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On October 31, GroundBreak Coalition announced an early collective financial commitment of nearly $1 billion to expand wealth building opportunities, with a current focus on aspiring Black homeowners, entrepreneurs, and commercial developers. The news was shared with nearly 200 community members including nonprofit, philanthropic, public, and private sector leaders at Sabathani Community Center in Minneapolis. See highlights from the event.

Over the next decade, GroundBreak is working to secure $1.2 billion in flexible capital to build Black wealth, close racial wealth gaps, and create a more prosperous region for all. This is a leadership moment that will define us. We can show the world what it takes to transform and be a place that truly works for everyone.

GroundBreak Coalition announced investments of nearly $1 billion to expand wealth building opportunities. This is a significant step toward the coalition’s goal of mobilizing $5.3 billion over the decade to expand equitable wealth-building through an innovative approach shaped by community members.

GHR is committed to advancing racial equity in the Twin Cities and we have been intentional in making deeper investments locally. No organization can advance racial equity alone, and GroundBreak Coalition offers a way to work together on bold solutions previously untried in our community. With our commitment to GroundBreak over the next three years, GHR is continuing to expand on more than $15 million in investments made in the Twin Cities since 2020.

This summer, GroundBreak is beginning the work of building a shared, regional financial platform. By doing this, our region will be able to provide a reliable, long-term, and consistent source of financing for wealth builders in the region. We are excited to move this innovative platform forward to create a central hub for directing and scaling investments that can fund aspirations and shrink wealth gaps, for good.

Sunrise Banks joined the GroundBreak Coalition along with 40 other leaders from the private, public, and philanthropic sectors to make intentional systemic changes based on input from community leaders who shared the exact same pain-points as many of the founders of color who banked with SVB.

GroundBreak is at an exciting inflection point, and the months ahead will be pivotal for bringing its vision into reality. Three important developments show where we are now and where we are going.

During GroundBreak Coalition “design sprints,” work group members brainstormed innovative capital investment pathways that could close racial gaps in income and wealth for Black homeowners, renters, entrepreneurs, and commercial developers. The products that emerged from recent work group meetings will be a key foundation to the eventual capital prototypes.

GroundBreak believes the most effective way to ultimately improve outcomes for all residents, especially those from BIPOC communities that our systems typically exclude, is to concentrate our efforts on the aspirations of MSP residents who experience some of our region’s deepest and most persistent disparities and ensure that the outcomes of GroundBreak are realized on the ground in specific communities.