Customers Bank Ppp Supports Underserved Industries

Customers Bank's PPP supports underserved industries in a big way. The bank's efforts have helped small businesses in low-income and minority communities access the funds they need to stay afloat during the pandemic.

One notable example is the bank's partnership with the National Minority Supplier Development Council. This partnership has helped minority-owned businesses access the PPP funds they need to grow and thrive.

By supporting these underserved industries, Customers Bank is helping to level the playing field and create economic opportunities for all.

Comerica Bank provided PPP loan forgiveness for small businesses, with 94% of borrowers reporting reduced debt.

The bank's PPP loan forgiveness process was streamlined, allowing borrowers to focus on recovery.

Comerica Bank's PPP loan forgiveness was completed in just 2-3 days, a significant improvement over the industry average.

Comerica Bank's PPP loan forgiveness process was available to borrowers of all sizes, from small businesses to large corporations.

Comerica Bank's PPP loan forgiveness was completed quickly, allowing borrowers to allocate resources to more pressing needs.

Comerica Bank's PPP loan forgiveness was available to borrowers who had already received PPP loans from other banks.

Borrowers from underserved industries are making a big switch. Many are coming from historically underserved industries, where the urban-rural divide is clear.

Businesses related to agriculture, forestry, fishing, and hunting are switching at the highest rate, with 70% of PPP borrowers from these categories using a new bank to access relief funds.

The industries with the lowest demand for PPP loans include health care, accommodations, and food services.

Many businesses from historically underserved industries are switching to new banks to access relief funds.

Agriculture, forestry, fishing, and hunting industries are seeing the highest rate of switching, with 70 percent of PPP borrowers from these categories using a new bank.

Transportation and warehousing industries are also switching at a significant rate, with roughly 35 percent of PPP borrowers using a new bank.

Utilities are another industry where borrowers are switching, with nearly 30 percent of PPP borrowers from this category using a new bank.

In contrast, industries like health care, accommodations, and food services are seeing lower rates of switching.

This rural-urban split mirrors concerns that borrowers in underserved and rural markets had not received needed loans during the PPP's initial rollout.

Borrowers appreciate having the power to choose their own customer experience, and many are opting to switch to new banks that offer a self-service experience.

In the realm of small business lending, certain industries face unique challenges in securing funding. The agricultural industry, for example, often requires specialized equipment and land purchases, which can be difficult to finance.

Many agricultural businesses struggle to provide traditional collateral, making it hard for lenders to assess their creditworthiness. Some lenders are now offering more flexible underwriting standards to accommodate these businesses.

The healthcare industry also presents its own set of challenges, particularly for medical professionals who want to start their own practices. These businesses often require significant upfront costs for equipment and licensing, which can be a barrier to entry.

Some lenders are now offering specialized loan products for healthcare professionals, such as practice loans that cover the costs of equipment and rent. These products can help bridge the gap between initial investment and revenue generation.

In the technology industry, startups often require rapid access to capital to scale their businesses quickly. However, traditional lenders may be hesitant to provide funding due to the high risk of failure associated with new ventures.

Some lenders are now offering more flexible repayment terms and lower interest rates to accommodate the unique needs of tech startups. This can help these businesses stay afloat during the early stages of growth.