PHOENIX--(BUSINESS WIRE)--June 2, 2005--U.S. Bank, the Arizona
Minority Business Development Center (AMBDC) and the U.S. Small
Business Administration (SBA) are rolling out the U.S. Bank SBA
Community Express Loan program in Arizona to pump up small business
lending in low-income and minority-dominated communities in the state.
U.S. Bank currently offers the Community Express Loan in a number
of states including Minnesota, Colorado, Ohio, Washington, Missouri
and California and plans to continue to expand the program as SBA
approved technical assistance providers (TAPs), such as the AMBDC,
U.S. Bank SBA Community Express will provide loans for businesses
in low-to-moderate income communities, women-owned businesses and
businesses in areas with high concentrations of minority residents
that will help bolster areas that are facing economic challenges. The
program will provide federally backed 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 than
we would have before and to help strengthen the economies in the
communities that we serve," said Hope Levin, regional president for
U.S. Bank in Arizona. "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 TAPs, like the AMBDC, 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. AMBDC 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 the technical assistance this program
offers add tremendous support for our small minority businesses," said
Isauro "Izzy" Gonzalez, project director of AMBDC.
U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With $198
billion in assets, U.S. Bancorp is the 6th largest financial holding
company in the United States. The company operates 2,377 banking
offices and 4,654 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 in which the
company pays customers if certain key banking benefits and services
are not met. Visit U.S. Bancorp on the web at usbank.com.
CONTACT: U.S. Bank Media Relations
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank