Bank Expanding Program Designed To Help Underserved Small Businesses Grow

U.S. bank is doubling its team of Business Access Advisors in order to serve more cities

NORTHAMPTON, MA / ACCESSWIRE / March 11, 2024 / U.S. Bank

Foto: Accesswire

U.S. Bank Business Access Advisors spend time in the community connecting the bank to others, which is one reason Business Access Advisor Delphine Pruitt, second from right, attended and spoke at the recent grand opening of the bank's first Black Heritage Community branch in Los Angeles's Crenshaw neighborhood.

Originally published on U.S. Bank company blog

As a Business Access Advisor at U.S. Bank, Cassandra Kidd's goal is to help underserved small businesses thrive by providing them access to information, connections and other resources.

Kidd and other Business Access Advisors don't sell any products but can refer clients to bankers within U.S. Bank or to nonprofits that offer financing. In one recent success story, Kidd helped a Black-owned company that provides information technology services obtain a loan after the owner had struggled to qualify for traditional bank financing.

Kidd also introduced the business owner to the bank's Business Diversity Lending (BDL) program, a special purpose credit program that provides credit and financing designed to help minority-, women- and veteran-owned businesses grow and thrive. The business owner met the qualifications and was able to receive additional financing for his company.

Such outcomes are the primary goal of the U.S. Bank Business Access Advisor program, which was launched in 2021 with a focus on helping businesses in underserved communities, including communities of color, gain access to capital.

The Business Access Advisors, or BAAs, are placed in markets to help business owners gain access to capital, financial education and connections, said Queanne Smith, who leads Business Diverse Segment Strategy for U.S. Bank.

The BAAs also maintain and grow referral relationships with Community Development Financial Institutions and non-profit organizations that can assist small business applicants currently unable to get financing directly from the bank.

"Partnering with CDFIs increases access to capital, fosters economic inclusion and expands financial opportunities for underserved communities," Smith said. "U.S. Bank increased the number of CDFI partners in 2023 to 100-plus participating organizations, which allows us to better bridge the finance gap and support community empowerment."