ARLINGTON, Va., April 20, 2023 /PRNewswire/ — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $475 million of its overall annual production to initiatives serving low-and moderate-income communities and new cooperative development during 2022.
NCB’s mission is to support and be an advocate for America’s cooperatives and their members, especially in low-income communities, by providing innovative financial and related services. The capital was provided through direct lending and investments in the following impact sectors:
- Housing: $175.7 million for affordable housing initiatives and low-and-moderate- income mortgage loans nationwide.
- Non-profit & Community Development: $43.4 million to finance commercial real estate in low-income areas and organizations focused on economic development.
- Credit Unions: $80.7 million to low-income or community development credit unions.
- Food: $8 million to expand access to healthy food in low-and moderate-income communities.
- Hardware: $8.2 million to support hardware retailers nationwide.
- Health Care: $53.9 million to support healthcare and aging services.
- Renewable Energy: $89.7 million to finance solar panel installation in low-and moderate-income communities.
- Small Business: $425,000 to support small businesses and farm loans.
In addition, NCB provided $12 million in facilitated transactions and $2.9 million to support entities serving low-income communities and co-op development.
Please read our full mission report: NCB 2022 Mission Report
Mary Alex Blanton – NCB (703) 302-8876
SOURCE National Cooperative Bank
Originally published at https://www.prnewswire.com/news-releases/national-cooperative-bank-releases-2022-mission-report-highlighting-initiatives-serving-low-and-moderate-income-communities-and-new-cooperative-development-301802259.html