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National Cooperative Bank Provides Financing to Clifton Cooperative Market

Cincinnati Food Co-op Celebrates Grand Opening 

(Arlington, VA January 31, 2017)  National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and socially responsible organizations nationwide, is pleased to have provided a $1.875 million loan for the purchase of the real estate and leasehold improvements to Clifton Cooperative Market, a new food co-op located at 319 Ludlow Avenue, Cincinnati OH which filled the void in the community left by the former Keller's IGA. Clifton Cooperative Market held its grand opening festivities January 26th-January 28th.    

The store features a full suite of grocery options, including a café, a juice bar, a bakery, a salad bar, an array of prepared foods and a Brewery District, highlighting local craft beers. Clifton Cooperative Market will greatly benefit the community, which had been without convenient access to fresh and healthy foods for several years. Additionally, the store will add 81 jobs to the Cincinnati area.    

The $5.6 million project was a collaborative effort between NCB, Shared Capital Cooperative, Finance Fund and 1,500 community shareholders. Shares in the co-op will continue to be available for purchase and board members expect to reach 2,000 shareholders within the year.    

 “NCB is very excited to have worked with Shared Capital Cooperative, Finance Fund and Clifton Cooperative Market shareholders on this transaction. Our history in lending to food co-ops and our commitment to providing healthy, local food to communities is an integral part of NCB’s mission,” said Brian Misenheimer, Senior Vice President of National Cooperative Bank.    

“Opening Clifton Market is a huge success for our community”, said Marilyn Hyland, board member and Director of Marketing for Clifton Market.  “The collaborative effort from everyone involved has been the reason our store took less than three years to open- a huge achievement for a new food co-op.  We look forward to serving our Cincinnati community now and in the future.”    

 

About National Cooperative Bank  

National 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.