Arlington, VA (April 18, 2024) — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $384 million of its overall annual production to initiatives serving low-and moderate-income communities and new cooperative development during 2023.
NCB’s mission is to support and be an advocate for America’s cooperatives and their members, especially in low-income communities, by providing innovative financial and related services. The capital was provided through direct lending and investments in the following impact sectors:
- Housing: $103.7 million for affordable housing initiatives and low-and-moderate-income mortgage loans nationwide.
- Non-profit & Community Development: $16.9 million to finance commercial real estate in low-income areas and organizations focused on economic development.
- Credit Unions: $93.6 million to low-income or community development credit unions.
- Food: $24.6 million to expand access to healthy food in low-and moderate-income communities.
- Hardware: $9.1 million to support hardware retailers nationwide.
- Health Care: $31.7 million to support healthcare and aging services.
- Renewable Energy: $89.8 million to finance solar panel installation in low-and moderate-income communities.
- Small Business: $7 million to support small businesses.
In addition, NCB provided $7.2 million in contributions, investments and grants to support entities serving low-income communities and co-op development.
Read our full mission report here: NCB Mission Report