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Khismet Wearable Art, Millee Spears
Carver Bank's $25 Million Revolving Loan Facility to Support Building Decarbonization Projects
Jun 13 – Jun 26, 2024
carver bank

Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution and a designated Minority Depository Institution, is proud to announce the closing of a $25 million revolving senior unsecured term loan under the Community Decarbonization Fund with NY Green Bank. "Carver's collaboration with NY Green Bank enables us to leverage critical funds needed to advance clean energy and build electrification projects in communities that have historically faced financial barriers," said Craig C. MacKay, Interim President and CEO of Carver.

The loan facility will support the Bank in financing initiatives that reduce greenhouse gas emissions and promote energy efficiency in building projects, fleet upgrades to electric vehicles, and electric vehicle charging station infrastructure. Funding will also support the working capital and asset-specific financing needs of MWBE contractors working on green energy projects, weatherization, electrification, and green technology.

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 one of the largest African- and Caribbean-American managed banks 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, DC. The bank was named after inventor George Washington Carver. 

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