NEW
YORK, Sept. 22, 2023 /PRNewswire/ -- Carver
Federal Savings Bank ("Carver"), a Community Development Financial
Institution ("CDFI") and a certified Minority Depository
Institution ("MDI"), is helping drive economic empowerment for
small businesses in New York City
through its innovative microloan program. Carver's program assists
entrepreneurs in accessing capital to grow their businesses in a
post-pandemic world. Leveraging algorithm-based software, Carver
goes beyond traditional credit scores that historically have
hindered borrowing eligibilities and capacities for black and brown
entrepreneurs.
Small businesses operating in Carver's community continue to be
impacted by persistent economic headwinds. Notably, 41% of small
businesses run by black and brown entrepreneurs have closed or are
on the cusp of closing as a result of financial hardships stemming
from the pandemic. More to the point, roughly 45 million U.S.
adults today do not have traditional credit scores.
"The Greater Harlem Chamber of Commerce is very proud of Carver
Bank's leading role in providing much-needed microloan assistance
to support and sustain deserving and needy small businesses in
major development hubs of Brooklyn, Queens, and Harlem," said Lloyd Williams, President of The Greater Harlem
Chamber of Commerce. "We are pleased to recognize and
partner with Carver Bank as it celebrates its 75 years of
outstanding service to New York
City small businesses."
Carver's microloan program makes critical capital of between
$5,000 to $50,000 available to small business entrepreneurs
to address these long-standing small-dollar loan/capital challenges
in Carver's communities. The bank's efforts are producing fruit and
stimulating local economic activity. Please hear more from four
local NYC small business entrepreneurs who have accessed microloan
capital from Carver and how it is helping propel their companies to
new heights:
- Alfonso Wright, official Tea
Sommelier, Brooklyn Tea: "Post pandemic, we found opportunities
to expand, but needed to find the money to do so. Carver is our
local bank, so it always made sense for them to be our neighborhood
banker to help us expand our footprint in Brooklyn."
- Angela Price, Founder and
CEO, The Black Cake Company: "Some of our challenges have
included scaling our business, finding great employees, and
building our corporate and wholesale accounts. When I moved to
Brooklyn in 2008, I was looking
for a black community bank and found Carver. The Black Cake Company
has been a Carver customer for 14 years. Receiving a microloan from
Carver was critical for us—it came at an important juncture when we
were growing our business. The microloan enabled us to meet
payroll, purchase supplies and ingredients, and cover marketing
expenses."
- Diana Da Costa, Founder,
SimpleeBEAUTIFUL and SimpleeCBD: "I have always known about
Carver Bank being a staple in the black community. The Carver
microloan allowed us to hire a summer intern, order inventory, and
further develop the SimpleeCBD brand in the Harlem community and
beyond."
- Atiba Stevenson and
Joel Clacken, The Suite
Restaurant: "Inflation, including the rising cost of goods,
staffing shortages, and access to capital, have been our biggest
challenges. One of the things that intrigued us about Carver was
how the bank reinvested roughly 80% of its deposit dollars back
into the community through attractively priced loan capital. Among
other things, Carver's microloan program allowed us to retain
employees in the community."
"Carver's mission is to provide access to capital and to be
champions for the underserved community in New York City," said Michael T. Pugh, President and Chief
Executive Officer of Carver Federal Savings Bank. "Our
microloan program is an opportunity for us to help small businesses
recover from the pandemic and economic downturns and build a
thriving future. We thank Charter Communications, Webster Bank, UBS, M&T Bank, and all our
partners who have played a vital role in successfully launching our
new microloan program."
For more details on the Carver microloan program, please click
here or email Lloyd Doaman,
Executive Director, Carver Community Development Corporation, at
Lloyd.Doaman@carverbank.com.
About Carver Bancorp, Inc.
Carver Bancorp, Inc.
(NASDAQ: CARV) is the holding company for Carver Federal Savings
Bank, a federally chartered stock savings bank. Headquartered in
Harlem, NY, Carver was founded in 1948 to serve African-American
communities whose residents, businesses, and institutions had
limited access to mainstream financial services. The U.S. Treasury
Department has designated Carver as a Community Development
Financial Institution ("CDFI") because of its community-focused
banking services and dedication to its local community's economic
viability and revitalization. Carver is one of the largest African-
and Caribbean-American managed banks in the United States. The Bank recently expanded
its online presence to include consumer checking and savings
accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information,
please visit the Company's website at www.carverbank.com. Be sure
to connect with Carver on Facebook, LinkedIn, and Twitter.
Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com
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SOURCE Carver Federal Savings Bank