NASHVILLE, Tenn., Nov 25, 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,
areas with high concentrations of minority residents, and businesses owned by
women, minorities and veterans that will help bolster areas that are facing
economic challenges.
The U.S. Bank SBA Community Express program is currently available in Chicago,
Cincinnati, Los Angeles, Milwaukee, St. Louis, San Diego, Seattle, Denver,
Colorado Springs, Pueblo, Nashville, Yakima, Iowa, Nebraska and Minnesota. The
program is for loans and lines of credit up to $250,000 and start-up 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 Mark Brooks, vice president and sales manager 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
loan.
"The loan guarantee and assistance this program offers adds tremendous value for
everyone involved in the transaction," said Janice Thomas, executive director of
The Women's Resource Center, Inc. "By partnering with U.S. Bank it allows us to
reach so many more small businesses in need."
U.S. Bancorp, with assets of $189 billion, is the eighth 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 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.
SOURCE: U.S. Bank
CONTACT: U.S. Bank
Karen Greenwood, 612-303-0731
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SOURCE: U.S. Bank
