CDBA Member Partners with NYC Metropolitan Transportation Authority on Lending Program
Manhattan-based Carver Federal Savings Bank has parnered with Empire State Development Corp., a New York State economic development agency and the Metropolitan Transportation Authority (MTA) to make it easier for small businesses to bid on construction projects with the MTA. The state’s aim is to increase the availability of funds for the MTA’s high-capital projects through its Small Business Mentoring Program, which provides businesses with mentoring, training, surety bonding services and access to loan capital. The maximum amount of loans Carver Federal Savings Bank will provide has increased to $900,000, up from $150,000. This increase in the amount of lending through the bank is intended to help small businesses grow, create jobs, provide more competitive prices for MTA construction contracts, and save the state money, MTA CEO Thomas F. Prendergast said.