A first-of-its-kind initiative is set to support the advancement of Black wealth in Minneapolis-St. Paul, MN.
GroundBreak Coalition has announced investments of nearly $1 billion in the expansion of equitable wealth-building opportunities in the region, according to a press release shared with AFROTECH. In addition, the coalition’s current focus is on aspiring Black homebuyers, entrepreneurs, and commercial developers.
“Today marks an important step forward in our work to create a more wholly just, equitable, and abundant Twin Cities,” Tonya Allen, president of McKnight Foundation and a founder of GroundBreak Coalition, said, per the press release. “GroundBreak is harnessing the collective power and abundance of our communities, leaders, and institutions to rewrite the narrative and help create a region where all residents have the opportunity to thrive.”
She continued, “As we move forward, we remain committed to this goal and to the people who provided our mandate – to unlock capital in a systematic and dependable way over time, so all residents can bring their aspirations to life right here in Minneapolis-St. Paul.”
The announcement comes after Groundbreak shared its 10-year plan including its mission to mobilize $5.3 billion to create a more equitable Twin Cities.
“Our charge is to make the financial system work for everyone,” Jen Ford Reedy, president of the Bush Foundation, said. “We want anyone seeking to buy a home or start a business to get the support they need for their dream to become a reality,”
She added, “This is a big, broad, cross-sector effort. It will take a lot of time and commitment from a lot of people. The burden is on institutions with capital to put that money to work in ways that help more good happen for more people.”
For GroundBreak’s next course of action within its plan, the press release notes that it will focus on “implementation and developing pathways for capital to be deployed through existing nonprofit organizations, banks, and community development financial institutions.” Additionally, in 2024, it will start deploying resources.
