Comerica Bank Awards $500,000 Capital Grant to Women's Initiative for Expansion Into Silicon Valley

SAN FRANCISCO, May 23 /PRNewswire/ -- The momentum behind the Women's Initiative "Invest in Dreams" surged with the announcement this week of a $500,000 three-year capital grant by Comerica Bank to Women's Initiative for Self Employment (http://www.womensinitiative.org/) which will provide major support for a new training center and business incubator in Silicon Valley, slated for opening in 2008.

The agency provides business training, ongoing support, matched savings programs and micro-loans to low-income women throughout the San Francisco Bay Area. The organization currently serves over 1,300 clients in Northern California and is looking to meet the growing demand for their business training and support services in Silicon Valley. The Comerica grant rides on the heels of the $1.3 M contribution for the Women's Initiative Silicon Valley site made by Cadence through the Stars & Strikes fundraiser.

The Comerica gift was presented May 22 at the agency's "Invest in Dreams" gala. The benefit brought together 850 of the Bay Area's most influential women and business people to honor women entrepreneurs. The estimated $400,000 raised from the event will allow more women to explore their dream of business ownership, gain tools needed to make it a success and allow them to access micro-loans to capitalize their business. Women's Initiative graduate and jewelry designer, Darlene Roberts, was emcee of the event with a special opening welcome by ABC 7 View from the Bay's Janelle Wang. The gala was generously sponsored by Wells Fargo, Charles Schwab and Union Bank of California.

Here is a recap of the gala honorees: Founders' Award: Carrie Schwab Pomerantz, Charles Schwab Foundation

The Founders' Award is given to an outstanding Bay Area resident who embodies the values of Women's Initiative. Carrie is a leading advocate for investment education. She speaks and writes extensively about personal finance for women and families, and is a driving force in the movement to increase financial literacy in America.

Carrie Schwab Pomerantz has been involved with Women's Initiative throughout the years and has served as a co-chair for the agency's 2006 gala that raises funds for the programs offered by Women's Initiative. "Women's Initiative is instrumental in helping women become financially independent," said Pomerantz. "Their education and support continue to pave the way for future generations."

Enterprising Woman of the Year Awards: These awards highlight two outstanding Women's Initiative graduate-owned businesses

-- Cecilia Canseco, owner of Cicil's Cafe She emigrated from Oaxaca, Mexico when she was 21 years old and only spoke her native Mayan dialect. Despite a sixth-grade education, Cecilia learned to cook at a restaurant and quickly excelled at it. Her first job in San Francisco was at a Mexican restaurant in the Mission District. That is when Cecilia realized her dream of opening her own cafe and she began taking classes at Women's Initiative. Cicil's Cafe (101 Spear Street) opened in 2004 in San Francisco's financial district. She employs four people including family members. The downtown lunch crowd stands in long lines just to get one of her fresh sandwiches and salads. -- Hope Meng and Melissa Alvarado, owners of Stitch Lounge Stitch Lounge is the country's first cut-and-sew space. Since their grand opening in December 2003 they have taught more than 200 people to sew. Before enrolling in the Women's Initiative program, Melissa and Hope were both in career transition and piecing together odd jobs to make ends meet. They have co-authored two books on refashioning clothing: Sew Subversive: Down and Dirty DIY for the Fabulous Fashionista and Subversive Seamster. Their commitment to mentoring employees and volunteers who love to teach, sew and grow the crafty community has paid off because their annual revenue grew 26% in the first year of operation.

To find out more about the Comerica grant or micro-business in the San Francisco Bay Area please call Justina Cross at (510) 287-3109.

ABOUT WOMEN'S INITIATIVE:

Women's Initiative for Self Employment provides a safe, supportive environment where high-potential, lower-income women can receive the help they need to start and grow their own businesses. Women's Initiative offers a 20- session business-training course, individual coaching and financing services in both English and Spanish. Women graduate with a business plan and the self- confidence to make it work. Women's Initiative also offers on-going business support, matched savings program and micro-loans to graduates. For more information visit http://www.womensinitiative.org/.

ABOUT COMERICA BANK:

Comerica Bank is a subsidiary of Comerica Incorporated , a Fortune 500 financial services company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. Comerica Bank's Western Market headquarters is in San Jose, Calif., and the bank has locations in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $57.5 billion at March 31, 2007. For more information, go to http://www.comerica.com/.