U.S. Bank awards Economic and Community Development Institute (ECDI) a $25,000 grant to assist businesses affected by the COVID-19 crisisApril 22, 2020
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For Immediate Release:
COLUMBUS, OHIO (April 21, 2020) In an effort to support Ohio small businesses affected by the COVID-19 pandemic, ECDI has taken action to create a multi-phased plan to address the challenges of small businesses as they navigate unchartered territory during this unprecedented time.
U.S. Bank’s Market Impact Fund will aid ECDI’s immediate relief and recovery plan; meeting the immediate financing needs of Ohio’s small business owners. ECDI’s Recovery Loan product is designed to be an interim loan for small businesses as they await decisions on their SBA Economic Injury Disaster Loan (EIDL) applications.
“Small businesses are the backbone of our local economy. Today, Ohio’s small business community faces a once in a generation crisis as a result of the COVID-19 global pandemic. As a leading community development investor partnering with Community Development Financial Institutions, U.S. Bank through their enduring partnership with ECDI, has invested $1 Million in loan capital to date supporting Ohio Small Businesses. Funding through U.S. Bank’s Market Impact Fund deepens the partnership and allows ECDI staff to provide immediate ongoing technical assistance and access to capital through ECDI’s Recovery Loan products,” ECDI Founder & CEO, Inna Kinney said.
U.S. Bank is committed to supporting and strengthening small businesses and communities throughout Ohio. As a critical partner for more than 10 years, U.S. Bank has assisted ECDI in launching new incubation and acceleration programs, like ECDI’s Food Fort. Launched in 2011, the Food Fort is a 14,000 sq.ft. food-based business incubator equipped with a commercial kitchen and commissary where caterers, bakers, food truck owners work alongside one another to grow their businesses. Today, ECDI’s partnership with U.S. Bank continues to grow as small businesses need support now more than ever.
The Market Impact Fund is part of U.S. Bank’s $30 million commitment to support COVID-19 relief efforts in communities around the country. This community commitment will support immediate relief and long-term recovery efforts and includes $4 million to national organizations focused on small business recovery and crisis relief and an additional $26 million to local nonprofits across the country by year’s end.
“We know how many nonprofits are struggling, and we want to make sure that our partners know that we trust them to use our grant dollars in whatever way is needed to sustain the life-changing work they do in our communities every day,” U.S. Bank Chief Social Responsibility Officer, Reba Dominski said.
As one of the largest U.S. SBA Microloan intermediaries serving all 88 counties in Ohio, ECDI is committed to helping Ohio’s small businesses survive this crisis. Support from U.S. Bank allows ECDI to further help businesses weather the storm during this challenging time.