Carver FSB adds to legacy, joins DOT Lending Program

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.

Comments

[Michael E. Bailey]

It is great to see more small businesses being helped to compete with large corporations for contracts and in the process allow transportation projects to be enclusive, not exclusive. Our People First Orange County group held its monthly meeting on Wednesday and did a Community Jobs Forum. One of the things the group thinks will happen is a large increase in micro-enterprises owned and operated by disabled persons that employ from 1 to 3 people each. The group also thinks there will be a major increase in supported community based employment of disabled persons because of the "Employment First Policy" passed by the legislature and signed in October that will emphasize real jobs instead of workshops. Best wishes, Michael E. Bailey.

[STO Guide]

I agree with Michael. It is really heartening to see such a positive trend towards small businesses. This is what true capitalism is.

[California Blogger]

Good move, Carver Federal Savings Bank. Congrats!