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Bremer Bank awarded $35 million by U.S. Department of Treasury to invest in and help cultivate thriving communities

07.22.20
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Bremer Bank today announced that its affiliated Community Development Entity, Bremer CDE, LLC, has been awarded $35 million of federal New Markets Tax Credit (NMTC) allocation to invest in and support the communities it serves. Distributed by the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund, the NMTC allocation will be used to partner with organizations in the rural and urban communities that Bremer serves across Minnesota, Wisconsin and North Dakota. The purpose of the funding is to spark investments in low-income communities.

“Since its founding, Bremer Bank’s mission has been centered around working with the economic engines of our communities to help them grow and thrive,” said Jeanne Crain, President and CEO of Bremer. “This CDFI award is an important tool that helps Bremer to thoughtfully partner with both urban and rural organizations on critical projects that will make a lasting, positive impact on the communities we serve.”

Since 2001, the NMTC program has contributed $61 billion to projects across the U.S., creating more than one million jobs and providing funding for 5,400 businesses in low-income communities. In 2020, 206 CDEs applied for $14.7 billion in NMTC allocations; Bremer CDE was one of 76 applicants selected. Bremer CDE received its first NMTC allocation award of $40 million in 2016. To date, Bremer CDE’s NMTC investments have helped create or retain nearly 800 permanent and construction jobs and more than 170,000 square feet of commercial real estate space.

From creating quality, accessible jobs and increasing access to fresh foods to enabling projects that provide community goods and services, NMTCs provide the investment necessary to spark economic growth for communities and projects in need. It provides Bremer with additional capacity to partner with innovative organizations doing meaningful work in urban and rural communities across the Upper Midwest – including small businesses, nonprofit organizations, healthcare facilities and more.

Click here for more information on how to apply for NMTC funding through Bremer CDE.


About Bremer Financial Corporation

Bremer Financial Corporation is a privately held, $13 billion regional financial services company jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, mortgage, investment, wealth management, trust and insurance products and services throughout Minnesota, North Dakota and Wisconsin. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.