Comerica forms community lending unit.

DETROIT - Comerica Inc. said it formed a community development corporation that it will capitalize initially with $3 million.

The company said Comerica Community Development Corp. will provide capital or loans to companies, entrepreneurs. and nonprofit organizations with experience in the rehabilitation of single-family or small multiple-family real estate projects.

Comerica said it also will invest in small business enterprises in economically distressed areas throughout Michigan.

Elaine A. McMahon, senior vice president of Comerica Bank, will be president of Comerica Community Development.

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