U . S . BANK INVESTS
To reduce the barriers to equality in the St . Louis region , U . S . Bank is donating $ 20,000 and investing $ 2 million in the Urban League of Metropolitan St . Louis ’ new Ferguson Empowerment Center , planned for the site of the former gasoline station that burned during racial unrest .
The $ 5.8 million Ferguson Empowerment Center , which is under construction at the former QuikTrip at 9420 W . Florissant Ave ., will house multiple nonprofit organizations , providing employment assistance and training , financial literacy and asset building , counseling services and entrepreneurship training .
U . S . Bancorp Community Development Corporation , a division of U . S . Bank , invested the $ 2 million in equity raised from New Markets Tax Credits
U . S . BANK INVESTS
$ 2 MILLION
IN FERGUSON EMPOWERMENT CENTER
provided by Heartland Regional Investment Fund . The funding was critical to enable the Urban League to achieve its vision of building a larger , 13,000 square-foot center-triple the size it originally planned .
“ Our investment in this project with the Urban League demonstrates U . S . Bank ’ s commitment to providing an avenue for African-Americans , especially young people , to escape poverty and attain financial stability ,” said Steve Kramer , Senior Vice President of USBCDC . In addition to the Urban League ’ s Save Our Sons program , several other charitable and social service agencies plan to lease space to provide a range of services in the Ferguson Empowerment Center . Tenants include the Lutheran Church of Missouri , Better Family Life ,
the University of Missouri Extension , Provident Inc . and the Salvation Army .
The center will provide 65 construction jobs and
18 permanent jobs .
“ This funding from U . S . Bank was essential for us to reach our goal of a larger building to house more agencies that could meet a greater range of needs not just in Ferguson but in surrounding municipalities and beyond ,” said Michael P . McMillan , president and CEO of the Urban League .
With this latest $ 20,000 donation , U . S . Bank has contributed $ 200,000 to the Urban League over the past eight years in support of its important work in the African-American community . Since 2003 , the bank also has invested more than $ 320 million in New Markets Tax Credit equity in projects in the St . Louis are aimed at
“ We are grateful to U . S . Bank for this investment in our building and in our young people ’ s futures .”
helping impoverished areas or residents .
With $ 20 billion in managed assets as of June 30 , 2016 , U . S . Bancorp Community Development Corporation , a subsidiary of U . S . Bank , provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs . USBCDC ’ s commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs , the rehabilitation of historic buildings , the construction of needed affordable and market-rate homes , the development of renewable energy facilities , and the generation of commercial economic activity in under served communities . Visit USBCDC on the web at www . usbank . com / cdc .