U.S. Bank Launches New Approach to Build Wealth and Create Access for Diverse Communities - Seite 2
Expanding finance opportunities for diverse businesses
U.S. Bank’s Global Trade and Supply Chain Finance teams will expand existing efforts to provide trade financing to more diverse
businesses, with a focus on supply chain finance. The team will work with U.S. Bank corporate and commercial banking customers to optimize working capital for diverse-owned businesses. It will do
this by providing bilateral access to U.S. Bank’s receivables purchase program so they can provide competitive payment terms to their buyers but be paid earlier than the due date. This will help
free up much needed capital by improving cash flow and enhancing their sales effort.
Expanding USBCDC’s ongoing commitment to racial equity
USBCDC continues to look across its business for ways to deepen relationships with partners that are Black-owned, Black-led or
are prioritizing racial equity in their work. For example, it’s prioritizing patient and lower-cost capital to Black-led CDFIs through a partnership with the African American Alliance of CDFI CEOs;
removing barriers and providing stronger support to Black-led affordable housing developers; and using an intermediary community development entity (CDE) model to create opportunities for Black-led
CDFIs and CDEs to earn revenue, build experience and receive their own New Markets Tax Credit allocation.
Doing business with diverse businesses
In 2020, U.S. Bank committed to doubling its Black-owned suppliers within the next 12 months. U.S. Bank is making great progress and is on track
to achieving this goal. Examples of areas of progress includes new engagements in real estate appraisals, digital, technology, and construction.
In the Fall of 2019, U.S. Bank joined the Department of Treasury’s Mentor/Protégé program to provide vital support to Minority Deposit Institutions (MDIs). Since then, U.S. Bank has been providing developmental assistance and engaged in revenue generating opportunities with First Independence Bank, a Black-owned bank headquartered in Detroit, Michigan.
Helping individuals and communities of color advance financially
Lesen Sie auch
Homeownership
U.S. Bank is introducing its DREAM (Delivering Resources that Enable Access to Mortgage) Initiative, focused on advancing Black homeownership and increasing Black
representation in the mortgage industry for individuals and families across our national footprint through strategic outreach and engagement with local community partners. The initiative includes
enhanced adult financial education, youth outreach, and a mortgage loan officer development program focused on attracting underrepresented communities to mortgage as a viable career choice. U.S.
Bank DREAM Initiative is set to launch in late summer.