U.S. Bank Invests $2 Million in Ferguson Empowerment Center
September 06 2016 - 10:00AM
Business Wire
USBCDC donates $20,000 for programs
To reduce the barriers to equality in the St. Louis region, U.S.
Bank is donating $20,000 and investing $2 million in the Urban
League of Metropolitan St. Louis’ new Ferguson Empowerment Center
planned for the site of the former gasoline station that burned
during racial unrest.
The $5.8 million Ferguson Empowerment Center, which is under
construction at the former QuikTrip at 9420 W. Florissant Ave.,
will house multiple nonprofit organizations, providing employment
assistance and training, financial literacy and asset building,
counseling services and entrepreneurship training.
U.S. Bancorp Community Development Corporation, a division of
U.S. Bank, invested the $2 million in equity raised from New
Markets Tax Credits provided by Heartland Regional Investment Fund.
The funding was critical to enable the Urban League to achieve its
vision of building a larger, 13,000-square-foot center--triple the
size it originally planned.
“Our investment in this project with the Urban League
demonstrates U.S. Bank’s commitment to providing an avenue for
African-Americans, especially young people, to escape poverty and
attain financial stability,” said Steve Kramer, senior vice
president of USBCDC.
In addition to the Urban League’s Save Our Sons program, several
other charitable and social service agencies plan to lease space to
provide a range of services in the Ferguson Empowerment Center.
Tenants include the Lutheran Church of Missouri, Better Family
Life, the University of Missouri Extension, Provident Inc. and the
Salvation Army.
The center will provide 65 construction jobs and 18 permanent
jobs.
“This funding from U.S. Bank was essential for us to reach our
goal of a larger building to house more agencies that could meet a
greater range of needs not just in Ferguson but in surrounding
municipalities and beyond,” said Michael P. McMillan, president and
CEO of the Urban League. “We are grateful to U.S. Bank for this
investment in our building and in our young people’s futures.”
With this latest $20,000 donation, U.S. Bank has contributed
$200,000 to the Urban League over the past eight years in support
of its important work in the African-American community. Since
2003, the bank also has invested more than $320 million in New
Markets Tax Credit equity in projects in the St. Louis area aimed
at helping impoverished areas or residents.
With $20 billion in managed assets as of June 30, 2016, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S.
Bank, provides innovative financing solutions for community
development projects across the country using state and federally
sponsored tax credit programs. USBCDC's commitments provide capital
investment to areas that need it the most and have contributed to
the creation of new jobs, the rehabilitation of historic buildings,
the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of
commercial economic activity in underserved communities. Visit
USBCDC on the web at www.usbank.com/cdc.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in
assets as of June 30, 2016, is the parent company of U.S. Bank
National Association, the fifth largest commercial bank in the
United States. The Company operates 3,122 banking offices in 25
states and 4,923 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160906005228/en/
U.S. Bank Corporate CommunicationsShera Dalin,
314-335-3335shera.dalin@usbank.comTwitter @usbank_news
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