U.S. Bank has teamed up with the Inland Empire Center for Entrepreneurship (IECE) to provide much-needed support for small business owners and entrepreneurs located at the Entrepreneurial Resource Centers (ERC) situated in San Bernardino and Temecula, California. This collaboration aims to deliver personalized training on business planning and financial management, recognizing the significant role entrepreneurs play as the heartbeat of the economy.
Cesar Hernandez, U.S. Bank BAA leader for California and the Western states, expressed the bank's commitment to supporting local entrepreneurs. "U.S. Bank recognizes... to help power their potential," he stated. This statement aligns with the bank’s broader strategy of supporting economic growth through local business development initiatives.
The year-long program will offer business assessments, workshops, training sessions, and one-on-one coaching aimed at high-potential businesses ready to scale. According to the bank, these services will be provided free of charge, ensuring accessibility for aspiring entrepreneurs, even those who are not current U.S. Bank customers.
Dr. Michael Stull, IECE Director, remarked on the potential impact of this newly forged partnership, stating, “Many entrepreneurs lack the financial education needed... and resources to help these companies thrive.” This emphasizes not just the level of support, but also the pivotal role financial literacy plays in business success.
The ERCs stand positioned as regional hubs for small business training and technical assistance, with the goal of addressing longstanding inequities and providing consistent access to resources needed to launch and grow businesses. The program highlights U.S. Bank's broader vision of empowering local businesses and fostering sustainable success, particularly within underrepresented and disenfranchised groups.
The collaboration will also integrate other regional entrepreneurial support organizations such as the Inland Empire Small Business Development Center (IESBDC) and the Inland Empire Women’s Business Center (IEWBC). This cooperative approach is anticipated to create significant synergies, allowing for the sharing of best practices and resources to bolster support for local small businesses.
IECE, established to support small business development, has previously served over 193,000 individuals and business owners. Their foundational work has resulted in the retention and creation of more than 42,000 jobs, alongside contributing nearly $800 million to the area’s economy. This impressive track record speaks volumes about the need for solid partnerships aimed at supporting aspiring entrepreneurs.
U.S. Bank’s setup will include Business Access Advisors (BAA) who will regularly be onsite at the ERC locations to aid business owners. These advisors are fluent in various languages including English, Spanish, Cantonese, and Mandarin, broadening their reach and inclusivity efforts. The bank anticipates providing guidance to up to 300 small businesses during the first year as part of this initiative.
The joint effort positions U.S. Bank as not only a financial institution, but as a dedicated community partner. By offering targeted assistance and training programs, they aim to forge pathways for business owners who seek to expand their operations and improve their financial competencies.
Interested organizations can join the ERC Affiliate Program, highlighting the doors opened for additional collaboration and collective efforts aimed at aiding small business development. This is more than just support from U.S. Bank; it’s part of creating and sustaining an entrepreneurial ecosystem within the region.
The initiative reinforces U.S. Bank's commitment to ensuring equitable access to the resources necessary for business growth, post-pandemic. It also aligns with the IECE’s overall mission to advance diversity, equity, and inclusion, creating opportunities where they currently may not exist.
Through this collaboration, U.S. Bank and the IECE aspire to strengthen the local economy and cultivate future business leaders who can adapt and thrive amid various challenges. Investors and local leaders alike are expected to closely follow this initiative, recognizing its potential to generate new opportunities and revitalize business prospects across the region.
