SEATTLE, Jun 9, 2003 (BUSINESS WIRE) -- U.S. Bank, in conjunction with the U.S.
Small Business Administration (SBA), is rolling out a new loan program that is
geared for businesses in low-to-moderate income communities and areas with high
concentrations of minority residents that will help bolster areas that are
facing economic challenges.
The U.S. Bank SBA Community Express program is currently available in
Minneapolis, Cincinnati, Milwaukee and Seattle, and will expand more broadly
later in 2003. The program is for loans and lines of credit up to $250,000, and
startup businesses are eligible. The business owner will hear a response on the
application in 24 to 48 hours, depending on the size of the loan.
"We're offering this program to be able to approve more loans that we would not
before and to help strengthen the economies in the communities that we serve,"
said Kent Stone, executive vice president of U.S. Bank Small Business Banking.
"Unlike traditional SBA loans, these loans are specifically designated for
economically challenged areas, plus, with the generous government guarantee, it
gives us the ability to say 'yes' to loan applications more often."
SBA-qualified Technical Assistance Providers (TAPs) in each city will assist
businesses in evaluating the strengths and weaknesses of each loan application
and will help them create an action plan that articulates the steps the business
must take to be successful in the program. The work provided by the TAPs is a
critical component of the SBA Community Express program.
"We are very pleased to bring our 18 years of experience working in Washington
and Oregon's low-income communities to this effort," said Shaw Canale, executive
director and CEO of Cascadia Revolving Fund in Seattle.
Cascadia Revolving Fund, a non-profit community development financial
institution, provides loans and technical assistance to support small
businesses, childcare providers, and community-based non-profit organizations.
This certified CDFI focuses on businesses owned by low-income individuals,
women, minorities or immigrants, as well as businesses that diversify and create
jobs in rural communities and distressed urban areas. Since 1985 Cascadia has
lent more than $25 million and provided technical assistance to more than 2,000
unbankable businesses in Washington and Oregon.
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
Teri Charest, 612/303-0732
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SOURCE: U.S. Bank