New Microloan Program is Driving Economic Empowerment for Small Businesses in Brooklyn, Harlem, and Across New York City
- Carver's microloan program addresses challenges faced by black and brown entrepreneurs and stimulates local economic activity
- 41% of small businesses run by black and brown entrepreneurs have closed or are on the cusp of closing due to pandemic-related financial hardships
Small businesses operating in Carver's community continue to be impacted by persistent economic headwinds. Notably,
"The
Carver's microloan program makes critical capital of between
- 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
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
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SOURCE Carver Federal Savings Bank