Carver Federal Savings Bank and The Greater Harlem Chamber of Commerce
“Double Up On Success” of Women Entrepreneurs, 4 Winners To Get $10,000 Each
Carver Federal Savings Bank (“Carver” or the “Bank”), a certified Minority Depository Institution (“MDI”), in partnership with The Greater Harlem Chamber of Commerce (GHCC), announced the 2023 Minority Women-Owned Business Pitch Competition.
Building upon the success of last year’s inaugural pitch competition, this year’s contest doubles not only the number of winners but also the size of the prizes, with four minority women business owners set to receive grant awards of $10,000 each.
The pitch competition was designed in response to climate change and the disproportionate negative impact on communities of color. Women entrepreneurs aged 18 or older, whose businesses are in the Greater New York Area, are invited to submit a written application about their business, including their plans on how they will use the grant funds to enhance and grow their operations. The submission period ends Thursday, September 21, 2023, at 4:00 pm ET.
These grants can be used towards the purchase of equipment, technology, or operational systems to support energy efficiency and improvements. In addition to the grant award, winners of the competition will have access to a member of the Carver Executive Team (supported by a member of The Chamber Executive Team) to discuss the strategy and implementation of the grant, deposits, small business loans, and additional resources needed to support the business. Winners will also receive additional technical support and services from Mastercard, which is sponsoring this year’s competition.
A total of $40,000 will be awarded to four minority women business owners with each recipient receiving $10,000.
Carver Bank President and CEO Michael Pugh said, “We’re not just investing in ideas – we’re investing in the future of our communities. Through this competition, we’re empowering women entrepreneurs to foster growth, innovation, and resilience in their communities. Together, Carver Federal Savings Bank and GHCC are not only providing financial support but also a pathway to strategic guidance, resources, and a brighter, more sustainable tomorrow for all.”
Climate change poses a fundamental threat to humanity, underscoring the responsibility of business proprietors to contribute to environmentally conscious practices within their operations. Nevertheless, not all small business entrepreneurs possess the resources or financial means needed to implement crucial ecological enhancements. This is particularly evident among women and minority small business proprietors, who have historically faced barriers to wealth generation and financial access.
The partnership between Carver and GHCC offers women-owned businesses an opportunity to showcase their ingenuity and facilitates their ability to secure essential funding. This funding will enable them to transition their enterprises towards greater sustainability and viability in the years ahead.
Minority women-owned businesses located in the five boroughs of New York City will be eligible to make applications for this grant.
“The Board of Directors of The Greater Harlem Chamber of Commerce is pleased to sponsor the second annual Women-Owned Business Pitch Competition in partnership with Carver Federal Savings Bank, under the leadership of its President Michael Pugh, who is also a member of the Executive Committee of the Chamber,” said Lloyd Williams, President and CEO of the Greater Harlem Chamber of Commerce.
“Our Chamber and Carver agree on the importance of the need to prioritize and encourage the ongoing development and growth of Women Entrepreneurs & Businesses. We look forward to the continued growth of this initiative.”
Applications will be judged by Carver’s senior staff in partnership with The Chamber’s staff and additional lead sponsors. Winners will be announced in October and awarded their $10,000 grants in November.
About Carver Bancorp, Inc.Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. 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 the largest African- and Caribbean-American managed Bank 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, D.C. For further information, please visit the Company’s website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.
SOURCE Carver Federal Savings Bank