U.S. Bank Launches New Approach to Build Wealth and Create Access for Diverse Communities
U.S. Bank announced today details of its U.S. Bank Access Commitment, a long-term approach bringing the strengths of U.S. Bancorp Community Development Corporation (USBCDC), corporate social responsibility and its business lines, to help build wealth while redefining how the bank serves diverse communities and provides more opportunities for diverse employees.
Access Commitment will focus on three primary areas: supporting businesses owned by people of color, helping individuals and communities of color advance economically and enhancing career opportunities for employees and prospective employees. The ongoing work – which will include projects from across U.S. Bank’s diverse portfolio of businesses – builds on the $116 million commitment made by U.S. Bank in 2020 including increased supplier spend, innovative products, services and transformative customer experiences and long-term place-based partnerships with the goal of addressing the persistent racial wealth gap, starting with the Black community.
This initial launch includes:
- A new $25 million microbusiness fund focused on businesses owned by women of color
- A mortgage program focused on homeownership education and hiring
- A focus on building sustained wealth as part of U.S. Bank’s wealth management business
- Financial inclusion partnerships
- Supply chain financing focused on diverse businesses
- Customized employee leadership development
- A change to how U.S. Bank fills open positions within the organization
“We believe access to capital for minority small business, housing and homeownership and workforce advancement creates opportunities for systemic change,” said Andy Cecere, Chairman, President and CEO of U.S. Bank. “U.S. Bank Access Commitment is our approach to building wealth and supporting individuals and small business owners through a series of business initiatives throughout 2021 and beyond. We are committed to be part of the solution.”
Supporting businesses owned by people of color
$25 million microbusiness fund
The U.S. Bank Foundation and USBCDC will provide $25 million in grants and investments through a new microbusiness fund for businesses owned by women of color. The fund is focused on providing access to capital, technical assistance and networking. USBCDC will provide $20 million in debt capital to Black-led and women-focused community development financial institutions (CDFIs). U.S. Bank Foundation will provide $5 million in grants to support expansion, capacity building, technical assistance and mentorship/networking. More on the fund, including selected partners will be shared in the coming weeks.