Arlington, VA (November 14, 2023) — National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, recently closed a $635,000 loan for the acquisition and conversion of an existing True Value Hardware store to an ACE Hardware store.
For over 100 years, the Clouse family has owned and operated independent grocery, hardware, and self-service gas stations in the Michigan area. They currently own and operate 18 ACE Hardware stores. The new location, Manchester ACE will be the 19th store for the family. NCB’s loan proceeds will fund the conversion of the hardware store to ACE, expand the footprint of the location, purchase inventory and equipment and provide working capital.
With an extensive history in running independent businesses, the family has been honored with the “Most Improved Hardware Store” from ACE Corporate and Byron Clouse, one for the owners of Manchester ACE was named “Young Retailer of the Year” in 2018 from the National Retail Hardware Association.
“The Clouse family would like to thank NCB for financing our newest opportunity”, stated Byron Clouse. “We would also like to thank Darwin Ries for selling us his hardware store. We plan to renovate the building and put in a world class ACE hardware store for the Manchester community. The good Lord has blessed our family and we plan to continue to grow more sites utilizing NCB as our financial provider.”