VIRGINIA, Minn., Nov 5, 2003 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB)
U.S. Bank has made a $100,000 equity investment to help grow new businesses and
jobs in northern Minnesota through the Northeast Entrepreneur Fund located on
the Iron Range in Virginia, Minn.
The Northeast Entrepreneur Fund is a community development financial institution
focused on microenterprise and small business development. The fund provides
business training, technical assistance, and financing to unemployed and
underemployed men and women in northeastern Minnesota and northwestern Wisconsin
who wish to start small businesses to achieve economic self-sufficiency and
existing small business owners who want to grow their businesses.
The U.S. Bank investment is essentially a long-term loan that has an extended
repayment term to help boost the fund, which has been in existence since 1989.
Since its inception, the NE Entrepreneur Fund has helped start, stabilize or
expand over 670 businesses, creating or retaining over 1,500 jobs. The fund has
made 293 loans, totaling $4 million, and helped businesses leverage an
additional $8 million in financing from public and private sources.
"The Northeast Entrepreneur Fund is essential to the state because it helps so
many businesses get off the ground. We're proud to support an organization that
does such a fine job stimulating economic development and creating jobs in this
region that has seen dramatic industry changes over the past 20 to 30 years,"
said Mark Peterson, vice president and commercial district manager at U.S. Bank
in Duluth. Peterson is also a board member of the Northeast Entrepreneur Fund.
The micro loan fund makes individual loans up to $35,000 to people who are
without reasonable access to other sources of business capital to start their
business, whereas the enterprise loan fund makes loans up to $100,000 to
existing small businesses and experienced entrepreneurs. From offices in
Virginia, Grand Rapids, Duluth and Superior, the NE Entrepreneur Fund serves
eleven counties covering 30,000 square miles.
U.S. Bancorp (NYSE:USB), with $189 billion in assets, is the 8th largest
financial services holding company in the United States. The company operates
2,201 banking offices and 4,506 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 the parent
company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank
CONTACT: U.S. Bank Media Relations
Karen Greenwood, 612-303-0731
NE Entrepreneur Fund
Mary Mathews, 800-422-0374
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Copyright (C) 2003 Business Wire. All rights reserved.
SOURCE: U.S. Bank