MN08 Stories and Data

Mary Stoick from Sunrise Bank in Minneapolis, Minnesota, is the reason my family’s business, which had been in operation for 71 years, is still thriving. We were on the verge of collapse, and being evicted from our old location at that point made it even more challenging. In a desperate attempt to save our business, I decided to take a risky gamble and enter the food truck business. We were incredibly fortunate with the outcome of that decision. While our food truck business was thriving, we faced significant difficulties in finding a lender with fair pricing. Mary informed us that unfortunately, all the allocated funds for their tax credit loan had been exhausted, and they would no longer be able to provide us with funding through that avenue. She emphasized the slim chances of success, urging me to let it go, but I refused to give up. I relentlessly pursued her for days, and finally, something gave way. There were just enough funds to allow us to continue our family legacy. We are now approaching 80 years old, and I have a son. If he chooses to follow in our footsteps, he could potentially extend our business history to 125 years. None of this would have been possible without Mary and Sunrise Bank. This is not an exaggerated or fabricated story; it’s a true account of my life. Mary stands out among many as one of the few who genuinely cares for her customers, making her a rare gem. I sincerely hope that this allocation goes through so that she can continue to do for others what she has done for me.

CDFIs are critical to driving real estate development in underserved communities and during challenging economic times. We have developed more than $100 M in projects using CDFI financing and it is a critical component to the capital stack, as well as important for delivering transformative projects to communities across the country.

I am a real estate broker and development consultant working with emerging developers, small businesses and nonprofits. Many of my clients cannot finance their projects with traditional debt and equity because they don’t come from generational wealth and because their projects are more challenging because they are in markets that are not achieving their full potential yet or meeting critical community needs that don’t produce quite as much profit. CDFI lending has stepped in the gap to solve dozens of critical projects that just need a little boost to get to the finish line, and CDFIs are critical partners to Platform’s work.

As an emerging CDFI serving the state of MN with small dollar consumer lending, this funding is essential to us to help combat predatory lending that strips wealth from low-income communities and allows us to provide stabilizing capital to communities to stay housed, employed, and (re)build credit to reach their asset building goals (e.g. car and home ownership) for the future.