National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide recently announced the closing of a $1.4 million SBA 7(a) loan to Fredericksburg Food Cooperative, part of the $4.1 million project for the development of a new 10,000 square foot full-service natural and organic retail food store located in the Lee Plaza Center in Fredericksburg, VA.
As a consumer owned food co-op, access to SBA financing was limited due to a personal guarantee requirement. With a robust advocacy initiative and dedication from NCB and the leadership at the Fredericksburg Food Co-op, SBA approved a scenario where the food co-op could access the government program.
“New start up food co-ops can be difficult,” stated Dami Odetola, Vice President at National Cooperative Bank. “The leadership at Fredericksburg Food Co-op and the dedication of their volunteers is unprecedented. They have great support from the community and we look forward to the grand opening of the new store.”
Read more in a new article by PR Wire for Yahoo Finance: https://finance.yahoo.com/news/national-cooperative-bank-provides-historic-130000217.html