US National Cooperative Bank granted over $1.5bn in loans in 2020

Based in Arlington, USA, the bank has been serving the co-operative sector for over 40 years

The USA’s National Cooperative Brank reported $1.51bn (£1.10bn) in loan originations for 2020.

The bank, which serves co-ops, their members and socially responsible organisations across the country, announced it had originated $954m (£697.07m) in financing for housing communities and other commercial real estate projects across the country.

Its national retail team originated $248m (£181.21m) for 949 individual unit owners while its Local Ohio retail team originated 101 loans totalling $8.8m (£6.43m).

The bank’s Commercial Lines of Business originated $299m (£218m), including $90m (£65.76m) for Paycheck Protection Program (PPP) loans to co-op organisations and small businesses nationwide. The PPP loans help businesses keep their workforce employed during the Covid-19 crisis and small businesses are eligible for forgiveness.

Casey Fannon, president of the National Cooperative Bank, said: “Given the uncertain environment in 2020, NCB had a successful year in loan originations. Low interest rates assisted in our strong performance and the ability to serve our customers providing PPP loans to help their business during the economic crisis.”

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