Arlington, VA (August 2, 2016) — Steven Brookner, president of National Cooperative Bank, N.A. (NCB), a
leading financial services company serving cooperatives and socially
responsible organizations nationwide, was one of the featured guest speakers at
the Rural Business Lending National Stakeholder Forum held on July 29, 2016 at
the United States Department of Agriculture (USDA) along with Lisa Mensah,
Under Secretary for Rural Development and Doug O’Brien, Senior Policy Advisor for Rural Affairs,
White House Domestic Policy Council.
During the forum, Mr. Brookner applauded USDA Rural Development for their
vision and support of changing the regulation to the Business & Industry
Guaranteed Loan Program (B&I), an initiative which has been in place since
1996 that will now benefit worker cooperatives.
During the forum discussion, Mr. Brookner emphasized that, “Cooperatives
have a much lower failure rate than those businesses with sole proprietorships.
They tend to be better tied into their communities, thus, supported by those
communities. The loan program preserves rural businesses that might have
otherwise closed, as well as opportunities for rural job preservation and
wealth creation through ownership.”
The recent enhancements to the B&I Program will offer cooperatives deeper,
quicker, and more affordable access to capital, important in regions where
alternative financing options are scarce.
Mr. Brookner also noted, “We appreciate and support the changes to the
B&I Program, and believe they will have a positive impact on rural America
and its cooperative movement. These changes will help National Cooperative Bank
to better serve its members and the cooperative sector in general.”
About National Cooperative Bank:
Cooperative Bank is dedicated to strengthening communities nationwide through
the delivery of banking and financial services, complemented by a special focus
on cooperative expansion and economic development. NCB provides financial
products and services for the nation’s cooperatives, their members, and
socially responsible organizations. Headquartered in Washington, DC, the Bank
has offices in Alaska, California, New York, Ohio and Virginia. To learn more,
visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or
on Twitter @natlcoopbank.