July 23, 2026

SIOUX FALLS, S.D. (July 23, 2026) – Sunrise Banks, a values-based bank with locations in Sioux Falls, S.D., and Minneapolis/St. Paul, Minn., has awarded $4 million in New Markets Tax Credit (NMTC) allocation for its first South Dakota-based project – a new manufacturing equipment line for Scotchman Industries, Inc Off Site Link.

Based in Philip, S.D., Scotchman Industries is a trusted leader in metal fabrication equipment, including its world-renowned hydraulic ironworkers, presses and cold saws. The company prides itself on combining small town craftsmanship with durable, high-performing engineering – helping manufactures, fabricators, and industrial businesses improve productivity and efficiency.

As one of the largest employers in Haakon County, S.D., Scotchman Industries is committed to supporting the community while delivering American-made equipment customers around the world can trust. The $4 Million NMTC allocation from Sunrise Banks will allow Scotchman Industries to strengthen its production capabilities and help create and sustain skilled job opportunities in rural South Dakota.

“Scotchman Industries has always believed that world-class manufacturing can thrive in small-town America,” says Brad Helzel, General Manager at Scotchman Industries. “We are grateful to Sunrise Banks for partnering with us on this project, which will strengthen our operations, support our workforce, and create new opportunities in western South Dakota. This investment reinforces our commitment to our employees, our customers, and the community we are proud to call home.”

Sunrise Banks has participated in the federal New Markets Tax Credit (NMTC) program since 2009. It helps stimulate economic growth and revitalization by driving capital to both urban and rural low-income communities. Projects using NMTC funds often involve the acquisition, rehabilitation or construction of real estate or the expansion of operating businesses

The NMTC program helps attract investment capital and provides small businesses, nonprofits and developers with access to better financing rates and terms than typically available in traditional lending programs.

“We’re grateful for the trust Scotchman placed in us to facilitate this investment in their business’s future growth, ensuring it can continue to provide the Philip community with stable and accessible jobs for many years to come,” says Mary Stoick, Senior Vice President-Director of Tax Credit Lending at Sunrise Banks. “This is why the NMTC program exists and why Sunrise Banks wants to bring even more such investment to South Dakota’s thriving economy.”

To learn more about how Sunrise Banks invests in communities through the New Markets Tax Credit program, visit sunrisebanks.com/nmtc.

ABOUT SUNRISE BANKS

Sunrise Banks is no ordinary bank; we strive to be a place where money and values meet for our customers and our communities. We do this by prioritizing social responsibility, community impact and environmental sustainability alongside innovative financial products and services. With bank locations in Sioux Falls, South Dakota and Minneapolis/St. Paul, Minnesota – along with a fintech and payments division based in Sioux Falls — Sunrise Banks seeks to build meaningful relationships, empower financial wellness and drive positive change.

Sunrise Banks is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by less than five percent of banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and a certified B Corporation for its demonstrated commitment to transparent corporate governance and positive community impact. Visit sunrisebanks.com to learn more.

Media Contact:

Amanda Theisen, Communications Manager

651-206-2569

[email protected] Off Site Link

 

 

 

 

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