U.S. Bank awards $50,000 grant to The Business Council, Inc. U.S. Bank awards $50,000 grant to The Business Council, Inc.
U.S. Bank has expedited its annual $1 million Market Impact Fund grant program to provide funding for 30 local nonprofits that are working to respond to the most pressing needs in their communities. The fund includes $50,000 to The Business Council, Inc. in Milwaukee to provide individual grants to small businesses who are members of the Ethnic and Diverse Business Coalition (EDBC).
The EDBC includes 13 of the multicultural and diverse chambers in Wisconsin including Hmong, African-American, LGBT, Veterans and Latino Chambers. The Business Council, Inc. will operate the fund and works in collaboration with the EDBC.
“The support from U.S. Bank’s Market Impact Fund is a huge win for ethnic and diverse businesses in the State of Wisconsin,” Marjorie Rucker, Chair of the Ethnic and Diverse Business Coalition and Executive Director of The Business Council, Inc. “Formulating partnerships to provide support to small ethnic and diverse businesses during this time shows the true leadership of our banking partners like U.S. Bank.”
The grants are being used by nonprofits to infuse cash into small businesses in low-income neighborhoods, staff domestic abuse support services, support food banks and more. The company is deploying these funds three months earlier than originally scheduled to ensure immediate relief.
The move is part of a broader shift in how U.S. Bank is approaching community giving this year in response to the COVID-19 pandemic. Last month, the company donated $4 million to three national nonprofits – United Way, LISC and Operation HOPE – and announced that its remaining $25 million in grants planned for this year could be used by nonprofits for general operating expenses rather than for specific programming.
The Market Impact Fund grant recipients are:
In addition to philanthropic support, U.S. Bank has responded to the COVID-19 by instituting a premium pay program for front-line employees, modifying personal and small business products for customers, among other changes. Additional information about its actions is available at usbank.com/covid-19 and usbank.com/newsroom.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $543 billion in assets as of March 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.
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