U.S. Bank, Local Nonprofit Launch Events for Minority Entrepreneurs
U.S. Bank announced Monday that it has partnered with Minneapolis-based nonprofit Metropolitan Economic Development Association (MEDA) to launch a series of events aimed at helping Twin Cities minority entrepreneurs.
The first “Meet the Banker” session took place August 30 and included one-on-one business plan and strategy meetings with U.S. Bank business specialists, group question-and-answer sessions, and a presentation on best practices for banking and borrowing.
Similar sessions will be held at MEDA’s Minneapolis offices every quarter, U.S. Bank said. The sessions are free and available to entrepreneurs and businesses that are registered with MEDA.
The nonprofit provides minority entrepreneurs with free business consulting, training, business network development, market expertise, and financing assistance. Businesses need to be at least 51 percent minority-owned to be able to register and use MEDA’s services.
Jan Jordet, director of business consulting and financing at MEDA, said in a statement that the sessions are intended to increase its members’ comfort and confidence when it comes to approaching banks for financing.
“This event is not only a great opportunity for entrepreneurs and small business owners to gain feedback from experienced bankers, but an opportunity to increase U.S. Bank’s exposure to bright, young business minds in the Twin Cities,” Craig Veurink, Twin Cities small business regional manager for U.S. Bank and a MEDA board member, said in a statement.
U.S. Bank said it has a long history of supporting MEDA throughout the nonprofit’s 41-year history. The bank is among the top 10 Small Business Administration (SBA) lenders in the state based on the value of SBA loans made during the fiscal year that ended in September 2011, which totaled $33.5 million.
Minneapolis-based U.S. Bancorp, under which U.S. Bank operates, is among Minnesota’s 10 largest public companies based on revenue, which totaled $19.1 billion in 2011.