Carver Federal Savings Bank
Carver Federal Savings Bank has served African-American communities traditionally denied access to debt capital for more than 60 years. From its headquarters in Harlem, the bank lends to consumers, businesses, non-profits, and faith-based institutions throughout New York City. Receiving accolades from the community, and regulatory agencies, Carver is a national leader among community development banks and minority owned institutions.
Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today that it signed an agreement with Moody's Analytics to begin incorporating the power of its CreditLens solutions to improve customer experience and provide enhancements like the ability to apply for credit through a one-click process typically only found at larger institutions. Carver expects to fully roll out the CreditLens platform to its business clientele in early 2022, including a full suite of enhanced small business loan products. Carver will continue to provide its customers with the same level of personalized banking services that have distinguished the MDI since its founding in Brooklyn and Harlem in 1948. The new platform will also improve the loan application and credit-risk assessment process for retail customers in the future.
Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, a certified Minority Depository Institution, and Bank of America Corporation announced today that they have closed a Senior Secured Social Impact Revolving Credit Facility with BlackRock's Alternative Solutions Group. BlackRock Alternative Solutions manages private market portfolios and invests across alternative asset classes, sectors and geographies on behalf of its clients. The transaction represents the first time that Carver has participated in a subscription line facility and is among the first-of-its-kind transactions where an MDI has joined as a co-lender. It is also the first subscription line transaction with an MDI lender for both BlackRock and Bank of America. The facility pairs Carver and Bank of America's lending and advisory capabilities with BlackRock's investment expertise, including in the areas of social impact and sustainable investing.
The current movement for racial reconciliation has raised awareness of the centuries-long wealth gap in America between whites and people of color—and of the role Black-owned banks can play to bridge it. Even if you don’t have a team of money managers or hundreds of millions to shift to Black-owned institutions, you can still start an account with a bank dedicated to investing in underserved communities. Banks mentioned include Carver Federal Savings Bank, City First Bank, First Independence Bank, and OneUnited Bank.