Virginia Food Co-op and Illinois grocer KD Market receive loans from National Cooperative Bank

National Cooperative Bank (NCB) on Thursday announced the closing of a $950,000 SBA loan to Lovettsville Cooperative Market, a member-owned food co-op in Lovettsville, Virginia, which opened its doors on Nov. 1.

The Lovettsville Cooperative Market, at 11 Town Center Drive, #150, in Lovettsville, Virginia, now has over 1,200 owners. And on Saturday, the full-service, community-owned grocery store will host a grand opening celebration that will feature music, prizes, the chance to meet local vendors and more.

“New start-up food co-ops can be difficult,” said Dami Odetola, VP at National Cooperative Bank, in a statement. “The co-op has had great support of the community and has worked hard since 2011 to make the opening of the co-op a reality. We look forward to continuing our support of Lovettsville and their commitment to their community.”

Dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, NCB also recently announced the closing of a $6.3 million loan to finance the fifth location of KD Market in Crystal Lake, Illinois, and to refinance existing debt.

The new KD Market, which will be at 29 Crystal Lake Plaza in Crystal Lake, Illinois, will open next summer and will be the grocer's largest store at approximately 41,000 square feet, NCB said in a statement. KD Market is a Polish grocery store that has been serving the Chicago area since 1998. The grocer’s newest location will continue its traditional offerings but is also looking to expand its product selection to include a more diverse range of international foods and in-store dining.

“Independent grocery retailers are critical to serving the needs of local communities,” said Damon Ralph, VP of NCB, in a statement. "NCB is proud to work with KD Market on helping them expand their reach in serving their community with a niche focus of product offerings.”