September 20, 2024

ST. PAUL, Minn. (September 20, 2024) – Sunrise Banks announced today that it has received $50 million in New Markets Tax Credit Allocation from the U.S. Department of Treasury’s Community Development Financial Institution Fund (CDFI Fund) Off Site Link. This program is designed to spur investment and economic growth in low-income communities, both urban and rural, throughout the nation.

Sunrise Banks is one of 104 Community Development Entities (CDEs) to receive tax credit allocations, made through the calendar year 2023 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund awarded a total of $5 billion through the NMTC Program.

Sunrise Banks also received a $280,000 award from the CDFI Fund’s Bank Enterprise Award Program (BEA Program) Off Site Link. The BEA Program provides monetary awards to FDIC-insured depository institutions that successfully demonstrate growth in their investments in CDFIs or in their own lending, investing, or service activities in the most distressed communities. BEA Distressed Communities are defined as those where at least 30% of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.

“Supporting customers and projects in low to moderate-income communities is a core component of how we do business,” says Bryan Toft, Chief Revenue Officer at Sunrise Banks. “With this new round of NMTC allocation from the CDFI Fund and the BEA Program award, we will be able to do more to be a force for good for the people we serve.”

“We are extremely excited to receive this NMTC award,” says Mary Stoick, senior vice president and director of tax credit lending at Sunrise Banks. “We have been able to financially support many innovative projects and businesses throughout Minnesota with these types of investments. In turn, they have helped to create jobs, drive economic growth, revitalize communities and lift people out of poverty.”

Projects eligible for NMTC allocation through Sunrise Banks must be located in the five-county metro area of the Twin Cities (Hennepin, Ramsey, Dakota, Anoka or Washington) that are designated as low-income by the U.S. Census Bureau. They can range from large, high-profile projects such as the V3 Sports Center in North Minneapolis, the Midway YMCA in St. Paul, and the Historic Coliseum Building on East Lake Street, to small businesses and emerging developers buying their first buildings and launching their first projects.

More information about the New Markets Tax Credit Program can be found on the Sunrise Banks website at https://sunrisebanks.com/products-and-services/business-banking/lending/new-markets-tax-credits/.

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 our essential financial products and services. With locations in Minneapolis/St. Paul, Minnesota and Sioux Falls, South Dakota, 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 approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.

Sunrise Banks is an Equal Housing Lender. Member FDIC.