THE MOMENT
The Minneapolis-St. Paul region has an unprecedented opportunity to lead the nation in committing the resources necessary to achieve racial and economic justice.
OUR VISION
Our regional crises of racial and economic injustice were simmering long before the pandemic and the killing of George Floyd brought them to a boil. It’s no secret that the economic gulf between Black and white families is higher here than nearly anywhere else in America. Then George Floyd’s murder in Minneapolis sparked a global racial reckoning and the resulting uprisings coincided with damage and destruction along commercial and cultural corridors in Minneapolis and St. Paul.
At the same, time the pandemic has caused disproportionate harm to BIPOC communities, and community members have struggled to raise the alarm about the rapid escalation of climate change and its unequal burden on these same communities.
And yet these great challenges have led to visionary leadership from many quarters. Our region has come together to restore, rebuild and, most importantly, reimagine the future of our community.
We envision a future that is dramatically more inclusive, just, racially equitable, and climate-ready.
With this vision to guide us – and with the nation’s eyes on MSP – we have a once-in-a-lifetime opportunity to define a new paradigm for community development finance that finally addresses systemic racism; rights historical wrongs; closes racial gaps in income and wealth; and boldly meets the climate moment.
OUR GOAL
We aim to lead the nation by investing in transformational solutions that work:
CREATE
45,000 new BIPOC homeowners
STABILIZE
families in 23,500 affordable rental units
COMPLETE
30 community-led, climate-ready, transformational commercial developments
LAUNCH
more than 11,000 BIPOC-owned businesses with at least 20 percent employing 5+ people
We can’t get there alone. But we know that we can marshal capital commensurate with the scale of the need if a visionary group of local and national lenders, investors, government entities, and grantmakers commits to doing so.
THE OPPORTUNITY
GroundBreak Coalition is a group of over 40 corporate, civic, and philanthropic leaders committed to demonstrating that with enough resources, a racially equitable and carbon-neutral future is possible now – first in Minneapolis-St. Paul and then across the country.
To achieve GroundBreak’s goals for the region, we seek to mobilize $5.3 billion in capital through a new shared financial system. $4.1 billion of this would be private, market-rate capital. The remaining $1.2 billion would be flexible, non-market rate capital. Coupled with collective, courageous leadership, this will enable us to disrupt the status quo, close long-standing racial disparities, and transform communities.
OUR PROGRESS
In October 2023, GroundBreak announced $926.75 million in financial commitments to expand wealth-building opportunities at a Community Briefing to inform partners and community members on progress and work ahead.
Progress to date includes securing a significant down payment toward GroundBreak’s 10-year goals and the early development of a more durable operations and governance structure. Work ahead includes building systems to deploy capital, securing additional flexible capital and lending commitments, continuing work on rental housing and aligning GroundBreak with climate initiatives.
Latest News & Updates
Q&A with Jeff Aguy: GroundBreak’s Visionary Leader on Building New Financial Systems for Aspiring Entrepreneurs and Commercial Developers
Jeff Aguy joined the GroundBreak Coalition in March 2024 to help implement solutions that will unlock unprecedented capital for aspiring entrepreneurs and commercial developers. A born entrepreneur, Jeff is helping build innovative systems and teams that will enable more financing to flow toward new and growing businesses and neighborhood commercial developments in the Minneapolis-St. Paul region and beyond. We interviewed Jeff to learn more about what he sees on the horizon for GroundBreak.