A private-public coalition of philanthropic and business leaders has raised nearly $1 billion to boost Black homeownership, businesses and developments in the Twin Cities.
The GroundBreak Coalition, a group of more than 40 philanthropic and corporate entities, announced the fundraising milestone Tuesday. It comes more than a year after the coalition was launched with a goal of raising $5.3 billion over the next decade to help close racial wealth disparities and make broader changes in how capital is more equitably distributed.
“What makes this unique is that we’re not trying to raise a fund, we’re trying to create fundamental change,” said Tonya Allen, president of the McKnight Foundation in Minneapolis. “This is about changing the rules and changing the way that capital grows, and I think that those are game-changers.”
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