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U.S. Bank offers financial support, demonstrates commitment to diversity

Business

US Bank Aid U.S. Bank anticipate 90 percent of this full $30 million commitment will be invested in organizations serving people of color and low-to-moderate income communities. (Photo: iStockphoto / NNPA)
By:  Julianne Malveaux/NNPA Newswire

MINNEAPOLIS, MN – As we weather the COVID-19 pandemic together, U.S. Bank is here to help. We have developed a single site full of online resources where customers can go to find helpful information regarding their financial needs. Through this online resource and other partnerships, U.S. Bank aims to provide simple, clear information to help individuals and small businesses get through the pandemic and tangible financial assistance to support our communities.

“Our entire team has rallied around each other, our customers and our communities, and it is a tremendous honor to work with them as we fight this pandemic,” said U.S. Bancorp Chairman, President and CEO Andy Cecere in a statement on the company’s website. “We stand together, and we are focused on keeping people healthy and safe – personally, professionally and financially.”

US Bank Aid

Here to help with your financial needs

At usbank.com/covid-19, customers will find helpful links to manage their finances, as well as information about the financial programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act to help individuals and small businesses – including Economic Impact Payments (EIPs), mortgage assistance, new rules for IRAs and retirement accounts, and the SBA Paycheck Protection Program (PPP).

Commitment to diversity, equity and inclusion

As the global coronavirus pandemic upends all aspects of our lives, U.S. Bank is uniting with other corporations and longstanding partner organizations that are representing members of underserved and minority communities to advocate for inclusion among Pan-Asians and other cultural segments.

U.S. Bank joined Ascend, Catalyst, Executive Leadership Council (ELC), Hispanic Association on Corporate Responsibility (HACR), National Organization on Disability (NOD) and Out & Equal as a Supporting Company on a COVID-19 response Action Agenda. These organizations are leading champions, connectors and conveners for business leaders and professionals who are Pan-Asians, African American, Hispanic, women, LGBTQ and persons with disabilities.

These organizations are committed to redoubling on their mission to promote inclusion in these unprecedented times by addressing the adverse impacts of the COVID-19 outbreak. Many of the low wage earners in our communities are particularly impacted during this public health and economic crisis, while health officials indicate the pandemic has claimed disproportionate numbers of Black and Hispanic lives.

“We’re proud to stand with our peers and these leading organizations to help maintain a sense of community and support at a time when we need to stay physically apart,” said Greg Cunningham, U.S. Bank Chief Diversity Officer.

U.S. Bank commits nearly $60 million to employees and communities for COVID-19 relief and recovery efforts

U.S. Bank committed nearly $60 million to employees and communities for COVID-19 relief and recovery efforts. It started with a new Pay Premium Program for front-line employees and a $30 million investment in communities.

U.S. Bank transforms and expedites community investments in response to immediate COVID-19 needs

U.S. Bank has expedited its annual $1 million Market Impact Fund grant program in April to provide funding for 30 local nonprofits that are working to respond to the most pressing needs in their communities.

From Los Angeles to Chicago, the grants are being used by nonprofits to support small businesses, maintain safe housing and ensure accessibility to critical human services by the communities’ most economically vulnerable populations. The company is deploying these funds three months earlier than originally scheduled to ensure immediate relief.

“We know how many nonprofits are struggling and we wanted to make sure that our partners know that we trust them to use our grant dollars in whatever way is needed to sustain the life-changing work they do in our communities every day,” said U.S. Bank Chief Social Responsibility Officer Reba Dominski.

The move is part of a broader shift in how U.S. Bank is approaching community giving this year in response to the COVID-19 pandemic. Last month, the company announced a $30 million philanthropic commitment focused on short-term relief and long-term recovery and was intentionally focused on communities of color and low-to-moderate income communities. U.S. Bank donated $4 million to three national nonprofits – United Way, LISC and Operation HOPE – and announced that its remaining $25 million in grants planned for this year could be used by nonprofits for general operating expenses rather than for specific programming. We anticipate 90 percent of this full $30 million commitment will be invested in organizations serving people of color and low-to-moderate income communities.

U.S. Bancorp Community Development Corporation Finances $50 Million in Capital to Community Development Financial Institutions (CDFIs) to help small businesses impacted by COVID-19

U.S. Bancorp Community Development Corporation (USBCDC), the tax credit and community investment subsidiary of U.S. Bank, facilitated $50 million in capital to seven community development financial institution (CDFI) customers, helping them provide loans through the Small Business Administration (SBA) Paycheck Protection Program.

Each of the CDFIs are receiving $5-$10 million in low interest rate loans to support their ability to fund small businesses impacted by the COVID-19 pandemic. CDFIs play a critical role in bringing investment and resources to underserved communities, and those who may not be eligible for traditional small business financing, with a focus on women and minority-owned businesses and low-to-moderate income communities.

U.S. Bank has been a long-time partner working with CDFIs to provide funding to entrepreneurs in underserved communities. By the end of 2019, U.S. Bank helped ensure that more than $400 million in capital was available for CDFIs and their customers.