Sunrise Banks, based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise uses a “do good” approach to business with products that make a difference in communities. Sunrise Banks believes that using business as a force for good can multiply impact. Sunrise Banks is a Certified B Corp, a certification granted to organizations that demonstrate a commitment to transparent corporate governance, environmental stewardship and positive community impact. Sunrise is also a member of the Global Alliance for Banking on Values (GABV), a network of the world’s leading sustainable banks that use finance to deliver sustainable development for underserved people, communities and the environment.
When the Small Business Administration rolled out its Paycheck Protection Program, it set off a fire drill of sorts among bank technology executives, who had to quickly figure out how to accept applications from borrowers and load them into the SBA's system before the money ran out. Like other banks, the $1.4 billion-asset Sunrise Banks in St. Paul, Minn., had two weeks to decide whether to buy or build a solution, set it up, test it and take it live. As of June 5, Sunrise had made $216 million in paycheck protection loans. What follows is a look at how and why the bank made the technology choices it made and how it plans to use this technology for other purposes when the program ends.
Applications officially opened on April 3 for the new Paycheck Protection Program loans guaranteed by the Small Business Administration. The program is intended to help small businesses keep or rehire employees to get through at least part of the economic disruption from COVID-19. All or most of each loan can be forgiven, based on whether borrowers maintain employee levels they had before the economic disruption from the virus took hold. Serving small cities and towns and rural parts of Arkansas and the Mississippi Delta, Southern Bancorp was already approving and wiring Paycheck Protection Program loans to borrowers back on April 3. Sunrise Banks and Beneficial State Bank are also mentioned in the article.
Community Development Financial Institutions, or CDFIs, are utilizing all resources at their disposal to help small businesses stay afloat as the novel coronavirus spreads throughout the U.S. CDFIs serve customers typically overlooked by mainstream financial institutions. Beneficial State Bank, an FDIC-insured CDFI that provides commercial banking services to underserved communities, had received 500 phone calls a day about PPP two days before the program even launched on April 3, Interim CEO Randell Leach said. CDBA members Bank Plus, Mission Valley, NOAH Bank, Peoples Bank, and Sunrise Banks are also mentioned in the article.