About Us
GroundBreak, a coalition of over 40 corporate, civic, and philanthropic organizations, was established in 2022 with the mission of creating a more inclusive, racially equitable, and climate-ready Minneapolis-St.Paul region.
OUR SHARED GOALS
Over the next decade, GroundBreak aims to expand access to capital to close racial wealth gaps in the region, with a focus on building Black wealth.
By concentrating on the aspirations of Minneapolis-St. Paul residents who face some of the region’s deepest and most persistent disparities, GroundBreak will ensure strategies are broadly beneficial, contributing to a more equitable and prosperous region for all Minnesotans. Through deep collaboration across philanthropic, private, and public institutions, GroundBreak seeks to have the following impacts.
11,000
New Homeowners
5,000
Entrepreneurs Creating 8,000 Jobs
60
Neighborhood Commercial Developments
23,500
Units of Affordable Housing
A NEW FINANCIAL SYSTEM
GroundBreak identified that by creating a new financial system for the region, institutions could enable a large amount of capital to intentionally flow toward financial tools and products for aspiring homeowners, entrepreneurs, and commercial developers.
The innovation, which harnesses both flexible capital and lending commitments from financial institutions includes a combination of grants to fill one-time funding gaps, guarantees for loans, low-cost, patient capital, and special purpose credit program loans. Through this system, every $1 of flexible capital can unlock over $3 in private-market capital in a predictable and sustainable way. Over the next 10-years, GroundBreak aims to mobilize $5.4 billion to fund these financial tools and products to achieve ambitious results.
A TRANSFORMATIVE DOWN PAYMENT
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 the 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.
GroundBreak has secured $940.37 million
in capital commitments from 14 early investors.
Early investments include capital commitments for grants, loans, loan guarantees, and private-market lending. Together, we can create a more equitable and prosperous region for all. Join us!
GOVERNANCE & OPERATIONS
GroundBreak’s Board and Project Team support our ambitious goals and increase opportunities for shared leadership.
They have been busy building products and deploying resources directly to aspiring homeowners, commercial developers, entrepreneurs, and wealth builders. The Board will be responsible for ensuring GroundBreak’s plans, developed through an intensive, 6-month community design process with over 170 community members in 2022, are implemented and successful. The Board will be supported by a broader Leadership Council, Project Team, and Strategic Impact Committees focused on building out systems to flow capital. Resources will be deployed to individuals through approved origination partners including nonprofits, community development financial institutions (CDFIs), and financial institutions.
Board
Tonya Allen
President, McKnight Foundation
Susan Bass Roberts
President, Pohlad Family Foundation
Tawanna Black
Founder & CEO, Center for Economic Inclusion
Donald Dennis
EVP, Community Development Director, Huntington Bank
Jen Ford Reedy
President, Bush Foundation
Peter Frosch
CEO, GreaterMSP
Jennifer Ho
Commissioner, Minnesota Housing (EX OFFICIO)
Suzette Huovinen
Senior Vice President, Securian Financial AND President & CEO, Securian Asset Management
Adair Mosley
CEO, African American Leadership Forum
Tim Welsh
Vice Chair, Consumer and Business Banking (FORMER), U.S. Bank
Jim Zappa
Executive Vice President and General Counsel (retired), CHS
Project Team
Jeff Aguy
2043 Corp Implementation Teams
Stan Alleyne
Alleyne, Matlock & Associates, Communications & Engagement
Heidi Dodd
Petersen ConsultANTS, Fundraising & INVESTOR RELATIONS
Acooa Ellis
ABLE Endeavors, Fundraising & Investor Relations
Erin Imon Gavin
Acting Project Director
Kenza Hadj-Moussa
O’Connell Consulting, Public Affairs
Ben Hecht
McKnight Foundation, Senior Advisor
Marcus Owens
Nawe Partners, Implementation Teams
Ryan Petersen
Petersen Consultants, Fundraising & INVESTOR RELATIONS
Ellen Ward Owen
Independent Consultant, Financial Systems, Tools & Products
Coalition Structure
The GroundBreak Coalition began in mid-2022 as an unincorporated project. As GroundBreak’s Board works to determine the Coalition’s permanent structure (which could include its integration into an existing community-based organization), GroundBreak is temporarily operating as a Limited Liability Company under an independent 501(c)3 organization.