Arlington, VA (April 23, 2019) — National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking products and services to cooperatives, their members and socially responsible organizations nationwide, committed $240.4 million to initiatives serving low-and moderate-income communities and new cooperative development during 2018. The capital was provided through direct lending and investments in the following impact sectors:
• Housing- $126.2 million for housing cooperatives, unit loans and affordable housing initiatives nationwide.
• Credit Unions- $58.7 million to low-income or community development credit unions.
• Alaska/Native-$13.5 million to support businesses owned by Native Organizations.
• Food-$12.2 million to expand access to healthy food in low-and moderate- income communities.
• Small Business-$10.7 million to support small businesses including our participation in the SBA loan program.
• Health Care -$8.9 million to support healthcare and aging services.
• Community Development & Expansion-$8.5 million to finance commercial real estate in low-income areas and organizations focused on economic development.
• Investments & Grants-$1.7 million to support entities serving low-to moderate-income communities
“The impact we make in communities is what sets National Cooperative Bank apart from other financial institutions,” stated Charles E. Snyder, president & CEO. “In 2018, with our mission lending volume, we helped create 277 new jobs, provided capital to 46 affordable housing communities totaling 4,007 units and provided $22.2 million for new co-op development.”
Please read NCB's 2018 Mission Report: Mission Report