Bremer Bank, Sunrise Banks receive Treasury tax credits

St. Paul, Minn.-based Bremer Bank was allocated $65 million this year through the New Markets Tax Credit program while fellow St. Paul-based Sunrise Banks received $50 million..The allocations were from the U.S. Department of Treasury's Community Development Financial Institution Fund, which is intended to spark investment and economic growth in low-income communities. Sunrise and Bremer were one of 104 community development entities to receive tax credit allocations through the calendar year 2023 round of the New Markets Tax Credit Program. .Bremer Bank's community development entity plans to use the allocation to partner with groups in communities across Minnesota, Wisconsin and North Dakota. "Bremer's closely held purpose is to cultivate thriving communities, and this CDFI award is a critical piece in furthering that work," said President and CEO Jeanne Crain. "With this award, Bremer will thoughtfully partner with both urban and rural organizations on critical projects that will make a lasting, positive impact on the communities that we have served for over 80 years." .Sunrise Banks also received a $280,000 award from the CDFI Fund's Bank Enterprise Award Program. The program provides awards to FDIC-insured depository institutions that increase their investments to CDFIs or their own investing, lending or service activities in communities where at least 30 percent of residents have incomes lower than the national poverty level and the unemployment rate is at least 1 1/2 times the national rate. .More than $81 billion has been allocated through the New Markets Tax Credit Program to date. Last year, nearly 200 community development entities applied for $14.7 billion in New Market Tax Credit allocations. ."Supporting customers and projects in low to moderate-income communities is a core component of how we do business," said Sunrise Banks Chief Revenue Officer Bryan Toft. "With this new round of New Markets Tax Credit 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."