The National Cooperative Bank (NCB) has launched a new development loan fund, Rochdale Capital, to support co-ops and other community-based organizations.
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 honored 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 U.S. Treasury later this year, thus joining the more than 1,200 private-sector organizations 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.
John Holdsclaw IV recently spoke in a panel discussion for a webinar hosted by NCBA CLUSA exploring how economic leaders within the Community Development Financial Institution (CDFI) ecosystem are working in partnership with Black and African American cooperators to create opportunities that break barriers to success.