Carver Federal Savings Bank ("Carver" or the "Bank"), a certified Minority Depository Institution ("MDI"), and Operation HOPE, Inc., the nation’s largest non-profit dedicated to financial empowerment for underserved communities, are partnering to provide financial literacy training to entrepreneurs and “side hustle extraordinaires” to become credit-ready and secure access to loans that help grow their businesses while uplifting their communities.
The new collaboration is designed to support economic empowerment in communities of color, which have historically lacked credit or collateral to achieve their financial goals.
Through the partnership, Carver and Operation HOPE aim to help these small business owners access capital. The program requires the prospective borrower to participate in financial literacy courses and demonstrate their readiness to manage credit and achieve specific financial goals. Once complete, the prospective borrower’s application will be evaluated in an equitable manner that accounts for the full picture of business fundamentals along with the potential social impact.
The initiative’s unique approach dovetails with Carver’s legacy of erasing barriers to economic opportunity since 1948 and aligns with Operation HOPE’s mission to make free enterprise work for everyone. As a Black-owned bank, Carver is continuing the work started by President Abraham Lincoln through the Freedman’s Bank, which was established in 1865. The institution’s goal was to aid formerly enslaved Black Americans, support land grants and teach them about how the US financial system works.
Carver Bank President and CEO Michael Pugh said, “Access to credit is vital for local economies to flourish. Strong financial education skills are equally as important as they are essential to help achieve financial freedom.” He added, “Carver’s partnership with Operation HOPE will get prospective borrowers ready to secure capital and streamlines the lending process by working with applicants in advance to enhance the quality of their request and achieve overall success.”
“For far too long, a lack of financial literacy, low credit scores, and limited access to capital have hindered economic growth and opportunity for entrepreneurs, particularly in underserved communities,” said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. “In keeping with the legacy of the Freedman’s Bank, Operation HOPE’s collaboration with Carver serves as tangible progress toward empowering small business owners and ensuring greater financial inclusion for all Americans.”
Operation HOPE’s team of certified coaches will be on-premise at two Carver branches –in Harlem and Brooklyn, NY. They will hold in-person office hours for financial literacy training and consultations at least two days per week. Each will also be accessible virtually on a scheduled basis, including nights and weekends to provide maximum flexibility for program participants.
Prospective borrowers can be connected by phone or video to Operation HOPE specialists by visiting any Carver Bank branch.
To see Operation HOPE specialists in person, prospective borrowers are encouraged to call ahead to confirm office hour status and visit one of the following two Carver Bank locations:
Harlem Location
Carver Federal Savings Bank
142 Malcolm X Boulevard
New York, NY 10026
Phone: 718-230-2900
Monday - Friday 9:00 a.m.- 5:00 p.m.
Saturday 9:00 a.m.-1:00 p.m.
ATMs on site with 24 hr. access
Brooklyn Location
Carver Federal Savings Bank
Atlantic Terminal Mall
4 Hanson Place
Brooklyn, NY 11217
Phone: 718-230-2900
Monday - Friday 9:00 a.m.- 5:00 p.m.
Saturday 9:00 a.m.- 1:00 p.m.
ATMs on site with 24 hr. access
Note: While the program is up and running, a formal press event is being planned for the Fall.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver is one of the largest African American managed banks in the United States, serving minority communities whose residents, businesses, and institutions had limited access to mainstream financial services since 1948. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution (CDFI) because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is the largest African- and Caribbean-American managed Bank in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. Project 5117 is HOPE’s unique approach to combating economic inequality that aims to improve financial literacy, increase business role models and business internships for youth in underserved communities, and stabilize the American dream by boosting FICO scores. Operation HOPE recently received its eighth consecutive 4-star charity rating for fiscal management and commitment to transparency and accountability by the prestigious non-profit evaluator, Charity Navigator. For more information: OperationHOPE.org. Join the conversation on social media at @operationhope.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.
Contact Details
William Thomas
+1 646-213-2342
Operation HOPE
Lalohni Campbell
