National Cooperative Bank Provides Vital Funding to Isla Vista Food Co-op
ARLINGTON, Va., Jan. 23, 2013 /PRNewswire/ -- National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, is proud to announce the completion of a $1.2 million real estate loan for Isla Vista Food Cooperative (IV Food Co-op) in Isla Vista, CA. The financing has enabled the cooperative to purchase the property it has occupied for over 30 years, and secure its place in the community for years to come. Michael Novak, Senior Vice President of NCB, made the announcement.
"We were very excited to work with Isla Vista Food Cooperative to arrange the necessary financing that enabled them to complete their building purchase," said Mr. Novak. "The Bank has a long history of providing essential capital to food cooperatives across the country. The IV Food Co-op staff and the community really rallied together to complete this transaction, and we are proud to have played a part in helping preserve this important community-based organization."
Focused on the financing needs of the cooperative community, NCB was the ideal partner for this food cooperative when it needed to arrange a mortgage for the property. Following an impressive grassroots fundraising campaign to raise the $200,000 down payment, the Bank worked closely with IV Food Co-op to address their financing needs, and ensure the cooperative did not lose its building to a larger retail grocer. NCB provided the first mortgage, along with an additional $200,000 from Northcountry Cooperative Development Fund (NCDF), to help complete the recent building purchase for $1.625 million.
NCB's Grocery program is a vital resource for the cooperative grocery community, providing over $33 million in new loans last year, and committed to providing $55 million more in the coming year. The Bank's program offers commercial loans, real estate loans, lines of credit, deposit products and full service cash management.
As part of last year's United Nations declaration of the International Year of the Cooperative in 2012, the Bank is continuing one of the initiative's main principles to promote the growth and stability of cooperatives. This is also a key mission of the Bank, which was established to meet the very needs of this community. As a cooperative itself, the Bank is able to work closely with its customers and build financing solutions tailored to address the needs of each member-owned organization.
The Isla Vista Food Cooperative is a community-owned business that began 40 years ago in the college town adjacent to the University of California, Santa Barbara. The cooperative has come to represent conscious consumption, ethical business and sustainable living for students and Isla Vista residents, serving as a hub of education, and a cornerstone of a vibrant, tight-knit community. For many in this community, the IV Food Co-op is the sole access to local, organic, and natural food.
For more information on financing available for grocery cooperatives, please contact Mike Novak at (510) 496-2232 or email@example.com.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.
Jordana Marks – Great Ink (212) 741-2977
Mary Alex Blanton – NCB (703) 302-8876
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SOURCE National Cooperative Bank