October 14, 2015
Sunrise Banks is honored to be one of a small number of certified Community Development Financial Institutions (CDFIs) that recently received financial awards through two competitive CDFI Fund programs. Sunrise Banks was awarded $500,000 through the Financial Assistance award program and approximately $265,000 through the Bank Enterprise Award (BEA) program. This funding enables Sunrise to expand its financial products and services that target local underserved communities and consumers across the nation.
Sunrise plans to use the funds from the Financial Assistance Award to facilitate its national expansion of its True Connect program, an accessible, convenient, and responsibly structured small dollar loan. True Connect is offered as an employee benefit. It works in tandem with a company’s payroll system to offer a simple small-dollar installment loan.
The Bank Enterprise Award will help Sunrise continue to lend in underserved Twin Cities’ communities. As a certified CDFI for over fourteen years, Sunrise continues to be meaningfully engaged with our local community and underserved customers.
“We are thrilled to receive these awards from the CDFI Fund. The Financial Assistance award affirms our efforts in providing a safe small dollar loan alternative to the high cost credit that permeates underserved communities today. With this award, we will be able to multiply our impact and give hard working employees simple, convenient and fair access to credit” says David Reiling, Sunrise Banks CEO, “The BEA award will be targeted towards services that empower our local underserved communities.”
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.