Since it first opened its doors in 1949, Carver Federal Savings Bank has been a pioneering institution. That legacy continues today as Carver became New York's first participant in DOT's Short-Term Lending Program.
For more than 25 years, our loan guarantee program--run by our Office of Small and Disadvantaged Business Utilization--has offered the Disadvantaged Business community access to flexible lines of credit they can’t obtain elsewhere.
This credit allows small and disadvantaged companies to participate in transportation-related contracts, and it's really important for helping them get in the game and thrive.
President Obama and I fully understand that small businesses create most of the jobs in this country. And we want to see these companies emerge from the recession ready to grow and hire, or re-hire, all the workers they need.
But we also want these companies to compete for federal contracts on a level playing field.
That’s why DOT has already more than doubled the number of participating lenders nationwide as well as the amount of loan capital available. That expansion is the latest in a series of moves by the Obama Administration to help small businesses survive and thrive.
And now, thanks to Carver FSB and its Chair and CEO Deborah Wright, New York's 700 disadvantaged business enterprises don't need to go out of state to get access to a participating lender.
We know that transportation is a gateway to economic development in this country. And DOT is very proud to help small businesses make it in America by making our transportation systems stronger.
And we're grateful to Carver Federal Savings Bank for joining that effort.