USBCDC donates $20,000 for programs
ST. LOUIS--(BUSINESS WIRE)--Sep. 6, 2016--
To reduce the barriers to equality in the St. Louis region, U.S. Bank is
donating $20,000 and investing $2 million in the Urban League of
Metropolitan St. Louis’ new Ferguson Empowerment Center planned for the
site of the former gasoline station that burned during racial unrest.
The $5.8 million Ferguson Empowerment Center, which is under
construction at the former QuikTrip at 9420 W. Florissant Ave., will
house multiple nonprofit organizations, providing employment assistance
and training, financial literacy and asset building, counseling services
and entrepreneurship training.
U.S. Bancorp Community Development Corporation, a division of U.S. Bank,
invested the $2 million in equity raised from New Markets Tax Credits
provided by Heartland Regional Investment Fund. The funding was critical
to enable the Urban League to achieve its vision of building a larger,
13,000-square-foot center--triple the size it originally planned.
“Our investment in this project with the Urban League demonstrates U.S.
Bank’s commitment to providing an avenue for African-Americans,
especially young people, to escape poverty and attain financial
stability,” said Steve Kramer, senior vice president of USBCDC.
In addition to the Urban League’s Save Our Sons program, several other
charitable and social service agencies plan to lease space to provide a
range of services in the Ferguson Empowerment Center. Tenants include
the Lutheran Church of Missouri, Better Family Life, the University of
Missouri Extension, Provident Inc. and the Salvation Army.
The center will provide 65 construction jobs and 18 permanent jobs.
“This funding from U.S. Bank was essential for us to reach our goal of a
larger building to house more agencies that could meet a greater range
of needs not just in Ferguson but in surrounding municipalities and
beyond,” said Michael P. McMillan, president and CEO of the Urban
League. “We are grateful to U.S. Bank for this investment in our
building and in our young people’s futures.”
With this latest $20,000 donation, U.S. Bank has contributed $200,000 to
the Urban League over the past eight years in support of its important
work in the African-American community. Since 2003, the bank also has
invested more than $320 million in New Markets Tax Credit equity in
projects in the St. Louis area aimed at helping impoverished areas or
With $20 billion in managed assets as of June 30, 2016, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in assets
as of June 30, 2016, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,122 banking offices in 25 states and 4,923 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
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Source: U.S. Bank
U.S. Bank Corporate Communications
Shera Dalin, 314-335-3335