Arlington, VA (June 5, 2013) -- National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, is pleased to announce the completion of a $4.7 million loan for the Wheatsville Food Co-op in Austin, Texas. The financing enabled the grocery cooperative to refinance existing debt and provide leasehold improvements and equipment purchases related to its new South Austin location on 4001 South Lamar. This transaction marks the second time the food co-op has worked with NCB. Barry Silver, Executive Vice President of NCB, made the announcement.
“We were pleased to be able to provide the Wheatsville Food Co-op with the funding required to move ahead with their second location,” said Mr. Silver “The Bank has a long history of providing essential capital to food cooperatives and independent retailers across the country, and we are proud to support Wheatsville’s expansion. The co-op is a staple in the community, and a shining example of how these businesses can thrive and compete with more traditional grocery retailers.”
NCB’s Grocery program is a vital resource for the cooperative grocery community, providing over $33 million in new loans last year, and $16 million in the first quarter of 2013. The Bank’s program offers commercial loans, real estate loans, lines of credit, deposit products and full service cash management.
As part of last year’s United Nations declaration of the International Year of the Cooperative in 2012, the Bank is continuing one of the initiative’s main principles to promote the growth and stability of cooperatives. This is also a key mission of the Bank, which was established to meet the very needs of this community. As a cooperative itself, the Bank is able to work closely with its customers and build financing solutions tailored to address the needs of each member-owned organization.
The Wheatsville Food Co-op is a full service, natural foods cooperative grocery store, which has been serving the central Austin community since 1976. Wheatsville is the only retail food cooperative in Texas and has over 12,000 invested owners. Invested owners participate democratically and financially in the co-op. The co-op has been voted Best Neighborhood Grocery for six years in a row, starting in 2007.
For more information on financing available for grocery cooperatives, please contact Barry Silver at (703) 302-1955 firstname.lastname@example.org.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.