MINNEAPOLIS, 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.
"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. They will then refer businesses to
the bank when they are ready to apply for a loan. The business owner will hear a
response on the loan application in 24 to 48 hours, depending on the size of the
"The Metropolitan Economic Development Association (MEDA) is committed to the
growth and development of minority-owned businesses. We are excited about our
partnership with U.S. Bank. Through the Community Express Loan Program, we hope
to increase the number of loans to our clients by providing management and
technical assistance to qualified loan recipients," said George Jacobson,
director of consulting services and acting director of the MEDA Loan Program in
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
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
SOURCE: U.S. Bank