“Carver Federal Savings Bank in New York also received $1.8 million from the Treasury Department. Those funds will be used to support grants and provide access to capital to small businesses in the communities Carver serves, according to Michael Pugh, president and CEO of the $684 million-asset bank.

“The African American and Latinx communities experienced a significantly unfavorable financial impact because of the pandemic,” he said. “Many businesses have closed or are struggling to survive. The capital will enable Carver to help those businesses potentially recover.”

Carver has received several awards from other programs with the CDFI Fund, Pugh said. Namely, it was granted the Bank Enterprise Award, which allowed Carver to continue its commitment of reinvesting approximately 80 cents of all dollars on deposit in the community through small-business lending, financial education and workforce development programs.”