April 28, 2011

Berrie on Challenges in Obtaining Federal Tax Credits for Small Businesses

Peter Berrie talked to Finance & Commerce about the innovative way Sunrise Community Banks steers cash from federal New Market Tax Credits to smaller $500,000 to $2 million projects in the Twin Cities.

As Peter explained, the credits usually go to multimillion-dollar redevelopment projects because the extensive negotiations with the tax credit investor, leverage lender and the tax credit allocatee make it prohibitive to use the credits for any project under $5 million. Sunrise streamlines the process by pooling tax credit investments and eliminating two of the parties to these negotiations. The full article is available to subscribers only.

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