When Creative Metal Products came to Comerica Bank about five years ago, it came prepared. The company had worked hard to get its financial situation in a strong place so it would be ready to pursue business loans. But when they went to other lenders, they were often an afterthought. Creative Metal Products walked in our doors ready for a challenging lending process. It found a friendly, genuine relationship that fostered honesty and collaboration.
This first impression set Creative Metal Products on a path to sustained innovation and business growth. It came to Comerica Bank looking for a loan to purchase equipment. But we took a closer look at their business, took the time to analyze their industry, and identified a key opportunity.
Driving progress through lending
Creative Metal Products was spending heavily on its supply chain, limiting its ability to invest in the rest of the business. We suggested the company use a loan to purchase bulk inventory. The effort we put into the relationship created trust with Creative Metal Products. Because we took the company’s loan application so seriously, despite its small size, it was clear we cared about supporting its best interests.
Creative Metal Products took our advice and made a major inventory purchase. The stability in the supply chain ended up freeing resources across the business. Over time, the control and predictability in the supply chain allowed the business to invest in the rest of the organization. Before long, it was moving workers from hourly to salaried roles, purchasing new equipment and taking advantage of opportunities for process efficiency gains.
Learn more about Creative Metal Products' experience
Change often needs a catalyst. The right business loans can be the key driver you need to progress, but you need a lender that will work with you to help you find the best loan. That's what we do at Comerica Bank. Download the full story of how we worked with Creative Metal Products to learn more.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.
*Comerica ranks first nationally among U.S. financial holding companies with greater than $60B in assets, based on commercial and industrial loans outstanding as a percentage of assets, as of December 31, 2023. Data provided by S&P Global Market Intelligence.
