SEATTLE, Apr 20, 2004 (BUSINESS WIRE) -- U.S. Bank, in conjunction with the
Washington State Small Business Development Center (SBDC) network, has expanded
the availability of a U.S. Small Business Administration (SBA) loan program, the
U.S. Bank SBA Community Express.
The program is geared for businesses in low-to-moderate income communities and
areas with high concentrations of minority residents. In addition to the
low-income area availability, the program is also available to businesses owned
by women, ethnic minorities or veterans, regardless of where the business is
located.
The U.S. Bank SBA Community Express program is available for loans and lines of
credit up to $250,000, and startup businesses are eligible. Once the loan
application has been submitted, 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 than we would have
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.
"The assurance of technical assistance from a qualified provider for the
potential borrower gives us the ability to say 'yes' to loan applications more
often, and in turn allows us to enrich businesses in our communities."
The Washington SBDC network will provide technical assistance to U.S. Bank SBA
Community Express borrowers throughout Washington. The SBDC is an SBA-qualified
Technical Assistance Provider (TAP). Counselors from the SBDC will assist
applicants in assessing their business and in developing an action plan that
outlines the steps that can help the business be successful. The work provided
by the TAP is a critical component of the SBA Community Express program.
Added Dr. Carolyn Clark, state director for the Small Business Development
Center network, "We're proud to partner with U.S. Bank on such an innovative and
resourceful program that will help assist business owners or perspective owners
build not only their future, but the future of our communities as well."
The Washington State Small Business Development Center is a cooperative effort
of Washington State University, Western Washington University, a number of
community colleges and economic development organizations, as well as the US
Small Business Administration.
U.S. Bancorp (NYSE:USB), with assets of $189 billion, is the 7th largest
financial services holding company in the United States. The company operates
2,282 banking offices and 4,472 ATMs in 24 states 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
Teri Charest, 612-303-0732
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SOURCE: U.S. Bank
