Sponsor Spotight: U.S. Bank

In our Sponsor Spotlight series, CBI highlights our relationships with our sponsors, and the work they are doing to build a more equitable and just community within their own spheres of influence. Today’s Sponsor Spotlight focuses on U.S. Bank.

In 2021, U.S. Bank launched U.S. Bank Access Commitment™, a long-term approach to help build wealth while redefining how we serve racially diverse communities and provide more opportunities for diverse employees. U.S. Bank started with the Black community, because that is where the persistent racial wealth gap in the United States is the largest (the typical white family has eight times the wealth of the typical Black family, according to a 2019 Federal Reserve survey).

Over the past year, U.S. Bank has been focused on making progress to help people build wealth. Some of the efforts underway include:

• Providing more than $197 million in capital to Black-owned or -led businesses and organizations through U.S. Bancorp Community Development Corporation (USBCDC), the community investment and tax credit division of the bank. This included U.S. Bank’s $25 million Access Fund supporting more than 30,000 women of color owned microbusinesses over three years.
• Making $305 million in loan commitments to Community Development Financial Institutions (CDFIs) during 2021, bringing USBCDC’s total of debt capital support to more than $485 million since 2016. CDFIs play a critical role in bringing investment and resources to underserved communities and those who may not be eligible for traditional small business financing, with a focus on women and minority-owned businesses and low-to-moderate income communities.
• Investing in more than 260 Black leaders who completed McKinsey Black Leadership Academy development training.
• Spending $199 million with Black suppliers in 2021 and forging new relationships with dozens of Black suppliers.
• Expanding our inclusive hiring efforts to ensure we have at least one woman or person of color candidate for open roles at all levels as well as for interview panels.

While the bank has supported families, businesses and community institutions, U.S. Bank acknowledges it still has more work to do, including evolving the way it measures success. “This work is long-term,” said Andy Cecere, chairman, president and CEO at U.S. Bank. “We’re committed to being part of the solution, and we believe that access to financial education, career development and capital creates opportunities for systemic change.”

In Charlotte, U.S. Bank is also committed to bridging the racial wealth gap. The bank has been part of the local community for more than 15 years and is home to nearly 1,000 employees. In 2021, the U.S. Bank Foundation contributed $350,000 to local non-profits, many of which are working to address social and economic inequities.

For the past several years, the bank has been a proud supporter of CBI and its programing, including the annual Stakeholders Breakfast and LU40.

“We support CBI because its focus on making Charlotte and Mecklenburg County a more equitable and just place perfects aligns with our efforts of making communities stronger,” said Jeff Gatica, U.S. Bank’s community affairs manager for Charlotte. “U.S. Bank pursued a partnership with CBI because we value its role in educating stakeholders, elevating conversations and building systems to tackle racial and income inequities. We look forward to strengthening our partnership with CBI in 2022.”