Carver Bank launches “Cash Access Loans” initiative for small businesses

(Global Newswire) – Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank (“Carver”), last week announced that it has launched Cash Access Loans – an innovative and cost-competitive loans program for small businesses – aspiring entrepreneurs and retail consumers that offers a simplified loan application process.

“We developed our new loans program in response to a growing demand from our customers and community partners across Brooklyn, Manhattan and Queens who needed access to capital, but could not afford the high interest rates and hidden costs typically associated with credit cards and alternative providers like payday lenders,” said Blondel Pinnock, Carver’s Chief Lending Officer.

Pinnock added, “our lending business is designed to promote economic growth and create jobs in the communities we serve. We reinvest more than 80 cents of each dollar deposited with Carver back into the communities we serve including dollars lent through our Cash Access Loans program. More broadly, we work continuously to nurture an ecosystem of success for our customers and community partners through financial education programs and our diverse suite of cost-competitive products.”

Business Loans and Credit Lines

– Carver Cash Access Business Loans can provide small businesses and entrepreneurs with critical capital for business growth and operational needs, all at competitive rates with a quick turn-around time; and
– Products include (1) loans and lines of credit up to US$15,000; (2) secured loans up to US$5,000; and (3) overdraft lines of credit up to US$1,500.

Personal Loans and Credit Lines

– Carver Cash Access Personal Loans can help consumers cover the costs of home improvements, auto repairs, medical expenses or other unexpected emergencies; and
– Products include (1) loans up to $1,500; (2) secured loans up to US$5,000; and (3) overdraft lines of credit up to US$1,500.

Both programs offer secured loans that require a savings or certificate of deposit account at Carver and provide an excellent way to establish and strengthen credit history.

About Carver Bancorp, Inc.: Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. In light of its mission to promote economic development and revitalize underserved communities, Carver has been designated by the U.S. Department of the Treasury as a Community Development Financial Institution.

Carver is among the largest African- and Caribbean-American managed banks in the United States, with 9 full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company’s website at www.carverbank.com.