July 15, 2020
St. Paul, Minn. | July 15, 2020 – Sunrise Banks has been awarded $50 million in New Markets Tax Credits (NMTC) for calendar year 2019 that will be used to fund economic development in low-income communities across the Twin Cities.
The funds were allocated by the United States Department of the Treasury Community Development Financial Institution (CDFI) fund. In total, the CDFI fund awarded $3,548,485,000 in NMTC to 76 different community development entities around the United States.
The CDFI Fund has a purpose of economic revitalization and community development, particularly in low-income communities.
Sunrise was one of just four Minnesota-based organizations to receive the allocation. The bank has participated in the NMTC program since 2009 and received $60 million in funding through the program in 2019. Sunrise has received $243 million of total NMTC allocation in five separate awards to date.
“These funds allow us to help support small business, economic development and other critical infrastructure in our community,” said Sunrise Banks CEO David Reiling. “We’re honored to have again received the allocation and look forward to putting these funds to good use.”
Through the end of fiscal year 2018, the most recent data available, NMTC award recipients deployed nearly $52.5 billion in investments in low-income communities and businesses; these investments have led to the creation or retention of more than 836,000 jobs, and the construction or rehabilitation of more than 218.3 million square feet of commercial real estate.
Find the full list of NMTC recipients here.
About Sunrise Banks: Sunrise Banks, N.A., 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. Member FDIC.