National Cooperative Bank Releases 2023 Mission Report Highlighting Initiatives Serving Low-and-Moderate-Income Communities and New Cooperative Development

ARLINGTON, Va., April 18, 2024 /PRNewswire/ -- National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives and socially responsible organizations nationwide, committed $384 million of its overall annual production to initiatives serving low-and moderate-income communities and new cooperative development during 2023.

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: $103.7 million for affordable housing initiatives and low-and-moderate-income mortgage loans nationwide.
• Non-profit & Community Development: $16.9 million to finance commercial real estate in low-income areas and organizations focused on economic development.
• Credit Unions: $93.6 million to low-income or community development credit unions.
• Food: $24.6 million to expand access to healthy food in low-and moderate-income communities.
• Hardware: $9.1 million to support hardware retailers nationwide.
• Health Care: $31.7 million to support healthcare and aging services.
• Renewable Energy: $89.8 million to finance solar panel installation in low-and moderate-income communities.
• Small Business: $7.0 million to support small businesses.

In addition, NCB provided $7.2 million in contributions, investments, and grants to support entities serving low-income communities and co-op development.

Please read our full mission report: 2023 Mission Report

Contact:
Mary Alex Blanton ? NCB (703) 302-8876
[email protected]

SOURCE National Cooperative Bank