National Cooperative Bank Commits $290 Million to Initiatives Serving Low to Moderate Income Communities and New Cooperative Development in 2015
Arlington, VA (February 19, 2016) — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $290 million to initiatives serving low-to-moderate income communities and new cooperative development during 2015. The capital was provided through direct lending, investments and the facilitation of creative transactions in the following impact sectors.
$170.3 million for housing cooperatives, unit loans and affordable housing initiatives nationwide.
Community Development & Expansion
$56.1 million to finance commercial real estate in low income areas and organizations focused on economic development.
$33.8 million to fund solar energy systems serving low to moderate income communities.
$10.1 million to expand access to healthy food in low and moderate income communities.
$9.5 million to support small businesses including our participation in the SBA loan program.
$2 million to support businesses owned by Native Organizations.
Investments & Grants
$8.4 million to support entities serving low to moderate income communities
“In 2015, we further expanded our lending efforts serving low and moderate income communities,” said Charles E. Snyder, CEO of National Cooperative Bank. “We also provided $47.6 million for new cooperative development, primarily in the food and housing sectors and developed a partnership program with ROC USA and MetLife to bring affordable homeownership to scale in 20 states through the conversion of manufactured home communities to cooperative ownership.”