ARLINGTON, Va.–TheNational Cooperative Bank (NCB) has formed Rochdale Capital, non-profit community development loan fund that it said will provide financing and technical assistance to cooperative enterprises and other community-based organizations.
With a national footprint, Rochdale Capital will focus on making financial services accessible to under-resourced communities, specifically to women and/or minority-owned small and growing businesses, according to NCB.
John Holdsclaw IV has been named president and CEO of Rochdale Capital.
“National Cooperative Bank is honored to provide the initial funding and be an ongoing strategic partner for Rochdale Capital,” stated Casey Fannon, acting CEO and President of National Cooperative Bank. “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.”
Goal to Become CDFI
NCB said Rochdale Capital hopes to be certified as a CDFI by the U.S. Treasury later this year.
“I believe that ownership is the foundation to vibrant communities,” added Holdsclaw. “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 county on achieving this mission.”
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