Arlington, VA ( April 16, 2020)— National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $352 million to initiatives serving low-to-moderate income communities and new cooperative development during 2019. The capital was provided through direct lending and investments in the following impact sectors:
- Housing
- $181 million for housing cooperatives, unit loans and affordable housing initiatives nationwide.
- Alaska/Native
- $8.2 million to support businesses owned by Native Organizations.
- Community Development & Expansion
- $43.2 million to finance commercial real estate in low- income areas and organizations focused on economic development.
- Credit Union
- $47.1 million to low -income or community development credit unions.
- Food
- $13.7 million to expand access to healthy food in low- and moderate- income communities.
- Healthcare
- $31.9 million to support healthcare and aging services.
- Renewable Energy
- $13.2 million to finance solar panel installation in low and moderate- income communities.
- Small Business
- $6.7 million to support small businesses including our participation in the SBA loan program.
- Investments & Grants
- $1.1 million to support entities serving low income communities.
- Facilitated Transactions
- $5.8 in facilitated transactions serving low-income communities.
“The impact we make in communities is what sets National Cooperative Bank apart from other financial institutions,” stated Charles E. Snyder, CEO. “In 2019, with our mission lending volume, we helped create 776 new jobs, provided capital to 46 affordable housing communities totaling 4,366 units and provided $63.5 million for new co-op development.”
