Bank Expanding Program Designed To Help Underserved Small Businesses Grow - Seite 2

The BAA program is part of U.S. Bank Access Commitment, the bank's long-term approach to help close the wealth gap for underserved communities, including communities of color. U.S. Bank started with nine BAAs serving Charlotte, North Carolina; Chicago; Colorado Springs and Denver, Colorado; Little Rock, Arkansas; Los Angeles; Minneapolis; Omaha, Nebraska; and Oakland, California.

Because of its success, U.S. Bank is now expanding the program by doubling the number of BAAs to 18 and expanding the strategy to six new states, Arizona, Nevada, Ohio, Tennessee, Washington and Wisconsin. The bank is also expanding the BAA program in California, hiring three additional BAAs in Los Angeles, Riverside and San Diego, and growing support for business owners in Hispanic communities.

"We acknowledge and value the Hispanic community and understand how important cultural engagement is to the communities we serve," Smith said. "Our BAAs are placed in markets to better support these communities and build stronger relationships."

"We have BAAs who speak Spanish in addition to English and can work with customers in their preferred language," she said. "Our strategy is to break down barriers, including language barriers, that can prevent wealth creation."

The BAA program serves small businesses, generally with $500,000 or more in annual revenue, across virtually all industries, Smith said.

While helping to provide access to capital is a primary focus of the program, BAAs serve as trusted advisors with business in a variety of ways, she said.

"Our BAAs are also knowledgeable, helping to educate our clients about financial concepts during one-on-one sessions, seminars and curated workshops," Smith said. "They serve as a strong connector to U.S. Bank supplier diversity programs that can help small businesses become certified as minority-owned businesses, which can support them in building meaningful partnerships, operate in competitive markets and access new opportunities."

The BAAs also partner with community organizations to help business owners connect with resources that can help them, she said.

For example, the bank has held small business bus tours in Chicago and Los Angeles, visiting Black-owned businesses in underserved communities to discuss challenges entrepreneurs have encountered and ways to partner with U.S. Bank effectively.

"During 2023, we offered over 160 financial education seminars, and 2,200 coaching sessions with businesses and business owners through our Business Access Advisor program," Smith said.

"It's all around facilitating inclusive growth for underserved small businesses," she said. "Small businesses are part of the bedrock of the economy."

View additional multimedia and more ESG storytelling from U.S. Bank on 3blmedia.com.

Contact Info:
Spokesperson: U.S. Bank
Website: https://www.3blmedia.com/profiles/us-bank
Email: [e-mail]

SOURCE: U.S. Bank

View the original press release on accesswire.com


The US Bancorp Stock at the time of publication of the news with a fall of -0,71 % to 39,28EUR on Tradegate stock exchange (11. März 2024, 10:17 Uhr).

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