September 18, 2019
Sunrise Banks has received $245,547 from the Community Development Financial Institution (CDFI) Fund as a recipient of the Bank Enterprise Award Program (BEA Program).
Sunrise is among 113 other banks that received an allocation for the 2019 fiscal year. In total, the CDFI Fund awarded more than $25.2 million.
The BEA Program provides monetary awards to FDIC-insured depository institutions that have demonstrated increased investments in CDFIs or in their own lending, investing, or service activities in the most economically distressed communities.
Awards are then reinvested in these distressed communities, which helps accelerate the growth of businesses, creation of jobs, development of affordable housing, and availability of financial services.
The allocation will help Sunrise continue to provide funding to economically distressed areas in the Twin Cities.
“This money allows us to continue to bolster the local community by providing essential financial services to low-and-moderate income areas,” said Sunrise Banks CEO David Reiling. “We’re extremely grateful to receive the BEA Program award, and look forward to this opportunity to further support economic development in the Twin Cities and beyond.”
A full list of BEA Program recipients can be found here.
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.