Case Study: The Coven Richfield brings community coworking to the Twin Cities suburbs with Sunrise Banks New Markets Tax Credit financing

The Coven Richfield: Bringing Co-Working and Community Building to the Twin Cities Suburbs

The Coven Richfield, a women-owned coworking space franchise, sought to open a new location in a low-to-moderate income area of Richfield but required financing to transform a former medical clinic. With the help of Sunrise Banks, they secured a New Markets Tax Credit (NMTC) allocation, a federal program designed to spur economic growth in qualifying communities.

Sunrise Banks provided the essential NMTC financing, which made the complex project more accessible and affordable for the small business owners. This solution allowed The Coven Richfield to successfully open in April 2026, creating a vibrant community hub that supports local entrepreneurs and draws daytime foot traffic to boost the local economy. The project also models wealth generation for women, who own less than 3% of commercial real estate.

The Coven Richfield