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
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
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
SOURCE: U.S. Bank
CONTACT: U.S. Bank
Karen Greenwood, 612/303-0731
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SOURCE: U.S. Bank