ARLINGTON, Va.–TheNational Cooperative Bank, which serves cooperatives and socially responsible organizations, has announced a $4.5 million participation in $10 million of secondary capital investments to CBC Federal Credit Union in Ventura County, Calif. NCB said it partnered with Inclusiv on the investment.
The 27,000-member CBC Federal Credit Union said it will utilize the $10 million to develop programs to help its members, including credit building loans, payday alternative loans, programs to extend outreach to the Hispanic community and a new checking account that will provide a pathway for members to transition to a full-service checking account responsibly.
Partners Since 2015
“NCB has been working with Inclusiv since 2015 in providing secondary capital loans to low-income credit unions in underserved communities," said Ann Fedorchak, director of Co-op and Community Development at NCB. “We are very proud to continue this program and help low-income credit unions create meaningful impact in the communities they serve.”
Added Eben Sheaffer, CFO/CIO at Inclusiv, “Inclusiv is very grateful for the partnership and support of National Cooperative Bank on this vital capital resource for Community Development Credit Unions such as CBC FCU. Supporting mission-focused Inclusiv member credit unions and the communities they serve is the primary focus of the Inclusiv Capital investment program. We look forward to further expanding our investments to help strengthen more underserved communities.”
‘Can’t Say Enough’
Rick Weber, president/ CEO of CBC FCU, further noted, “We can’t say enough great things about Inclusiv and their team of professionals that helped us build the plan and found us the funding to make our credit union’s vision possible. We were not only empowered by obtaining the secondary capital, but Inclusiv has become a tremendous resource in all aspects of serving the underserved.”