Business
Carver Federal Bank Launches Microloan Program to Support Underserved Entrepreneurs
Carver Federal Savings Bank, the largest publicly traded Black-owned bank in the U.S., has provided US$225 million in loans over the past five years to 183 businesses in underserved communities. As it approaches its 77th year, the bank is launching a two-year microloan program aimed at supporting African American and Caribbean entrepreneurs in New York.
The program, with US$5.5 million in funding, has gained strong demand, with businesses eagerly applying since its relaunch in summer 2023. Led by Lloyd Doaman, Executive Director of Carver Community Development Corp, the initiative has the potential to boost deposits and grants for the bank, despite recent financial challenges and leadership changes.
Microlending, a crucial financing option for underserved entrepreneurs, is a new venture for Carver, which has refined its approach with a streamlined process through a fintech partner to better serve applicants.