President & CEO
President & CEO
U.S. Bank has expedited its annual $1 million Market Impact Fund grant program to provide funding for 30 local nonprofits that are working to respond to the most pressing needs in their communities.
From Seattle to Omaha to Charlotte, the grants are being used by nonprofits to infuse cash into small businesses in low-income neighborhoods, staff domestic abuse support services, support food banks, and more. The company is deploying these funds three months earlier than originally scheduled to ensure immediate relief.
The move is part of a broader shift in how U.S. Bank is approaching community giving this year in response to the COVID-19 pandemic. Last month, the company donated $4 million to three national nonprofits – United Way, LISC and Operation HOPE – and announced that its remaining $25 million in grants planned for this year could be used by nonprofits for general operating expenses rather than for specific programming.
The fund includes $50,000 to the Pacific Asian Consortium in Employment (PACE) providing access to capital and technical assistance to small businesses affected by COVID-19.
“A huge thank you to U.S. Bank for supporting PACE and our newly launched small business relief fund with a $50,000 grant,” said Kerry Doi, President and CEO of PACE. “PACE Assistance in Disaster (PACE AID) is providing technical assistance and working capital loans to vulnerable and minority-owned small businesses. We are proud to partner with U.S. Bank to serve our small business community during this tumultuous time.”
In addition to philanthropic support, U.S. Bank has responded to the COVID-19 by instituting a premium pay program for front-line employees, modifying personal and small business products for customers, among other changes. A full list of all Market Impact Fund grant recipients can be found here. Additional information about its actions is available at usbank.com/covid-19 and usbank.com/newsroom.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $543 billion in assets as of March 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.
Susan Beatty, U.S. Bank
Los Angeles, Calif. –Pacific Asian Consortium in Employment (PACE) has received a $250,000 philanthropic investment from JPMorgan Chase to support LA County small businesses affected by COVID-19. The philanthropic investment is part of JPMorgan Chase’s $50 million global philanthropic commitment to address immediate and long-term challenges resulting from the COVID-19 global pandemic.
JPMorgan Chase’s philanthropic investment will support PACE’s newly launched Assistance in Disaster (PACE AID) program, which is providing technical assistance and working capital loans to vulnerable and minority-owned small businesses. Working capital loans have flexible terms and interest rates and may be used to pay fixed debts, payroll, accounts payable and other bills. PACE is also providing one-on-one counseling, mentoring and technical assistance with a focus on navigating the SBA, City of LA and PACE loan application processes; maintaining/modifying operations; and preparing business continuity plans. PACE’s ethnically diverse staff is able to assist clients in a variety of languages including Mandarin, Cantonese, Thai, Korean and Spanish.
“Small businesses are the backbone of our communities and JPMorgan Chase is committed to supporting vulnerable small businesses, and minority-owned small businesses, through this unprecedented time,” said Ted Archer, Head of Small Business Philanthropy at JPMorgan Chase. “We’re working diligently with our trusted community partners to provide local relief for vulnerable small businesses today, and will continue to deploy investments to help the most vulnerable communities and people recover from the COVID-19 crisis in the future.”
As a certified CDFI and one of the largest Asian nonprofit community development corporations in the nation, PACE has a long history of providing economic development services to Los Angeles’ most vulnerable communities. Since its founding in 1976, PACE has served more than 1.2 million ethnic minority Angelinos and has packaged/placed/funded more than $500MM in micro- and small business loans.
“PACE has been bombarded with requests from small businesses affected by COVID-19. In the past 3 weeks alone, we have received over 600 requests totaling $29MM. Businesses are suffering and are in immediate need of working capital and revised operational strategies to keep them afloat ,” said Kerry Doi, President and CEO of PACE. “We are grateful to JPMorgan Chase for leading the way with this grant and we look forward to additional funders joining the cause to assist LA County small businesses affected by COVID-19.”
For more information about our COVID-19 relief services for small businesses, please contact PACE Business at (213) 353-9400 or email at [email protected]
Founded in 1976, PACE is a nonprofit, community development corporation that annually serves over 50,000 people through job training and placement; business development; early childhood education; financial education and asset building; affordable housing; and energy, environmental and weatherization services. For more information about PACE, visit us at: www.pacela.org