Updates from the Coalition
Silicon Valley Bank Collapse Adds Urgency to Minnesota’s GroundBreak Coalition Efforts to Reimagine How Capital Flows to Black Wealth Builders
This spring, governments and financial systems around the world are responding to the collapse of Silicon Valley Bank (SVB). While the fallout will have a long-term impact on smaller and mid-size financial institutions, it is also revealing deeper issues about how capital and banking systems work, or do not work, for founders of color. That is why 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 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.
GroundBreak Coalition partners, including McKnight Foundation, US Bank, Bush Foundation, the Center for Economic Inclusion, and Hennepin County co-hosted a briefing on July 19, 2022 to provide an overview of GroundBreak and its goals, share more about who is involved and what’s next, and answer community questions.
The launch of GroundBreak Coalition on May 12 was an invitation to financial and corporate institutions, government, and philanthropic and nonprofit leaders to commit to unlocking the wealth potential of historically under-invested communities. The ultimate goal is to mobilize more than $2 billion over 10 years and deploy it to four areas: homeownership, rental housing, commercial development, and BIPOC entrepreneurship. Working together, we know we can position Minneapolis-Saint Paul to lead the nation in committing needed resources to achieve racial and economic justice.
News & Ideas
News & Ideas
Other Coalition Updates
See GroundBreak Coalition workgroup recommendations, monthly update call recordings, and past meeting summaries.