December 12, 2016
Sunrise Banks N.A. has been awarded $70 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury’s CDFI (Community Development Financial Institution) Fund. This is the largest allocation for a financial institution in Minnesota as well as the largest allocation that Sunrise has received.
“We are honored to be recognized by the CDFI Fund for our commitment to the Minneapolis and St. Paul communities,” says David Reiling, Sunrise Banks CEO. “This allocation gives us a remarkable opportunity to maximize the effect that our lending can have in building and strengthening our local communities with thriving businesses for today and tomorrow.”
Previous NMTC allocations that Sunrise received have been deployed into 14 projects since 2010 and include the Twin Cities Habitat for Humanity headquarters, the Midway YMCA building in St. Paul, MN, the 800 W Broadway building and the second location of the Seward Cooperative grocery store in Minneapolis. The NMTC projects drive cash flow into projects that focus on reinvesting in low-income areas of the city and fuel job creation and neighborhood revitalization.
The current round of NMTC allocation awards totals $7 billion between 120 organizations and is the largest round of allocations in the Fund’s history.
“The CDFI Fund programs, including the New Markets Tax Credit, address the needs and concerns of working Americans and help build an economy that delivers results that they can see,” said Treasury Secretary Jacob J. Lew. “By attracting private business and development to distressed communities, this tax credit spurs economic growth, creates jobs, and brings new services and opportunities where they are most needed.”
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.