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U.S. Bank Introduces ``Fees Paid'' SBA Loan Program

SAN DIEGO--(BUSINESS WIRE)--Feb. 16, 2005--U.S. Bank has introduced a new "fees paid" SBA loan for small business customers utilizing the flagship 7(a) guaranteed loan program by the U.S. Small Business Administration (SBA).

Through its SBA Division, U.S. Bank will pay the required SBA Guaranty fee for owner or users purchasing business property with a loan up to $2 million. Small business borrowers could save up to $53,000 on a typical 75 percent SBA Guaranty, according to David H. Bartram, president, SBA Division.

The mandated SBA Guaranty fees passed on to borrowers increased significantly beginning in 2005, when the program was re-authorized by the U.S. Congress, Bartram explained.

"The feedback we've gotten recently from our new small business customers is that the increased SBA Guaranty fee is very hard to accept. So, U.S. Bank is now going to pay the fee as a means for us to remove this financial burden, help our customers retain more of their working capital, and grow their business at the same time. Our goal is to provide our small business clients with as many positive options as possible," Bartram explained.

"To the best of our knowledge, a 'fees paid' loan initiative has never been attempted before and we have already received a great response from both our U.S. Bank partners as well as from our external referral sources," Bartram said.

Bartram added that the "fees paid" program does not have an expiration date and includes the key positive facets of other SBA 7(a) loans: up to 90 percent financing, up to 25-year term and funding in 30 to 45 days with a completed loan package.

"This is one more way U.S. Bank is building the best bank in America," Bartram said.

U.S. Bank SBA Division, based in San Diego, operates 25 specially designated SBA Business Centers serving 25 states. U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB), which, with assets of $195 billion, is the 6th largest financial services holding company in the United States. The company operates 2,370 banking offices and 4,620 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. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:
U.S. Bank Media Relations
Teri Charest
612-303-0732

U.S. Bank SBA Division
Brian Butler
858-536-4545 x204

SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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