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Bremer Bank today announced that its affiliated Community Development Entity, Bremer CDE, LLC, has been awarded $65 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.

“Bremer’s closely held purpose is to cultivate thriving communities, and this CDFI award is a critical piece in furthering that work. With this award, Bremer will thoughtfully partner with both urban and rural organizations on critical projects that will make a lasting, positive impact on the communities that we have served for over 80 years,” said President and CEO Jeanne Crain.

Today’s announcement brings the total amount awarded through the NMTC Program to more than $81 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. In 2023, 196 CDEs applied for $14.7 billion in NMTC allocations. Bremer CDE, which has received two previous NMTC allocation awards totaling $75 million, was was one of 104 applicants selected.

From increasing access to fresh foods to enabling projects that provide increased access to community goods and services, such as quality healthcare and other social services, NMTCs provides Bremer Bank with additional capacity to partner with innovative organizations doing meaningful work in urban and rural communities across the upper Midwest – from small businesses, nonprofit organizations, healthcare facilities and more.

To date, Bremer CDE’s NMTC investments have increased access to fresh food and vital community services for 17,884 and 32,825 individuals respectively. Past community partners and recipients of Bremer CDE’s NMTC allocation include Riverwood Healthcare in northern Minnesota, the Turtle Mountain Recovery Center in Belcourt, North Dakota, the Viroqua Food Cooperative in southwest Wisconsin, and Boys & Girls Clubs of Detroit Lakes & Perham.

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