Business Editors

CINCINNATI--(BUSINESS WIRE)--Oct. 24, 2003

On Monday, October 27 at 10:00 a.m. at the African American Chamber of Commerce, 2945 Gilbert Avenue in Walnut Hills, U.S. Bank will provide information to Chamber members and other business owners about its Small Business Administration loan program that is geared for businesses in low-to-moderate income communities and areas with high concentrations of Black, African American and other minority residents.

The U.S. Bank SBA Community Express program, piloted this spring to help bolster businesses to invest in areas in Cincinnati that are economically challenged, is for loans and lines of credit up to $250,000, and startup businesses are eligible.

De Asa Brown, President and CEO of the African American Chamber of Commerce, said that the Chamber has nearly 800 members, and many of them could benefit from this program or know of someone who could. "U.S. Bank's decision to use the Community Express program in Cincinnati comes at a time when additional innovation is needed to direct capital and technical assistance to traditionally underserved populations and communities."

"Nationally, according to National Community Reinvestment Coalition (NCRC) monitoring reports, more than 50 percent of Community Express small business loans were made to people of color, and more than 50 percent to women-owned businesses. We look forward to the same successful performance here in the Cincinnati area," said Morris Williams, interim president and CEO of the NCRC. The Coalition worked with more than a dozen banks and community organizations across the country to develop the Community Express Loan program.

"We're offering this program to be able to approve more loans that we would not before and to help strengthen the economies in the communities that we serve," said Kent Stone, executive vice president of U.S. Bank Small Business Banking. "Unlike traditional SBA loans, these loans are specifically designated for economically challenged areas, plus, with the generous government guarantee, it gives us the ability to say 'yes' to loan applications more often."