Minnesota’s future is bright, full of potential to thrive as a vibrant, diverse state where every community prospers and plays a vital role in our shared success. Imagine a state where the next generation of entrepreneurs are leading businesses that not only create jobs but foster exciting innovations with benefits for and beyond Minnesota; where more families build generational wealth through homeownership and lay foundations for their families’ future; and where a growing middle class becomes a force for prosperity for all.
The GroundBreak Coalition is committed to creating this future, starting first with one often overlooked but powerful solution: investing in the Black middle class – because when we build Black wealth, we don’t only uplift Black families, we strengthen entire communities.
We need only look to metro regions like Atlanta, Georgia; Washington, D.C.; and Charlotte, N.C., to see how a robust Black middle class can contribute to a region where all families have opportunities to prosper. Indeed, national estimates from McKinsey and Company suggest that targeted investments in building Black wealth could raise GDP by up to $4,300 per capita in 2028. These regions have capitalized on the deep history of business ownership, land development, civic leadership and stewardship in Black communities to write a new story of shared prosperity as they grow the Black middle class. Today, we find ourselves with the opportunity to invest in the brilliance of our residents, which will attract new talent to a place where they see they can thrive.
Despite this immense opportunity, Black residents in Minnesota continue to face persistent disparities rooted in our nation’s history of systemic racism. The Twin Cities ranks 62nd out of 100 metropolitan areas in terms of how well Black Americans are faring economically. Just 28.8% of Black residents own homes, compared to 77% of white homeowners.
Much of America’s history of racial discrimination has been enshrined in our financial systems, where – for example – the legacy of redlining continues to appear in modern disparities in mortgage denial rates. The Center for Economic Inclusion and the Federal Reserve Bank of Minneapolis report that in Minneapolis-St. Paul, Black mortgage applicants were three times more likely to be denied than their white peers “even after accounting for credit scores and other detailed application characteristics.” These numbers tell a story of missed opportunities and constrained economic growth. We know our Black neighbors abound with talent, creativity, persistence, and innovation, but unfair historic and systemic practices have prevented Minnesota from bringing this genius to life —to everyone’s detriment.
In the midst of partisan attacks that seek to divide us and are even causing some to retreat from their commitments to build a country where every person has the opportunity to prosper, the GroundBreak Coalition remains resolute. We are working hard to collectively rewrite the rules of these financial systems, ensuring they work for all our communities today, strengthen our state’s business sector, and position Minnesota for sustainable prosperity and growth. Coalition members are creating and deepening access to financial tools and resources designed first to build Black wealth and then benefit multiple communities. GroundBreak members are leading the charge by providing accessible capital and resources to support entrepreneurs, homebuyers, community-oriented developers and families as they invest in their futures and contribute to the local economy.
The benefits are clear: by generating Black wealth, we set the stage for a more prosperous, inclusive future that benefits everyone. The leadership, creativity and innovation that Black communities bring to the table can transform our economy for the better, and it’s time for us to fully embrace this potential. Let’s build Black wealth today so we can build a more equitable, prosperous tomorrow — for all.
Tawanna Black is the founder and CEO of the Center for Economic Inclusion and Living Truth Enterprises, Inc., and serves on the GroundBreak Coalition Executive Council. Erin Imon Gavin is the director of strategic initiatives for the Office of the President at the McKnight Foundation and serves as acting project director for the GroundBreak Coalition.
