June 21, 2019
Sunrise Banks has been awarded $60 million in New Markets Tax Credits by the Community Development Financial Institutions Fund for the 2018 allocation round
Sen. Tina Smith will help Sunrise Banks celebrate its 10th year with the New Markets Tax Credits (NMTC) program, as well as the bank’s recent $60 million NMTC allocation, on Saturday, June 22, at University Enterprise Labs in St. Paul.
The NMTC program was established in 2000 and incentivizes investment in low-income communities to spur sustainable economic development. Sunrise Banks will use its most recent allocation to continue funding local businesses, nonprofits and real estate projects that provide living-wage jobs and community services to the Twin Cities.
Sen. Smith will attend Saturday’s event, along with University Enterprise Labs CEO Diane Rucker. University Enterprise Labs was a recipient of a NMTC that helped fund a renovation of its current location at 1000 Westgate Drive in St. Paul.
“We are honored to have been selected to deploy these critically needed community development tax credits that drive local business and job growth,” said David Reiling, Sunrise Banks CEO. “This award energizes our continued commitment to economic development in distressed Twin Cities communities.”
Sen. Smith has co-sponsored legislation supporting NMTC and also sits on the U.S. Senate Committee on Banking, Housing and Urban Affairs.
“The NMTC program is critically important to bringing jobs and economic development to communities that may not otherwise have access to those opportunities,” said Sen. Smith. “The NMTC program has benefitted communities in the Metro area and across the state for many years, and I am pleased that it is continuing to serve Minnesota in such a positive way.”
Reiling, Sen. Smith, and Rucker will all speak at Saturday’s event, which will be followed by a tour of University Enterprise Labs.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.