Powering Potential in Minnesota and Beyond
U.S. Bank has long been a pillar to the communities of Minnesota. Since its founding in 1863, U.S. Bank has provided jobs, opportunities and funding that help build and strengthen people’s lives. They are diligently working to make an even greater impact on our communities, working closely with so many impactful businesses and organizations and continue their mission to power potential.
This year, a large part of that mission came through providing help to struggling businesses and organizations during COVID-19. Through their partnership with LISC (Local Initiatives Support Corporation), U.S. Bank Foundation was able to provide $500,000 in funding to small businesses in the historic Little Mekong district in St. Paul. Little Mekong is home to over 100 businesses, most of them owned by Asian immigrants.
One of these businesses was Cheng Heng (pictured below), a Cambodian restaurant owned by Kunrath Lam. Funding from U.S. Bank helped Lam and her husband keep their restaurant open through hard times.
Communities like Little Mekong are incredibly diverse and connected and being able to help them thrive is a powerful way to organize economic activity, the impact of which is seen across the state.
“Minnesotans care about each other so much,” said Lam. “I really appreciate the grants supporting Little Mekong.”
Loans from U.S. Bank through the SBA Paycheck Protection Program (PPP) have helped fund more than 7,000 applicants in Minnesota, with $612 million in total going to help small businesses. More than 92% of loans went to businesses that reported 20 employees or less, and the average company size was 10 employees. The money has the potential to impact more than 67,000 workers across the state impacted by COVID-19*.
After the death of George Floyd, U.S. Bank pledged $15 million in grants to address economic and racial inequities in small business, affordable housing and workplace development for people of color across the country. U.S. Bank also will provide $100 million annually in additional capital to Black owned and led businesses and organizations. Additionally, U.S. Bank is launching a $1 million Community Development Financial Institution (CDFI) partnership program to award grants and commercial loans to organizations that qualify.
U.S. Bank has also pledged to rebuild branches that were damaged or burned down in order to provide the Lake Street and North Minneapolis areas with banking services, jobs, and financial education. It’s all part of their mission to help create thriving and equitable communities.
*Data as of July 2020