National Cooperative Bank (NCB), a financial services company dedicated to providing banking products and services to cooperatives and socially responsible organizations nationwide, announced the founding of Rochdale Capital.
Rochdale Capital is a newly formed, non-profit community development loan fund that 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.
John Holdsclaw IV was 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,” said 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.”
“I believe that ownership is the foundation to vibrant communities,” Holdsclaw 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 county on achieving this mission.”
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.
