Mission Drive Finance and Broadstreet Impact Services unanimously selected by local Selection Committees to join the Minneapolis Foundation as financial managers of three major financial pools. Coalition is now seeking proposals for local originating partners to begin distribution of financial resources in 2025.
MINNEAPOLIS, MN, Nov. 7, 2024 – GroundBreak, a coalition of more than 40 philanthropic, private, and public institutions working to create a more equitable Minneapolis-St. Paul region, has named Mission Drive Finance and Broadstreet Impact Services as financial managers for its Guarantee and Loan Capital Pools. This selection was made unanimously by local selection committees and marks a pivotal moment as the Coalition prepares to launch new financial tools by early 2025.
“Today, we take a significant step forward in our mission to foster an equitable financial landscape. We are excited to partner with financial managers who prioritize responsible stewardship of funds and who are deeply committed to the mission of GroundBreak,” said Tonya Allen, President of McKnight Foundation and GroundBreak Coalition executive council member. “Through this partnership, GroundBreak moves one step closer to unlocking unprecedented resources to invest in wealth building for more people across our region.”
The expertise of the financial managers is crucial to the Coalition’s goals and objectives. They will finalize pool structures, engage with investors, establish preliminary key financial and impact performance indicators for tracking purposes, and – most importantly – flow resources to local origination partners, who will deploy capital to wealth builders.
GroundBreak Coalition Financial Managers
Mission Drive Finance was selected as the Guarantee Pool financial manager given its significant guarantee pool structuring and administration expertise in mission-aligned, nimble, cost-effective, experienced platform. Launched in 2016 to fill the gap between philanthropy and traditional investments—commonly known as “impact investing” — Their mission is to mobilize capital that will increase inclusive and equitable access to education, health and wealth.
Broadstreet Impact Services was selected as Loan Pool financial manager based on its efficient, mission-aligned infrastructure and deep experience in providing loan funds management and fund administration services. Launched in 2004, by Local Initiatives Support Corporation, Broadstreet works with investors and community leaders to support economic development efforts in underinvested communities.
“The selection of Mission Drive Finance and Broadstreet Impact Services underscores our commitment to empowering communities through thoughtful and inclusive financial management,” said Ellen Ward Owen, Advisor to GroundBreak Coalition on financial services and co-leader of the search. “With these new partners, we will strengthen our impact and enhance the opportunities available to those who need it most. Together, we are paving the way for sustainable growth in our region.”
Broadstreet and Mission Driven Finance will operate alongside the Minneapolis Foundation, which manages GroundBreak’s grants pool.
Mission Drive Finance and Broadstreet Impact Services will work closely with local participating originating partners, organizations responsible for pulling funds from the pools and distributing financial resources directly to consumers.
Selection Process
Request for Proposals (RFPs) for financial managers were distributed to local and national organizations that shared GroundBreak’s commitments to advancing racial wealth equity. Prioritizing those that are BIPOC-led, women-led, local, and non-profit.
The selection committees consisted of local decision makers and community stakeholders representing potential investors and recipients of the GroundBreak Coalition Guarantee and Loan Pool funds, such as the Bush Foundation, Fortis Capital, Huntington Bank, McKnight Foundation, NEON, Neighborhood Development Center and others. The selection committees reflected diverse perspectives and cross-sectors expertise that have been integral to GroundBreak’s mission from the outset.
Coalition Now Seeking Local Partners For Funding Distribution in 2025
Today, the GroundBreak Coalition also issued two Requests for Proposals (RFPs) for local organizations to serve as originating fund distributors for Commercial Real Estate and Entrepreneurship funding to be allocated by the Coalition. These local partners will play crucial roles in pulling capital from GroundBreak’s three financial pools and deploying it at scale to aspiring homeowners, entrepreneurs, and developers in alignment with GroundBreak’s commitments to racial wealth Equity.
Interested parties can find the Entrepreneurship and Commercial Real Estate RFPs on GroundBreak’s website. Proposals are due by Monday, December 2, at 5 PM CST.
GroundBreak Coalition includes more than 40 philanthropic, private, and public institutions committed to creating a Minneapolis-St. Paul region that is dramatically more just, inclusive, equitable, and climate-ready. Subscribe to GroundBreak’s monthly newsletter to receive future news and updates.
