Arlington, VA (March 25, 2021)— National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $399 million to initiatives serving low-and moderate-income communities and new cooperative development during 2020. The capital was provided through direct lending and investments in the following impact sectors:
$197.1 million for housing cooperatives, unit loans and affordable housing initiatives nationwide.
$18.1 million to support businesses owned by Native Organizations.
• Community Development & Expansion
$16.7 million to finance commercial real estate in low- income areas and organizations focused on economic development.
• Credit Union
$21.2 million to low-income or community development credit unions.
$59.7 million to expand access to healthy food in low-and moderate-income communities.
$19.1 million to support hardware retailers nationwide.
• Health Care
$25.7 million to support healthcare and aging services.
• Renewable Energy
$21 million to finance solar panel installation in low-and moderate-income communities.
• Small Business
$17.6 million to support small businesses and farm loans.
• Investments & Grants
$2.6 million to support entities serving low-income communities and co-op development.
“The impact we make in communities is what sets National Cooperative Bank apart from other financial institutions,” stated Casey Fannon, President of NCB. “In addition to our record lending results for 2020, NCB was a strong advocate for co-ops for COVID relief programs, committed $50,000 for the annual Co-op Innovation Awards, provided $145,000 in scholarships to students of color and grants to support racial justice and approved 246 Paycheck Protection Program loans totaling $107.4 million.”
Please read our full Mission Report.