Comerica Bank empowers small businesses with its Comerica CoWorkSpaces™ program

Comerica Bank is repurposing vacant real estate at select banking centers throughout North Texas to create Comerica CoWorkSpaces™, a new concept that offers free office space exclusively to small business customers. Through a $3 million investment, nearly 10,000 square feet of existing banking center space at nine Comerica Bank locations will be transformed into unique resource centers where Comerica customers can conduct business. Each CoWorkSpaces site will be equipped with features such as Wi-Fi, AV presentation equipment, reservable meeting rooms, hospitality stations and more.

“Our research told us that many small business customers struggle to find space to hold meetings or work remotely,” said Jim Weber, Chief Experience Officer for Comerica. “At the same time, the recent increase in work-at-home arrangements among many employees and managers has created a need for affordable and appropriate workplaces. We have listened to our customers and CoWorkSpaces addresses these needs directly and delivers a value-added experience that really raises their expectations of what a bank can be.”

Valuable features on site

CoWorkSpaces will provide small business customers and organizations with the opportunity to use a range of unique on-site experiences, such as:

Community Space – Offers a free venue to host business meetings as well as community organization events.
Common room – Non-private common work areas with open tables, cubicles and seating.
Conference rooms – Access to spacious conference rooms for business meetings.
Private Space – Access to temporary private offices.
CoWorkSpaces configurations will vary from location to location, with customers accessing location-by-location information through an easy-to-use online scheduling system. The experience will be free and exclusive to Comerica customers. For more information about CoWorkSpaces, visit comerica.com/spaces.

One of several distinctive small business initiatives

The launch of CoWorkSpaces comes on the heels of the recent Comerica SmallBizCo-op™ announcement and expands the bank’s suite of high-end experiences that seek to share their resources with small business customers. SmallBizCo-op provided a set of free and unique service offerings designed to help small businesses grow and thrive, such as the ability to entertain a client or share a benefit with their employees through free sports tickets to Dallas, additional advertising support from Comerica’s inventory, significant savings on everyday business purchases and more.

Currently, small business owners taking advantage of these platforms span all industries, including restaurants, healthcare, education, construction, and nonprofits. To date, Comerica has provided free sports radio ads at Dallas sporting events to 75 small businesses, free tickets to a Dallas sporting event to 147 small businesses, and free marketing, digital ads displayed in Comerica’s North Texas banking centers to 50 small businesses. To learn more about SmallBizCo-op, visit comerica.com/succeed.

Separately, Comerica is transforming vacant property at its RL Thornton Freeway location into a dynamic new $5 million resource center called Comerica BusinessHQ™. This new concept will serve as a co-working space for new small business operators in the city’s underserved areas. Opening later this spring, BusinessHQ will provide high-opportunity small businesses with the critical tools to develop, grow and endure. Through a mix of coworking spaces, incubation grants and technical assistance programs, BusinessHQ will address the three essential needs of aspiring small businesses: capital, cultivation and connection.

All three of these new initiatives are part of a coordinated strategy to reinforce Comerica’s unwavering commitment to the small business community. “Fostering deep, supportive relationships is what sets Comerica apart from other banks,” said Cassandra McKinney, CEO of Retail Bank. “We are relentless in our pursuit of new ideas that can not only differentiate us from and above our competitors, but more importantly provide real benefits for small business owners.”

Small business support nationally

In addition to its local small business initiatives, Comerica recently hired three regional directors of small business – Sandra Felegy, Brent Harraman and Meghan Storey – to expand its reach in small business communities.

Led by Comerica Bank’s Director of Small Business Banking Omar Salah, the Small Business Regional Directors are responsible for the overall leadership and success of all small business banking activities in their markets (California, Texas and Michigan, respectively) and will oversee a team of small businesses. Business Group Managers, Small Business Relationship Managers and Small Business Bankers in the execution of Comerica’s small business strategy.

Comerica also plans to debut several digital solutions through 2023 focusing on payments and access to practical capital for entrepreneurs and small business customers.