U.S. Bank provides update on Access Commitment initiatives

April 26, 2024

Work continues to help close the wealth gap for underserved communities

Three years ago, U.S. Bank launched U.S. Bank Access Commitment®, its long-term approach to help close the wealth gap for underserved communities, including communities of color, and redefine how it serves employees, clients and communities.

Access Commitment started with a focus on the Black community, where the persistent economic wealth gap in the United States is the largest (Federal Reserve, 2022)¹, and in 2023, expanded its focus to include the Hispanic community.

According to the most recent Federal Reserve study, the typical White family has about six times as much wealth as the typical Black family and five times as much as the typical Hispanic family.

Access Commitment leverages four components to help address the wealth gap – Access Business, Access Capital, Access Home and Access Wealth. Here is an update on the progress U.S. Bank has made and its commitment to continue the work.  

“Inclusive growth is central to our mission, purpose and values; it is both who we are and how we differentiate ourselves,” said Greg Cunningham, chief diversity officer for U.S. Bank. “Our direction is forward. We have a compelling business case around inclusive growth focused on the opportunities we have in our growing multicultural communities.”

Access Business 

Access Business combines the bank's expertise and that of its external partners to provide small businesses, including underserved businesses, with knowledge sharing, information, connections and capital to position them for success. In 2023, U.S. Bank expanded the number of Business Access Advisors (BAAs) serving its communities.

The BAAs met with hundreds of business owners and held numerous financial seminars. U.S. Bank also launched the Business Diversity Lending Program, a special purpose credit program that provides credit and financing to help minority, woman and veteran-owned businesses grow and thrive.

Access Home 

U.S. Bank continues to focus on closing the homeownership gap in underserved communities. In 2023, U.S. Bank continued to work with 18 community partners in: St. Louis, Las Vegas, Little Rock, Milwaukee, and Minneapolis.

It also launched the Access Home Loan Program, a special purpose credit program that provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit³. U.S. Bank continued its initiative to hire new-to-industry mortgage loan officers focused on supporting undeserved communities, including communities of color.

Access Capital 

U.S. Bancorp Impact Finance is partnering with Community Development Financial Institutions (CDFIs) to provide financing to developers that have historically lacked access to capital, including supporting and growing the number of developers led by people of color.

In furtherance of this goal, in 2023, grants totaling $300,000 were awarded to five organizations: Neighborhood Development Center, BCL of Texas/Innovan Neighborhoods, National Affordable Housing Trust (NAHT), Baltimore Community Lending and Richmond Neighborhood Housing Services.

In addition, our Affordable Housing Special Purpose Credit Program provides lending capital to minority-led or -owned developers who expand access to affordable housing for low- and moderate-income communities.

U.S. Bank also launched a Minority Depository Institution Resource Guide, a curated suite of products and services, including technical assistance and mentoring to help build capacity, expand revenue and improve operational efficiency to sustain and grow minority depository institutions, with a focus on Black-owned banks and Black-led credit unions. This brings the three-year total commitment to $850,000.

Access Wealth

In 2023, the company continued its efforts to increase brand awareness and customer inclusion including hosting events focused on listening and learning to better understand the wealth needs of Hispanic communities in California growth markets. U.S. Bank continues to have a focus on hiring more wealth management leaders to execute on its inclusive growth strategy.


¹includes Black, Indigenous, Hispanic and other people of color businesses. Data includes tax credit investments and lending through U.S. Bancorp Impact Finance.

² figure represents total 2023 debt commitment, foundation grants and corporate contributions

³ The Access Home Loan is available to those who currently live in majority-minority census tracts in the following areas: Fresno, Los Angeles, Las Vegas, Little Rock, Milwaukee, Minneapolis, Oakland, Riverside (CA), Sacramento, San Diego and St. Louis.

⁴includes Tier 1 spend for Black, Indigenous, Hispanic and other people of color businesses. 

Key accomplishments U.S. Bank made in 2023 include:

  • $671 million in capital invested in minority-owned businesses and organizations through U.S. Bancorp Impact Finance¹
  • $492 million spent with minority-owned suppliers⁴. 
  • 11 Black- and Hispanic-owned suppliers certified through the bank’s Certification Sponsorship Program.
  • 3,086 meetings and coaching sessions with small business owners were led by U.S. Bank Business Access Advisors, up from 80 in 2022
  • 230 financial education seminars provided to business owners by Business Access Advisors
  • 11 Operation HOPE financial wellness coaches who serve customers, up from three in 2022
  • 3 Special Purpose Credit Programs launched: Small Business, Mortgage and Affordable Housing
  • 317 high-performing leaders completed leadership training through McKinsey Leadership Academy, up from 200 leaders in 2022 as we continue to expand opportunities for all employees
  • 30+ unique clients, including Minority Deposit Institutions (MDIs) and Minority or Women-Owned Businesses (MWBEs) supported through Access Business

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