Sunrise Banks: B-Corps Put Social Purpose over Profits
Come January, when companies in Minnesota can officially register as benefit corporations, Sunrise Banks hopes to be one of the first in line. B-Corps are able declare social impact goals along with profit goals and are shielded from shareholder lawsuits charging that social impact has come at the detriment of profit goals. A growing number of states now offer the classification. “What this means from a local standpoint is over 60 percent of our loans are made each year in low and moderate income communities,” Sunrise CEO and CDBA Board of Directors member David Reiling says. Reiling thinks the designation could boost Sunrise Banks' brand -- and profitability.