U.S. Bank Taps Minnesota Nonprofits to Distribute ‘Microbusiness’ Grants
4 May 2021
Three Minnesota nonprofits are among the beneficiaries of a new wave of small business funding from Minneapolis-based U.S. Bank.
As part of the national U.S. Bank Access Commitment announced in February, the company is providing $25 million to its nonprofit partners, who will in turn distribute the funds to women-owned “microbusinesses” across the country. U.S. Bank defines a microbusiness as a company with 10 or fewer employees and $500,000 or less in annual revenue.
In Minnesota, money from the U.S. Bank Access Fund will be distributed by the African American Alliance of Black CDFI CEOs and a Twin Cities office of the national Local Initiatives Support Corp. The former organization, a coalition of Black executives leading community development financial institutions (CDFIs), will then provide money to the African Development Center in Minneapolis, African Economic Development Solutions in St. Paul, and the Neighborhood Development Center, which is also based in St. Paul.