The US National Cooperative Bank (NCB) says it has provided US$151,000 in grants to 74 non-profit organisations through NCB’s Corporate Contributions Committee.
The bank – which provides finance to co-operatives and socially responsible organisations across the country – made the grants through its Corporate Contributions Committee, which “is dedicated to making a difference in the community’
Bank employees volunteer their time to review grant applications from non-profit organisations each month and last year approved grants for a variety of organisations that address community needs, including education, community development, health and human services, arts and culture, co-operative development, and capacity building.
“NCB has a commitment to ‘Do Well, to Do Good’ and I am very pleased that we were able to distribute $151,000 to 74 local non-profits this year, many of which have a strong connection to an NCB employee,” said Casey Fannon, president and CEO. “Funds for this committee are made possible by a dollar-for-dollar match by from NCB’s employee giving campaign.”
Over the past five years, the CCC has proudly donated over $696,500 to various non-profit organisations.
Other news from NCB includes the closing last month of two loans totaling $9.2m to Seen Health San Gabriel Valley, LLC for a new Progran of All-inclusive Care for the Elderly (Pace) facility in San Gabriel, California.
Related: NCB loans $3.25m to Florida credit union
NCB loan proceeds will be used to finance capital expenditures and operating expenses for the new facility, in the heart of San Gabriel Valley. It will focus on Asian seniors who have historically been underserved due to language barriers, lack of access, and other culturally rooted challenges.
The Pace model is centred on the belief that it is better for the well-being of seniors with chronic care needs and their families to be served in the community whenever possible. Pace serves individuals who are age 55 or older, certified by their state to need nursing home care, can live safely in the community at the me of the enrolment, and live in a Pace service area.
And in January, the bank closed a $4m bridge loan to the Cottages at Drakes Creek for the acquisition of the multi-family property and to complete interior and exterior capital improvements for the new limited equity housing co-operative.
The Cottages at Drakes Creek is a 60-unit garden/low rise multi-family property in Goodlettsville, Tennessee, a suburb of Nashville near Old Hickory Lake. The property was built in 1985 and is situated on 7.32 acres of land.
The borrower received two grants for the project; a $7m grant for the acquisition of the property from Barnes Affordable Housing Trust Grant Round 12 which was awarded by Metro Nashville and a $248,000 grant from R.E.D. Academy/Amazon.
Upon the maturity of NCB’s loan, the property will be converted into a limited equity housing co-operative.
