U.S. Bank and the Hispanic Chamber of Commerce of Wisconsin have introduced a loan referral program called “Asociados” in an effort to increase chamber businesses’ access to lending.
Asociados, which was created in conjunction with the U.S. Hispanic Chamber of Commerce, is being introduced tonight at the HCCW headquarters, 1021 W. National Ave. in Milwaukee.
The Asociados program will reward the chamber with a referral fee of between 0.5 and 0.75 percent of the credit amount funded each time a member takes out a small business loan, credit line or lease financing.
“We’ve been strong partners with U.S. Bank for many years, and this is a wonderful extension of that relationship,” said Maria Monreal-Cameron, president of the HCCW. “Asociados offers an exceptional opportunity to provide a value-added benefit for our members by linking them with a financial institution (that) has demonstrated keen interest in the growth, development and success of Hispanic-owned firms.”
U.S. Bank has also introduced the Asociados program through USHCC-affiliated chambers in Los Angeles, San Diego and Inland Empire, Calif.
“We are tremendously pleased to introduce Asociados in Wisconsin,” said Mike Ward, Milwaukee small business manager for U.S. Bank. “They are a trusted networking resource for many businesses, and we know that the number of Hispanic business owners is expanding at a fast pace. Our goal is to be accessible whether they are buying a building, expanding their product offering or venturing into another line of business.”