U.S. Bancorp Impact Finance Gives $40,000 to ‘Back to Square One’ Campaign

SPRINGFIELD — U.S. Bancorp Impact Finance has joined the growing list of businesses and community partners supporting Square One’s “Back to Square One” capital campaign.

Impact Finance, a U.S. Bank subsidiary, contributed a $40,000 grant from U.S. Bancorp Community Development Entity toward Square One’s $15.5 million construction project, being built in Springfield’s South End, at the location where its building was destroyed by a tornado in 2011. Slated to open in the spring of 2025, the new, 26,000-square-foot facility will include four preschool classrooms, an outdoor learning and play area, a full-service family support center, and administrative offices.

“Square One is a real difference maker when it comes to having an impact on early-childhood education,” Impact Finance Business Development Officer Tom Oldenburg said. “We’re pleased that the grant funding plugs a critical gap in the project budget so Square One can reach its expansion goals.”

The grant is in addition to $4.4 million in equity Impact Finance provided in New Markets Tax Credit financing.

“We are so proud to welcome U.S. Bancorp Impact Finance to the amazing group of supporters who are helping to make our dream building a reality,” said Kristine Allard, vice president of Development & Communication for Square One. “Their gift is another big step forward toward opening our doors next spring and welcoming in the next generation of our community’s leaders. We are so grateful.”

Currently, the campaign is approximately $2 million shy of its goal. Recently, the MassMutual Foundation announced a $1 million gift to the initiative. In June, Balise Auto, another organization with deep roots in Springfield’s South End neighborhood, announced a $1 million gift to the project.

Other support for Square One’s project is coming from Florence Bank, the Davis Foundation, PeoplesBank, Country Bank, the city of Springfield, and the Commonwealth of Massachusetts. Springfield Mayor Domenic Sarno awarded nearly $1 million in funding, while state Sen. Adam Gomez and state Rep. Carlos Gonzalez sponsored and secured a $2 million earmark in the state budget to support Square One’s expansion of services.

These gifts, paired with a $6 million bond issued by MassDevelopment and the cash equivalent of $4 million in New Market Tax Credits, have positioned the campaign for success.