Minneapolis and St. Paul: October 31, 2023 – A coalition of more than 40 institutions working to create a more equitable Minneapolis-St. Paul, announced investments of more than $900 million Tuesday to expand wealth-building opportunities across the region.
GroundBreak’s effort is focused on encouraging Black homeowners, entrepreneurs, and commercial developers. The coalition’s goal is to use the initial investment to mobilize $5.3 billion to build Black wealth over a decade.
GroundBreak, launched in May 2022, is working to change how capital flows within the region and allow systematically disadvantaged communities the opportunity to build generational wealth.
“Today marks an important step forward in our work to create a more wholly just, equitable, and abundant Twin Cities,” said Tonya Allen, president of the McKnight Foundation, and a founder of the coalition. “GroundBreak is harnessing the collective power and abundance of our communities, leaders, and institutions to rewrite the narrative and help create a region where all residents have the opportunity to thrive.”
Ford Reedy said members of the coalition are pledging money to banks as a guarantee that allows them to more easily make loans for people looking to buy homes or start businesses.
“Our charge is to make the financial system work for everyone. We want anyone seeking to buy a home or start a business to get the support they need for their dream to become a reality,” Ford Reedy said. “This is a big, broad, cross-sector effort. It will take a lot of time and commitment from a lot of people. The burden is on institutions with capital to put that money to work in ways that help more good happen for more people.”
Institutions making early financial commitments include Bremer Bank, Bush Foundation, GHR Foundation, Huntington Bank, M.A. Mortenson Companies Inc. Margaret A. Cargill Philanthropies, McKnight Foundation, Pohlad Family Foundation, Securian Financial and U.S. Bank.
