AdvantAge Mission Deposit Program

Purpose

National Cooperative Bank’s AdvantAge Mission Deposit Program is designed to support the LeverAge Finance Program's affordable lending program for aging services and senior housing.  Social investors’ long-term certificates of deposit (CDs) and matching funding from National Cooperative Bank will support LeverAge’s affordable, long-term, fixed and variable rate loan products for not-for-profit and cooperative aging services and senior housing models serving people with low-incomes.

Deposits  

AdvantAge deposits may be made in two categories:

  • “Generator” deposits for the expansion of proven models that do not require credit enhancement
  • “Incubator” deposits for innovations, start-ups, and projects requiring credit support and gap financing

See the summary below of each deposit type.

Maximizing Reserves Returns 

Generator CDs provide for early withdrawal from the 5 or 10 year CD term with only a 30 day interest penalty should a referenced loan or bond agreement require a disbursal from the reserve account.  This “reserves” provision may allow some organizations to earn the Generator 5 or 10 year deposit rates while meeting lenders’ and investors’ liquidity and safety requirements, potentially increasing returns while supporting the LeverAge affordable lending program.   

LeverAge Partners’ Commitment 

LeadingAge and Grantmakers in Aging have already committed over $500,000 in AdvantAge deposits. National Cooperative Bank will match Generator deposits dollar for dollar to increase LeverAge lending capacity.

 

 Advantage Handout 

 

For more information on the AdvantAge Deposit program, please contact Robert Jenkens at (703) 302-1950. 



1 APY, rates are current as of 2/10/15 but are subject to change
2 Subject to FDIC rules and limitations on deposit insurance.