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U.S. Bank Invests in South Dakota's Small Businesses Through the South Eastern Development Foundation

SIOUX FALLS, S.D., Jun 3, 2003 (BUSINESS WIRE) -- U.S. Bank has announced that it plans to invest a total of $150,000 in the South Eastern Development Foundation in Sioux Falls, S.D. The South Eastern Development Foundation, a non-profit organization, was established to create and promote community and economic development for the six most southeastern counties of South Dakota through the creation of a regional revolving loan fund for small businesses.

"This is a tremendous opportunity for us to expand and improve upon the economic vitality of this region by turning the region's focus to helping small businesses," said Lynne Keller, executive director of the South Eastern Development Foundation. "We need a program to ensure that the resources we have to assist small businesses in South Dakota are used in the most efficient and effective manner. With this program, and the support of U.S. Bank, we have that."

Tim Kromminga, market president for U.S. Bank in Sioux City and chair of the South Eastern Development Foundation, said, "This investment will support the work of many promising new and established businesses in the Sioux Falls area, which is a top priority for us. U.S. Bank recognizes the importance of such funding and has shown a strong commitment to the region by standing behind the South Eastern Development Foundation."

The investment by U.S. Bank will provide funds to the revolving loan and will assist small businesses with start-up or funds for expansion. The bank's investment will not be used for administrative costs of the project.

"U.S. Bank is honored to support the communities of southeastern South Dakota in a way that also bolsters the economic development of the region," said Dave Rozenboom, regional president of U.S. Bank in Sioux Falls. "We look forward to the positive returns that invariably result from supporting such an outstanding organization."

U.S. Bancorp, with assets in excess of $182 billion, is the 8th largest financial services holding company in the United States. The company operates 2,200 banking offices and 4,582 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.


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