Community banks open doors for homeowners and entrepreneurs

I am a proud daughter of Rondo I know the people the civilization and the heartbeat that drives our unique and vibrant St Paul neighborhood That history and legacy are a big part of why I chose to lead the Rondo Region Land Trust Rondo CLT Our place-based work is fostering a Rondo Renaissance creating new Twin Cities dining destinations like Golden Thyme enhancing entrepreneurial opportunities with affordable commercial space leases elevating one-of-a-kind art through our Rondo African American Arts District RAAD and ensuring generations of families can purchase affordable homes Our population land trust model is a proven innovative approach to address our state s affordable housing situation where the median Twin Cities home price has reached a whopping Our work is also critical to give entrepreneurs with a vision a place to launch their business and reach new customers But all of this work isn t done in a bubble it takes a shared commitment and partnership Neighborhood banks are one of those key partners helping our mission in Rondo move from vision to reality Rondo CLT works with numerous local banks because they are embedded within our communities They are vital partners with a unique insight into the demands and challenges of their customers This close-knit relationship not only fosters a deeper understanding but also enables locality banks to tailor their services to the demands of their customers from small business loans to personal banking solutions that cater to local demographics Mikeya Griffin is executive director of the Rondo Locality Land Trust Credit Courtesy Photo Society banks make great partners because they see opportunity to serve to help and to uplift They are essential in supporting the mission of organizations like Rondo CLT and people who are frequently underbanked including a multitude of first-time or minority homeowners and entrepreneurs Continued opportunities for traditionally underserved communities are imperative but it also depends on population banks being able to continue to offer accessible loans The efficacy of group banks is directly tied to their financial medical which depends on the diversity and stability of their funding Without access to a broad range of financial information population banks face vital challenges in maintaining their liquidity and by extension their ability to credibly compete This is where innovative funding strategies become critical such as apps and third-party partnerships with platforms such as Raisin that allow local financial institutions to source liquidity more broadly such as sourcing deposits from beyond our immediate home geography The ability to tap into these varied funding streams allows our banks to continue their operations smoothly and meet the necessities of their customer base So when we speak of partnerships to build economic opportunity and address our affordable housing problem nonprofits and group banks also look to a third partner our elected officers From critical advocacy for federal housing programs to policies that enhance the funding mechanisms available to district banks we can ensure that our institutions are truly partnering to build an ecosystem that drives opportunities for homeownership for small businesses and for traditionally underserved communities Ensuring society banks can continue to be leading society partners for homeowners and small businesses is not just about sound financial strategy It is about committing to the economic and social well-being of neighborhoods like Rondo and communities across Minnesota Rondo CLT has been innovating and providing affordable housing opportunities for more than three decades and district bank partnerships have been a part of that work Our population land trust model opens paths for homeownership economic mobility and financial independence Mikeya Griffin is executive director of the Rondo Public Land Trust The post Society banks open doors for homeowners and entrepreneurs appeared first on MinnPost