U.S. Bank aids small business education in Minnesota

Northwestern Financial Review, May 15-May 31, 2004

U.S. Bank, Minneapolis, has struck a deal with Minnesota's Department of Employment and Economic Development's (DEED) Small Business Assistance office to share and distribute resources to small businesses around the state.

U.S. Bank has purchased quantities of A Guide to Starting a Business in Minnesota, an agency publication that provides a summary of the steps necessary to start a business in the state. The institution's small-business bankers will distribute the booklets free of charge to prospective and existing business customers as an addedvalue to the banking relationship, a U.S. Bank spokesperson said. The bank also created a link from its web site to the Small Business Assistance portion of the DEED web site.

The collaboration is of particular value to Minnesota's entrepreneurs, said DEED Commissioner Matt Kramer. U.S. Bank can enhance and make more efficient the delivery of useful information, Kramer added.

"One of the things that our office does is always look for new product lines and new information sources to provide advice and assistance to small businesses around the state," said John Fisher, a DEED spokesman. "All of those are developed in conjunction with someone like a U.S. Bank." Fisher said the department would consider a similar arrangement with another institution, if approached.

U.S. Bank initiated the concept of collaborating with the department in the area of small business approximately a year ago, Fisher said.

"It's wonderful to have the opportunity to team with DEED on this project to bolster one of the most important sectors of our economy small business," said Kent Stone, executive vice president of small business banking at U.S. Bank.