Brooklyn Small Business Loan Opportunity

Small businesses in the New York area, particularly those that are minority owned, will want to take note of this opportunity. Since September 2023, Carver Federal Savings Bank, a certified Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), has pioneered an innovative microloan program aimed at fostering economic empowerment for small businesses across New York City.

Traditional credit score limitations have historically impeded the borrowing potential of black and brown entrepreneurs. To address this disparity, Carver utilizes algorithm-based software, transcending conventional credit evaluation methods. This approach broadens borrowing eligibility, enabling access to critical capital for previously underserved communities.

The economic downturn caused by the pandemic hit minority-owned businesses particularly hard, with a staggering 41% facing closure or teetering on the edge of financial collapse. Moreover, approximately 45 million American adults lack traditional credit scores, further exacerbating the barriers to accessing financial support.

Recognizing the need, Carver’s microloan program intervenes, offering capital ranging from $5,000 to $50,000 to small business owners in Brooklyn, Queens, and Harlem.

Through these microloans, businesses like The Black Cake Company, Brooklyn Tea, SimpleeBEAUTIFUL, and The Suite Restaurant have experienced transformative growth. Learn more about these opportunities that help us all when one business is helped.