ST. PAUL — The Otto Bremer Trust has announced the initial recipients of program-related investments and grants for the second phase of its Community Benefit Financial Company $50 million emergency fund.
The second phase focuses on "a network of intermediaries, including community development financial institutions and community development corporations in Otto Bremer Trust's four-state region of Minnesota, Montana, North Dakota and Wisconsin," according to a news release.
"This work by the emergency fund will focus on deploying capital to rebuild community assets, such as damaged infrastructure, small businesses hurt by the economic crisis and investments to replace or retain critical services," co-CEO and trustee Daniel C. Reardon said in a written statement.
Seven organizations received nearly $3 million in investments and grants to mitigate the effects of COVID-19 and civil unrest. Among the recipients were five Twin Cities-based organizations, a Black River Falls, Wis., organization and a Missoula, Mont. firm.
Further information about Community Benefit Financial Company's emergency funds can be found by visiting OttoBremer.org.