National Cooperative Bank Commits $256 Million to Initiatives Serving Low to Moderate Income Communities and New Cooperative Development in 2016
Arlington, VA (April 5, 2017) — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $256 million to initiatives serving low-to-moderate income communities and new cooperative development during 2016. The capital was provided through direct lending and investments in the following impact sectors.
Housing - $173 million for housing cooperatives, unit loans and affordable housing initiatives nationwide.
Community Development & Expansion - $3.7 million to finance commercial real estate in low income areas and organizations focused on economic development.
Renewable Energy - $52.5 million to fund solar energy systems serving low to moderate income communities.
Food - $6.0 million to expand access to healthy food in low and moderate income communities.
Small Business - $15.7 million to support small businesses including our participation in the SBA loan program.
Health Care - $3.3 million to support health care and aging services.
Investments & Grants - $1.7 million to support entities serving low to moderate income communities
“In 2016, we further expanded our lending efforts serving low and moderate income communities,” said Charles E. Snyder, CEO of National Cooperative Bank. “The impact we make in communities is what sets NCB apart from other institutions. Last year, with our mission lending, we helped create 165 new jobs, financed 12 solar energy projects providing 105.7 MW of power and provided capital to 45 affordable housing communities totaling 5.548 units.”
Please use the link to read our full mission banking report.