Sunrise Banks Helps its Community By Redefining Profit
Social good and banking don't often go hand-in-hand. David Reiling, CEO of Sunrise Banks, is trying to change that.
Reiling grew up in St. Paul, Minnesota, a witness to the immigrant experience in the urban core. When he and his father bought a bank together, their intention from the very beginning was to create a bank that measured success by the financial stability of the population they served.
They delivered by making small business loans to support job creation in their community.
"We want a healthy urban core that's a great place to live, play, worship," Reiling said.
A rising tide
Today Sunrise Banks continues to make a difference by empowering people from a financial wellness standpoint and partnering with nonprofits.
"They're in places where generally banks can't go," Reiling said. "But we can work through those nonprofits to help and have that social safety net to impact our community."
In all his business at the bank, Reiling pushes for a shared mindset of doing well and doing good. He strongly believes it is possible for a bank — and any for-profit institution — to choose to be both profitable and to make a difference.
"We can measure quantitative things very easily. 'How much money did you make? How many loans did you make?'" Reiling said. "We also are going to do qualitative aspects. 'How do we feel the community is doing? Is it better and can we measure that sentiment?'"
Learn more about Sunrise Banks' work as a for-profit business trying to do good.
This video is part of “Living for the City,” a Rewire initiative made possible by The John S. and James L. Knight Foundation and was produced in partnership with Social Alliance Enterprise Twin Cities.