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New Microloan Program is Driving Economic Empowerment for Small Businesses in Brooklyn, Harlem, and Across New York City

Introduction

Carver Federal Savings Bank, a certified Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), is taking a leading role in supporting small businesses in New York City. Their innovative microloan program is providing entrepreneurs, especially black and brown entrepreneurs, with access to capital to grow their businesses in the post-pandemic world. By using algorithm-based software, Carver goes beyond traditional credit scores to increase borrowing eligibilities and capacities for marginalized entrepreneurs.

The Economic Challenges Faced by Small Businesses

The persistent economic headwinds have significantly impacted small businesses in Carver’s community. Financial hardships resulting from the pandemic have forced 41% of small businesses owned by black and brown entrepreneurs to close or face closure. Additionally, approximately 45 million U.S. adults lack traditional credit scores, further hindering their ability to access capital.

Support from The Greater Harlem Chamber of Commerce

The Greater Harlem Chamber of Commerce recognizes and partners with Carver Bank in their efforts to provide microloan assistance to deserving and needy small businesses in major development hubs like Brooklyn, Queens, and Harlem. This collaboration aims to sustain and support local businesses in these communities that have been adversely affected by the economic challenges.

Testimonials from Small Business Entrepreneurs

Carver’s microloan program has made a significant impact on small business entrepreneurs in New York City. Four local NYC entrepreneurs who have accessed microloan capital from Carver share their success stories:

• Alfonso Wright, official Tea Sommelier of Brooklyn Tea: Carver’s local presence enabled Brooklyn Tea to expand its footprint in Brooklyn by providing the necessary funds to seize post-pandemic opportunities.
• Angela Price, Founder and CEO of The Black Cake Company: Carver’s microloan came at a critical juncture when The Black Cake Company was scaling its business. It enabled them to meet payroll, purchase supplies, and cover marketing expenses.
• Diana Da Costa, Founder of SimpleeBEAUTIFUL and SimpleeCBD: The Carver microloan allowed SimpleeBEAUTIFUL to hire a summer intern, order inventory, and further develop the SimpleeCBD brand in the Harlem community.
• Atiba Stevenson and Joel Clacken from The Suite Restaurant: Carver’s microloan program helped The Suite Restaurant overcome inflation, staffing shortages, and access to capital challenges. It allowed them to retain employees in the community.

Carver’s Mission and Recognitions

Carver Federal Savings Bank’s mission is to provide access to capital and champion the underserved community in New York City. The bank’s microloan program plays a vital role in assisting small businesses to recover from the pandemic and build a thriving future. The success of the program would not be possible without the support of Charter Communications, Webster Bank, UBS, M&T Bank, and other partners who have been instrumental in its launch.

How AI legalese decoder Can Help

AI legalese decoder can assist in this situation by simplifying complex legal and financial documents, making them more understandable to entrepreneurs. By inputting the terms and conditions of Carver’s microloan program into the AI legalese decoder, entrepreneurs can quickly decipher the eligibility requirements, borrowing terms, and other crucial information. This AI-powered tool eliminates confusion and ensures black and brown entrepreneurs can fully understand and take advantage of the opportunities offered by Carver’s program.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Established in 1948, Carver aims to provide banking services to African-American communities that had limited access to mainstream financial services. Recognized as a Community Development Financial Institution (CDFI), Carver is dedicated to the economic viability and revitalization of its local community. It is one of the largest African- and Caribbean-American managed banks in the United States.

Contact Information

For more details on the Carver microloan program, please click
here or email Lloyd Doaman, Executive Director of Carver Community Development Corporation, at [email protected].

Media Contact

Michael Herley for Carver

Phone: 203.308.1409

Email: [email protected]

Original Content

View original content to download multimedia:
https://www.prnewswire.com/news-releases/new-microloan-program-is-driving-economic-empowerment-for-small-businesses-in-brooklyn-harlem-and-across-new-york-city-301935657.html

Source: Carver Federal Savings Bank

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