The USA’s National Cooperative Bank (NCB) has launched a new development loan fund, Rochdale Capital, to support co-ops and other community-based organisations.
The non-profit community fund will provide financing and technical assistance across the country, with a focus on making financial services accessible to under-resourced communities, specifically to small and growing businesses owned by women and minorities..
It will be led by the NCB’s John Holdsclaw IV, who takes the roles of CEO and president.
“I believe that ownership is the foundation to vibrant communities,” he said. “Rochdale Capital was formed to advance the development of community ownership and asset building in rural and urban distressed communities.
“We look forward to working with NCB and other community development financial institutions (CDFIs) across the country on achieving this mission.”
Casey Fannon, acting president and CEO of the NCB, added: “National Cooperative Bank is honoured to provide the initial funding and be an ongoing strategic partner for Rochdale Capital.
“For over 43 years, NCB has had the mission of supporting low-income communities and the expansion of cooperative initiatives. With the creation of Rochdale Capital, we can make a greater impact in communities nationwide.”
Rochdale Capital hopes to be certified as a CDFI by the US Treasury later this year, thus joining the more than 1,200 private-sector organisations across the country that attract capital from private and public sources.
CDFIs provide financial services, loans, and investments, while offering training and technical assistance services in economically disadvantaged communities.
