National Cooperative Bank Provides Financing to Tanaina Child Development Center
Arlington, VA- (June 27, 2017)- National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, recently announced the closing of a $620,000 loan to fund leasehold improvements for Tanaina Child Development Center (Tanaina), a private non-profit 501 (c) (3) organization located in Anchorage, AK.
Tanaina is a non-profit organization dedicated to serving 18-month to 5-year old children in the Anchorage community. The organization provides an early childcare program on the campus of the University of Alaska Anchorage (UAA). The childcare program serves UAA students, UAA employees, and the greater Anchorage community.
The childcare program was forced to relocate from its location on the UAA campus in May 2015 to a temporary location in Anchorage when the UAA needed the space for other University business. In response to Tanaina’s continued need for a permanent location, Alaska Regional Hospital offered to lease one of its medical office buildings on the UAA campus as a gift-in-kind contribution to Tanaina. Tanaina’s childcare program will be housed at 1200 Airport Heights Road in Anchorage. The new facility includes 9,000 square feet of indoor space and 38,000 square feet on the exterior to be used for a playground. NCB’s loan proceeds will fund the leasehold improvements needed to transform the donated space into a licensed child development center.
In addition to Alaska Regional Hospital, Rasmuson Foundation, a $625 million, long standing family trust benefiting the residents of Alaska, is providing a $250,000 direct grant and an unlimited liquidity support agreement to Tanaina.
Early childhood development is an important sector in the Alaskan economy. Nearly 1 in 6 workers- or 15% of Alaska’s workforce is dependent on early childcare and learning services.
“NCB is extremely excited to provide financing to Tanaina Child Development Center and help the organization fund its relocation expenses”, said Bob Montanari, Senior Vice President at National Cooperative Bank. “We recognize the great value Tanaina provides the local Anchorage community and we are proud to work with such a valuable community organization.”