NCB Financial Group commits $391 million in capital to serve low-moderate income communities nationwide in 2009

Today, NCB Financial Group, consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported $391 million was deployed during 2009 to support underserved communities and cooperative expansion initiatives. The capital was provided through direct lending, investments and the facilitation of creative transactions that directly support low- to moderate-income communities in the following impact sectors.   

• Housing 
$118 million for housing cooperatives and affordable housing initiatives nationwide.

• Health Care 
$84.5 million to preserve and expand affordable healthcare and behavioral care for low-income families through community-based health centers.

• Education 
$73.4 million for charter school facilities.

• Small Business 
$35 million to support small businesses through our participation in the SBA loan program.

• Business Cooperatives 
$18.8 million to support independent business owners competing against national chains.

• Community Organizations & Nonprofits 
$59.6 million to finance community organizations focused on social and cultural enrichment.

• Investments & Grants 
$1.7 million to support entities serving low to moderate income communities.

“For over 30 years, the Bank has been an important source of financing for these impact sectors throughout the country. In today’s challenging economic environment we are even more committed to serving these groups.  The loans we have provided in the sectors have performed strong with low delinquencies and we are well-positioned to continue providing traditional financing through NCB, FSB, as well as non-traditional funding and technical assistance programs through NCB Capital Impact.” said Charles E. Snyder, President and CEO of National Consumer Cooperative Bank.