AdvantAge Mission Deposit Program
A deposit program offered by National Cooperative Bank
Purpose
National Cooperative Bank’s AdvantAge Mission Deposit Program is designed to support the LeverAge Finance Program.
Social investors’ long-term certificates of deposit (CDs) and matching funding from National Cooperative Bank will support
LeverAge’s affordable, long-term, fixed and variable rate loan products for not-for-profit and cooperative aging services and
senior housing models serving people with low-incomes.
April 4, 2016
Dear Colleague,
AdvantAge deposits may be made in two categories:
Securing financing for new and innovative projects in long term care can be very difficult
through traditional lending sources. LeadingAge, Grantmakers in Aging and National
Cooperative Bank (NCB) have joined together to create the LeverAge Finance Program. This
program will finance projects that can lead to improvements and potentially drive
transformation in long term, post-acute care and senior services in the non-for-profit sector.
LeverAge provides working capital lines of credit, secured pledge financing and real estate loans
to refinance existing debt and finance acquisition, expansion, leasehold improvements, and
start-up expenses.
Funding for Leverage is made possible by deposits in NCB. NCB also provides dollar for dollar
matching funds for deposits in the program. LeadingAge New York has already made a sizeable
deposit. Working together we can really impact the future of aging services by providing more
opportunities to develop new ideas and models for aging services.
Robert Jenkens from National Cooperative Bank will be at the LeadingAge New York Annual
Conference and Exposition in May to meet with members interested in learning more about
LeverAge. If you are interested in meeting with Robert, contact Kristen Myers at
[email protected] or at 518-867-8847. For more detailed information on LeverAge you
can contact Robert Jenkens at [email protected] or via telephone at 703-302-1950 or visit the
LeadingAge NY website at www.leadingageny.org.
Sincerely,
James W. Clyne Jr.
President & CEO
1. “Generator” deposits for the expansion of proven models that do not require credit enhancement
2. “Incubator” deposits for innovations, start-ups, and projects requiring credit support and gap financing
LeadingAge and Grantmakers in Aging have already committed over $500,000 in AdvantAge deposits. National Cooperative
Bank will match Generator deposits dollar for dollar to increase LeverAge lending capacity.
Generator Deposits
Generator deposits fund the
advantaged terms for LeverAge
loans. Generator depositors will
commit to longer terms (5-10
years) at below market rates of
interest. Generator deposit rates
and terms are:
5 to 10 year duration, per the
depositor’s election (10-year
CDs will fund mortgage lending
for housing projects, 5+ year
CDs will fund business lending
for services projects)
Generator CD rates will be
0.75%1 for 5-years and 1.5%1
for 10-years, FDIC insured up to
$250,0002
Generator depositors will not
have credit risk associated with LeverAge loans
Regular Generator CDs are not eligible for early withdrawal; substantial penalties apply
If a Generator deposit is not used to fund a LeverAge loan within 18 months of the date of deposit, the depositor may
either close the account without penalty or elect a National Cooperative Bank market rate offering of their choice
Generator deposits made with lender or investor required long-term reserves may be withdrawn early without
penalty if a reserve disbursement is required by a third party agreement referenced in the CD
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Adviser a publication of LeadingAge New York | Spring 2016
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