NCB Commits $10 Million to the Inclusiv Southern Equity Fund to Provide Secondary Capital Loans to Low-Income Credit Unions in the South

Arlington, VA (November 25, 2019) National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, is pleased to announce its commitment of $10 million to the $45 million Southern Equity Fund, a partnership between Inclusiv and the Kresge Foundation to address economic insecurity in low-income and communities of color in 17 southern states.

Southern states have the highest concentrations of persistent poverty and the highest concentrations of predatory financial services, including payday lenders.

The Southern Equity Fund will make investments of up to $5 million in secondary capital loans to high-impact community development credit unions in some of the regions most distressed and persistent poverty areas.

“NCB has been working with Inclusiv since 2015 in providing secondary capital loans to low-income credit unions in underserved communities,” stated Ann Fedorchak, Director of Co-op and Community Development at NCB. “We are very proud to continue this program and help low- income credit unions create meaningful impact in the communities they serve.”