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Senator Klobuchar Announces $1.9 Million for Community Development, Affordable Housing and Home Loans

September 15, 2008

Minneapolis, MN – U.S. Senator Amy Klobuchar announced today that three Minnesota financial institutions are receiving nearly $1.9 million in federal support for community development activities such as affordable housing and small business loans.

The U.S. Treasury Department is making these Bank Enterprise Award grants from its Community Development Financial Institutions Fund.  The mission of the Fund is to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities.

“Minnesota has a proud tradition of investing in our communities,” said Klobuchar.  “These grants will provide lending and other services that help local businesses grow and provide affordable neighborhood housing.  This support is all more important at a time when the overall economy is lagging.”

“The Bank Enterprise Awards allow us to support affordable housing, small business development and job creation in distressed Twin Cities neighborhoods,” said David Reiling, CEO of Sunrise Community Banks.  “The funds also provide us an opportunity to invest in the creation of new products and services that address the mortgage foreclosure crisis.”

All three banks are members of Saint Paul-based Sunrise Community Banks and are certified by the Treasury Department as “Community Development Financial Institutions,” a designation earned by institutions with a proven mission and track record of community development.

The Treasury Department’s Bank Enterprise Awards Program is designed to provide an incentive for FDIC-insured banks and thrifts to increase their lending and financial services in economically distressed communities. 

The Bank Enterprise Award recipients in Minnesota are:

Franklin Bank (Minneapolis) – $675,000 to provide affordable home development loans, commercial real estate development loans, and small business loans in distressed communities.

Park Midway Bank (Saint Paul) – $537,399 to support small businesses in distressed communities.

University National Bank (Saint Paul) – $675,000 to support affordable housing development loans, small business loans, and commercial real estate loans in distressed communities.

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