The National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and socially responsible organizations nationwide, recently announced the closing of a $438,000 real estate loan to The Hub Bike Co-op, a worker owned and operated co-op located in Minneapolis, Minnesota. The loan is an example of NCB’s continued commitment to financing projects at the heart of local communities.
NCB’s loan proceeds were used for the co-op to acquire and renovate a larger store in Minneapolis to expand its retail operations. The co-op will continue to lease its previous building for back-house operations. Additional funds to finance the project were provided by Shared Capital Cooperative.
The Hub Bike Co-op sells bicycles, bicycle parts and gear, and offers bicycle repair and maintenance services. The co-op has three stores in the Minneapolis community. Founded in 2002 as a LLC, the company converted to a worker-owned cooperative in 2008. As a worker owned co-op, The Hub Bike Co-op is owned and managed by seventeen employees, each with an equal stake in the business.
“NCB is very excited to provide financing to The Hub Bike Co-op and help the co-op expand its retail operations”, said Brian Misenheimer, Senior Vice President of National Cooperative Bank. “Our history in lending to cooperatives and our commitment to helping small businesses grow made NCB a great financial partner for the project.”
The Hub Bike Co-op is very active in the community and supports various initiatives throughout the year. The Hub Bike Co-op dedicates 5 percent of its profits to support various causes including the cycling community, the city of Minneapolis and the environment.
National Cooperative Bank 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. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. Headquartered in Washington, D.C., the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.