October 28, 2022
(St. Paul, Minn. | Oct. 28, 2022) – Sunrise Banks has received a $45 million New Markets Tax Credit (NMTC) allocation from the U.S. Treasury that will be used to support economic development in low-income communities in the Twin Cities.
This is the bank’s seventh allocation and was made through the calendar year 2021 round of the program.
“New Markets Tax Credits are an effective financial tool to empower access to credit in low-income communities,” said Sunrise Banks CEO David Reiling. “We look forward to deploying this allocation in a way that supports local businesses and community development.”
The Treasury awarded $5 billion in total for calendar year 2021. The announcement was made on Oct. 28. Sunrise was one of 107 Community Development Entities (CDEs) to receive the award, selected from a pool of 199 applicants.
“Twenty years ago, the Treasury Department announced the first New Markets Tax Credit awards, and for many economic development projects across the country since then, the New Markets Tax Credit has been a vitally important piece of the puzzle,” said United States Treasurer Chief Lynn Malerba. “This program has created or retained hundreds of thousands of jobs and spurred economic growth in many low-income communities across our country. It is important that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.”
The NMTC Program was established by Congress in 2000 and allows individual or corporate taxpayers to receive tax credits in return for making equity investments in CDEs, which then use the funds to finance economic development in underserved communities.
According to the Treasury, the NMTC Program has invested nearly $63 billion in low-income communities and businesses, creating or retaining more than 857,000 jobs and creating or rehabilitating almost 239 million square feet of commercial real estate.
Find a complete list of NMTC Program recipients here.
About Sunrise Banks: Sunrise Banks, N.A., Member FDIC, based in St. Paul, Minnesota, strives to be the most innovative bank empowering 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 a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Learn more at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook.
- Phone (651) 523-7806
- Email Jake.Schild@SunriseBanks.com