US Bank, in conjunction with the US Small Business Administration (SBA), is rolling out a new loan programme geared for businesses in low-to-moderate income communities, areas with high concentrations of minority residents and businesses owned by women, minorities and veterans that will help bolster areas that are facing economic challenges.
The programme is for loans and lines of credit up to $250,000 and start-up businesses are eligible for the scheme.
Mark Brooks, vice president and sales manager, Small Business Banking, US Bank, said: "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."
