Organization: Carver Financial Corporation, the holding company for Carver State Bank in Savannah, GA, and Alamerica Bank in Birmingham, AL.

Award: Carver Financial Corporation received a $40 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Previous Awards: This is the third NMTC award for Carver Financial Corporation. They previously received a $30 million award in 2018 and a $50 million award in 2020.
• Significance: Carver Financial is the only community bank in Georgia to have received a NMTC allocation and was the first Georgia entity outside metro Atlanta to win such an award.

Impact:

• Job Creation: Carver leveraged previous awards to create over 1,000 permanent jobs.
• Healthcare Access: Their investments have resulted in over 96,000 patients receiving quality healthcare annually.
• Youth Services: The funding supports services for over 5,000 youth across Georgia every year.

Future Plans:

• Expansion: With the recent acquisition of Alamerica Bank, Carver plans to deploy the NMTC funds across both Georgia and Alabama.
• Project Focus: The funds will support larger projects ($5 million to $50 million) in manufacturing, healthcare, and youth services in rural and urban Alabama and Georgia. Smaller projects under $4 million will provide expansion capital to small businesses, particularly those owned by minorities.

Mission: Carver Financial Corporation aims to utilize every available tool to bring opportunity to Black and low-income communities across its target markets. They are dedicated to providing financial freedom and supporting economic growth in distressed areas through innovative solutions like the NMTC program.