We invest in and support programs and organizations that help small businesses thrive, provide pathways to higher education, help people succeed in the workforce and gain greater financial literacy.
At U.S. Bank, we know that a flourishing small business environment and an educated workforce contribute to strong communities. That’s why we invest in and support programs and organizations that help small businesses thrive, provide pathways to higher education, help people succeed in the workforce and gain greater financial literacy.
Small business is the engine on which our economy runs. Last year, U.S. Bank had $2 billion in small business loans through our Small Business Administration (SBA) program that helps entrepreneurs expand businesses, start companies and create jobs. To develop our workforce to take on those jobs, we donated almost $13 million to workforce development programs in communities across the country.
small business loans
through the SBA program
Throughout the United States, Opportunity Fund provides entrepreneurs with microloans and the philosophy that a small investment can catalyze something much bigger.
Twenty years ago, U.S. Bank became an Opportunity Fund partner and originated loans to 20 small-business owners. In 2017, the number of small business owners served by U.S. Bank through Opportunity Fund had grown to nearly 2,200.
U.S. Bank funding has helped entrepreneurs like Adolfo Ortiz, who owns Two Amigos Western Wear, a successful business in Oakley, California. Over more than a decade Ortiz has tapped Opportunity Fund for eight loans totaling more than $300,000, including one last year to expand inventory in anticipation of a busy holiday season. “The loans give me the push to do more things with my business,” said Ortiz.
“Small businesses are the heartbeat of our economy, and each one has to start somewhere,” said Luz Urrutia, CEO of Opportunity Fund. “Through our partnership with U.S. Bank, we’ve had the privilege of helping thousands of entrepreneurs get started, and take off – with a 94 percent business survival rate and more than 30,000 jobs created or retained by these ‘tiny’ loans. The microloan model works.”
for workforce development in local communities
With its One U.S. Bank approach, the company has also partnered on Opportunity Fund’s community development fund, providing more than $142 million in tax credit investments funding 14 projects, from affordable housing to community health clinics to Native American land conservation projects. In 2017, Opportunity Fund and U.S. Bank collaborated to finance the Logan Heights Family Counseling Center in the Barrio Logan neighborhood of San Diego. This facility is the latest addition to the nonprofit, Family Health Centers of San Diego, and will serve an estimated 5,700 low income patients from a largely Latino neighborhood, where one in three residents lives below the poverty level.
Through this multi-pronged partnership, U.S. Bank has helped Opportunity Fund deploy responsible financial products and services that are driving financial stability and economic mobility for thousands of individuals and families across the United States.
Adolfo Ortiz, owner of Two Amigos Western Wear, has received support from U.S. Bank through Opportunity Fund to help grow his business.
photo credit: Christian Peacock