Minneapolis-based U.S. Bank has announced a doubling of support for partnerships with African-American suppliers over the next twelve months and will commit $100 million annually in additional capital to African-American-owned and -led businesses and organizations.
Beyond those efforts, the bank will establish a $15 million fund to address systemic economic and racial inequities in small business, affordable housing, and workplace development and launch a $1 million community development financial institution (CDFI) partnership program to award grants and commercial loans to qualified community-based organizations.
The bank also announced a commitment to develop and promote people of color to leadership roles and will work to enhance greater awareness of racial issues among staff, provide employees with an additional eight hours of paid time off over the next time to volunteer in their communities, and expand access to its matching gift program.
"George Floyd's life had meaning and purpose. We need to do what we can to give the heartbreak that has followed meaning and purpose, as well," said U.S. Bank president, chair, and CEO Andy Cecere. "If we are truly going to draw strength from diversity, we have to do better. We have to create opportunities that bridge gaps, that generate economic prosperity, and that allow people to achieve their potential."