"MINNEAPOLIS, MN – GroundBreak, a coalition of over 40 philanthropic, private, and public institutions working to create a more equitable Minneapolis-St. Paul (MSP) region, announced investments of nearly $1 billion ($926.75 million) to expand wealth building opportunities with a current focus on aspiring Black homebuyers, entrepreneurs, and commercial developers. This is a significant step toward the coalition’s goal of mobilizing $5.3 billion over the decade to expand equitable wealth-building through an innovative approach shaped by community members.
GroundBreak, launched in May 2022, aims to transform financial systems through a nation-leading effort to expand opportunity and shared prosperity. Unlike a traditional joint fund, GroundBreak is working to fundamentally change how capital flows within a region, building on proven financial tools and strategies, deep collaboration across philanthropic, financial, corporate, and public institutions, and collective investments.
Ahead of a Tuesday morning community gathering, the coalition released a report outlining its progress and detailing its early commitment of $926.75 million for financial tools and products that are expected to be available in the region by the end of 2024."