PHOENIX--(BUSINESS WIRE)--July 18, 2005--U.S. Bank, the United
States Hispanic Chamber of Commerce (USHCC) and the Arizona Hispanic
Chamber of Commerce (AZHCC) have partnered to offer Capital! (Spanish
pronunciation) a national loan program aimed at lending to small
businesses in high-growth Hispanic markets nationwide. U.S. Bank will
provide referral payments to the chamber for every loan booked through
the program that was developed through a partnership between U.S. Bank
and the USHCC. Information about the program will be presented at an
upcoming AZHCC networking event in the fall of 2005.
Capital! provides a substantial new revenue and membership stream
for the chamber as well as a source of new customers for U.S. Bank.
U.S. Bank pays a referral fee to the chamber as a percentage of each
loan, line of credit, or lease that is booked in the program. This new
revenue stream will help businesses and the chamber meet
mission-critical goals and objectives.
The USHCC, based in Washington, D.C., represents the interests of
more than 2 million Hispanic-owned businesses in the United States and
Puerto Rico, which earn more than $200 billion annually. It serves as
the umbrella organization for more than 200 local Hispanic chambers
nationwide and it actively promotes the economic growth and
development of Hispanic entrepreneurs. Capital! establishes USHCC
local chambers as sources of technical assistance and support for all
small businesses that need capital to grow and prosper. U.S. Bank will
work directly with the USHCC and its local affiliates to meet the
program's goals and objectives and to ensure the program is a success.
"We have heard the call of our affiliate chambers and are excited
about Capital! which is designed to meet the substantial
access-to-capital needs of Hispanic businesses nationwide," said
Michael L. Barrera, president and chief executive officer of the
USHCC. "We continue to find unique ways to partner with corporate
America to create opportunities for growth and success for our entire
"The Hispanic business customer is extremely important to U.S.
Bank. Through the Capital! Program, we are confident that more
Hispanic businesses will prosper, which is good for the whole
community," said Roderika "Rodie" N. Hernandez, small business sales
manager for U.S. Bank in Phoenix.
The AZHCC, through the Arizona Minority Business Development
Center, will provide technical assistance to businesses so that they
are well prepared to qualify for access to capital. They will work in
conjunction with a U.S. Bank small business banking officer designated
as a loan executive to the program. Loans originated under this
program will be underwritten with the same guidelines and with the
same applicable fees, interest rates and other charges as loans
originating from outside the program.
"The Capital! Program demonstrates U.S. Bank's strong commitment
to the Arizona Hispanic Chamber of Commerce small Hispanic business
members' growth," said Harry Garewal, president and chief executive
officer of the AZHCC.
U.S. Bank has been a partner of Hispanic businesses and families
for several years, offering products and services with their needs in
Today, more than 80 percent of new jobs in the United States
emerge from within the small business sector. The ability for these
small businesses to gain access to capital creates a catalyst for job
growth. This program recognizes the vital role of the Hispanic
enterprise in the growth and development of the American economy and
the importance of capital access for underserved small businesses.
U.S. Bancorp (NYSE: USB), with $198 billion in assets, 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. U.S. Bancorp is
the parent company of U.S. Bank. Visit U.S. Bancorp on the web at
Note to Editors: There should be an inverted exclamation point
CONTACT: U.S. Bank Media Relations
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank