Comerica Bank has teamed up with Young Entrepreneurz Solutions Organization (YES) to equip youth from low to moderate income (LMI) communities with financial education skills needed to pursue a career in entrepreneurship. The $100,000 contribution also will provide startup funding for students across Comerica’s five-state (Arizona, California, Florida, Michigan and Texas) geographical footprint.
In addition, Comerica bankers will serve as judges for the YES Business Plan Competitions and implement “Ask A Banker” sessions over the next year (June 2021).
“It is important that we introduce basic financial principles to children and teach them how to manage their money at an early age,” Comerica Bank Chief Community Officer Irvin Ashford, Jr. said. “Research shows that there is a direct correlation between students who have access to financial education resources and their future success. At Comerica, we partner with organizations like YES because of our common goal to empower youth and adults from underserved communities. ”
YES has been teaching youth in 13 urban and LMI communities including the US Virgin Islands entrepreneurship and economic development since 2014. YES founder Ernest Ruffin, Jr is an award winning adjunct Professor at Rutgers University who decided to start YES because his students at Rutgers we’re having great success in new business development. One of his students sold his company to Mark Cuban and that triggered Ruffin to start teaching Black and Brown kids business. YES has a 1M for $1M fundraiser campaign underway to raise money to fund their students businesses. Comerica Bank sponsors our Dallas program. They really stepped up their sponsorship efforts by helping YES attain 10% of our goal and provide key banking information to YES students. Our mission is to help students create 10,000 Black and Brown owned thriving businesses.
About Comerica Bank
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $76.3 billion at March 31, 2020 and celebrated its 170th anniversary last year.
