible solution is designed to provide the business funds you need to succeed. What's more, when you sign-up for Comerica Loan Management, you’ll be able to request loan advances and make loan payments online as well as view up-to-date account information, including real-time loan balances, maturity dates, interest rates, transaction history, and loan advices (billing statements).
Fine Print and Final Thoughts
This bank seems to do a lot of business with small companies. That is a good sign that they know what they are doing. Beware of service charges and fees associated with long term options that are only offered through the bank as opposed to SBA options.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.