Applications are now open to upper Midwest organizations interested in applying for funding from the allotment of $65 million in federal New Markets Tax Credit (NMTC) awarded to Bremer Bank’s community development entity (CDE), Bremer CDE, LLC. The funding is allocated for investment in Bremer Bank communities located in Minnesota, Wisconsin and North Dakota. Eligible applicants include small businesses, nonprofit organizations, healthcare facilities and other entities that provide community support.
“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 more than 80 years,” said Bremer President and CEO Jeanne Crain.
Out of 196 CDEs that applied for $14.7 billion in available tax credit from the U.S. Department of the Treasury, Bremer CDE is one of 104 that received awards. The total award given to Bremer CDE is larger than most. “We were among only 12 who received $65 million,” said Tracy Hubbard, Bremer’s community development finance director. “That validates the work we are proposing.”