November 20, 2019
The money will be used to support Sunrise Banks’ small-dollar, credit-building products and its fintech partnerships division
Sunrise Banks has received $565,000 from the Community Development Financial Institutions (CDFI) Fund as a recipient of the CDFI Financial Assistance Awards.
Sunrise Banks is one of 284 CDFI institutions to receive the award, which is funded by the United States Department of the Treasury. The awards are part of the 2019 fiscal year round of the CDFI Program and Native American CDFI Assistance (NACA) Program.
In total, the Treasury awarded more than $188 million to Financial Assistance Award recipients. The money is given out to enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the country.
The bank will use the award money to fund small-dollar, credit-building products and its growing fintech partnerships division, which aims to support low-income consumers with tools to achieve financial health.
“Our fintech partnership products provide a convenient, affordable way to build credit, cover unexpected expenses and combat the payday loan crisis,” said Sunrise Banks CEO David Reiling. “We’re extremely grateful to receive this funding to further these objectives.”
Sunrise has been a CDFI for more than 15 years and is committed to empowering clients to achieve financial wellness.
“I am proud to announce the FY 2019 CDFI Program and NACA Program awards,” said CDFI Fund Director Jodie Harris. “I am especially pleased that almost half of the awarded organizations have chosen to provide services in areas of persistent poverty, which will lead to significant impact for residents in some of the most distressed communities nationwide.”
A complete list of award recipients can be found on CDFI’s website.
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.