September 2, 2021
St. Paul, Minn. | Sept. 1, 2021 – Sunrise Banks has been awarded a $60 million New Markets Tax Credits (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI Fund).
This is Sunrise Banks’ sixth NMTC allocation in the past 12 years. In total, Sunrise Banks has received $303 million through the federal program. In July of 2020, the bank announced it had been awarded $50 million in NMTC.
The funds will support economic development in low-income communities – both urban and rural – and the allocation represents a continued effort by Sunrise Banks to support sustainable economic growth in the Twin Cities.
“For over 20 years, the New Markets Tax Credit has facilitated essential investments into low-income communities and businesses, helping them to rebuild after years of disinvestment and enabling them to recover from external forces, such as the current pandemic, which have caused disproportionate harm to the businesses and families in these communities,” said CDFI Fund Director Jodie Harris.
Sunrise Banks was one of 100 Community Development Entities that received NMTC allocations made through the calendar year 2020 round of the program. In total, the Treasury awarded $5 billion for this round of the program.
According to the CDFI Fund, the NMTC program has deployed more than $50 billion to low-income communities and businesses, creating or retaining almost 871,000 jobs.
For more information on NMTC, and to see a complete list of award recipients, visit the CDFI fund’s website.
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.