National Cooperative Bank Provides $12 Million for Ukpeagvik Iñupiat Corporation
ANCHORAGE—National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, recently closed $12 million in financing to Ukpeagvik Iñupiat Corporation (UIC). The purpose of the loan is to refinance existing real estate debt and provide working capital for the native corporation’s business activities.
UIC, headquartered in Barrow Alaska, is a Native Corporation and one of Alaska’s largest companies. UIC provides social and economic resources to over 2,900 Iñupiat shareholders, and their descendants.
“National Cooperative Bank has been serving the needs of Alaska’s Native Village Corporations for 35 years. As a cooperatively owned financial institution our mission and values are aligned with the needs and business practices of the native corporations”, stated Jesse Janssen, NCB Vice President. “UIC supports NCB’s mission through its many subsidiaries, some of which construct low income housing for tribal and other non-profit organization in the Northwest United States.”
The $12 million financing transaction was structured with a U.S. Department of the Interior Bureau of Indian Affairs (BIA) loan guaranty and was recently recognized by the Bureau of Indian Affairs as NCB was designated as a BIA Preferred Lender.