Stearns Bank and African Development Center Partnership
Posted on: Apr 13, 2023
St. Cloud, Minn. (April 13, 2023) – Stearns Bank N.A. and the African Development Center (ADC), Minneapolis have announced a new program that will provide $10 million in funding to the ADC for loans in Central MN. ADC will identify loan opportunities and disperse the funds to qualified borrowers.
The new funding builds on the partnership Stearns Bank and ADC established in 2022 while creating an innovative financing program to support the joint goals of the ADC and Stearns Bank in Central Minnesota communities. In addition to the $10 million for new loans, Stearns Bank is providing additional funding to help ADC in the launch of the program.
“We’re committed to the mission of ADC and pledge to continue expanding our financial and resource support as a partner to increase financial access and empowerment in our communities,” said Kelly Skalicky, president and CEO, Stearns Bank. “Creating dynamic, forward-thinking partnerships like ours with ADC multiplies the opportunities for so many more in our communities and benefits us all,” she added.
ADC is dedicated to the economic empowerment and success of African immigrants. Through micro-lending, workshops and training, ADC provides financial services and support for individuals and businesses to help them achieve financial success.
“Stearns Bank demonstrates that Corporate Social Responsibility is not just about managing, reducing and avoiding risk, it is also about creating opportunities,” said Nasibu Sareva, CEO, ADC. “The additional resources that Stearns Bank is providing will play an important role in helping us expand the valuable services we’re providing to African communities in our state.”
“I would like to express my most sincere gratitude and appreciation to Kelly Skalicky and the Stearns Bank team for their leadership, patience and encouragement,” said Sareva.
ADC recently opened a new office in St. Cloud, Minnesota, and plans to host an Open House in early May to celebrate its expansion.
About the African Development Center
African Development Center, Minneapolis. The African Development Center’s mission is to grow business, build wealth, and increase reinvestment in the African communities of Minnesota.
About Stearns Bank N.A.
Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2022 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank is a fortress of strength specializing in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.