Carver Bancorp, a certified Community Development Financial Institution and a designated Minority Depository Institution, has announced the closing of a $25m revolving senior unsecured term loan with NY Green Bank.
The $25m facility will support Carver in financing initiatives aimed at reducing greenhouse gas emissions and promoting energy efficiency in building projects, fleet upgrades to electric vehicles, and electric vehicle charging station infrastructure. Investors involved include NY Green Bank.
Carver Bancorp, headquartered in Harlem, NY, was founded in 1948 to serve African American and Caribbean-American communities in New York, providing access to mainstream financial services. The company has since grown to become one of the largest African- and Caribbean-American managed banks in the United States.
The new funding will be used to finance green energy projects, including weatherization, electrification, and green technology. It will also support the working capital and asset-specific financing needs of MWBE contractors working on these projects.
Craig C. MacKay, Interim President and CEO of Carver, said, “Carver’s collaboration with NY Green Bank enables us to leverage critical funds needed to advance clean energy and build electrification projects in communities that have historically faced financial barriers.”
David Davenport, Managing Director at NY Green Bank, added, “NY Green Bank is proud to support Carver, whose commitment to serving diverse middle-income neighborhoods is well aligned with the energy benefit goals of the Community Decarbonization Fund.
“By providing mission-driven lenders like Carver with low-cost capital that supports sustainable infrastructure, we aim to advance New York State’s greenhouse gas reduction goals.”
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