The initiative, launched in 2021 as part of U.S. Bank Access Commitment™, has already served more than 1,000 businesses in 2022.
Submitted by U.S. Bank
Melvin Cannon came to U.S. Bank looking for capital to expand his fleet of luxury vehicles. What he received in return was much more, due to the expertise and resources provided by Business Access Advisor (BAA) Micae Brown.
“Working with Micae has been one of the best things that happened to me in the past year,” said Cannon. “She has given me a lot of insight into how I can grow my business.”
Brown is one of nine BAAs working with the Black community in strategic cities across the country, helping redefine how U.S. Bank serves diverse communities. The BAA role was created in November 2021 as part of U.S. Bank Access Commitment™, a long-term framework with multiple initiatives, including Access Business and the creation of BAAs, as well as Access Home, which focuses on closing the homeownership gap where disparities are the largest. BAAs are responsible for addressing the three most prominent gaps that limit business growth and employment opportunities: information, connections and capital.
“Melvin originally came to us looking to access capital for his luxury car service,” Brown said. “Fast forward and I later assisted Melvin with acquiring new customers by creating custom emails for marketing, updating marketing collateral, assisting with completing RFPs, and providing strategic introductions to other potential partners.”
Cannon is one of more than 1,000 business owners served by U.S. Bank BAAs in 2022. Considering that the BAAs have been in their roles 15 months or less, the impact is evident, leading to recognition in Little Rock by the Small Business Administration and much more.
“Providing knowledgeable professionals who are culturally in sync with the issues minority- and women-owned small businesses face is a qualitative and quantitative resource unique to U.S. Bank,” said Charlotte-based BAA Tamika Stafford.
Each BAA has the same ultimate objective, but their work shows up in each city uniquely based on local needs and local partners. For example:
Originally launched as a pilot, U.S. Bank has committed to expansion of the Access Business program. Financial education is central to the BAA role. Pruitt partnered with Los Angeles Urban League to host a series of financial workshops. A workshop attendee referred a friend who needed a vehicle to expand her business. Within three days, the small business owner was approved for a loan and other tools/resources to grow and fuel her dreams.
“This is just one example of how I’ve enjoyed the opportunity to engage stakeholders and Black business owners to help grow and sustain their business,” said Pruitt. “The impact of COVID–19 caused immense financial distress for small businesses across the country. Black business ownership declined more than 40%, the largest drop across any ethnic group. I’m honored to connect those business owners with resources to help them achieve their goals.”
As for Cannon and his plans in Chicago, he’s looking at new financial initiatives.
“Small business owners want to know someone like Micae because she’s resourceful in explaining how and when to take the next step. She has been a business liaison for me, but I also think of her as a friend who really cares about my business. She’s very genuine and I appreciate her a lot.”
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $601 billion in assets as of September 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
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