NAN & Charter Communications Make a Major Investment in Minority-Owned Businesses by Providing Carver Bancorp with a $1.5 Million Low-Cost Loan—
Additional Capital Provides an Important Stimulus for Carver’s Lending in Minority Communities
(NEW YORK – January 18, 2020) — National Action Network (NAN) and Charter Communications, Inc. (Charter) today announced the Spectrum Community Investment Loan Fund (Loan Fund) will make a long-dated, below-market-rate loan of $1.5 million to Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for Carver Federal Savings Bank (Carver or the Bank) – the largest publicly traded African and Caribbean-American managed bank in the United States. This investment represents the first tranche of Charter’s previously announced commitment to invest $3 million directly in Community Development Financial Institutions (CDFIs) such as Carver, in partnership with NAN. To further underscore its commitment to communities of color, Charter is making a $1 million long-term deposit in Carver as part of its pledge to support Minority Depository Institutions (MDIs). The $1.5 million in additional liquidity and the $1 million long-term deposit will enable Carver to increase its low-interest loan production to Minority- and Women-Owned Business Entrepreneurs (MWBEs).
“NAN’s partnership with Charter Communications to invest significant dollars in the Black community couldn’t come at a better time and will help ease the economic hits Black businesses have taken in the wake of the COVID-19 pandemic,” said Reverend Al Sharpton, NAN’s Founder and President. “I’m especially proud to launch this on the day we honor Dr. King because his fight for racial equality included pushing for an economy that fostered financial growth and empowerment for Black people. This investment and the vital low-interest small-business loans it will fund will continue NAN’s work to achieve economic equality and support Black businesses and Black entrepreneurs.”
“Charter is an important part of the communities we serve and we are invested in their success across our footprint,” said Tom Rutledge, Chairman and CEO of Charter. “These investments in Carver, our continued partnership with Reverend Sharpton and NAN, and the $16 million being invested by the Spectrum Community Investment Loan Fund across the country, are making low-interest loans available to help strengthen diverse-owned small businesses and provide a lasting economic impact vital to the continued development and growth of these financially underserved communities.”
“We are very pleased to establish a partnership with National Action Network, Reverend Al Sharpton, and Charter Communications to support our mutual goal of economic recovery and growth with minority-led small businesses,” said Michael T. Pugh, President and CEO of Carver Bancorp, Inc. “A $1.5 million cash commitment through a below-market-rate loan to our holding company and a $1 million long-term deposit at the Bank affords Carver the opportunity to continue supporting Minority and Women-Owned Businesses Entrepreneurs at a time when many businesses have been negatively impacted by the pandemic. On behalf of Carver and the communities we serve, I want to thank the National Action Network, Reverend Al Sharpton, and Charter Communications for this investment in MWBEs.”
This is the latest investment made by Charter’s Spectrum Community Investment Loan Fund to support small businesses whose goods and services help meet core needs in financially underserved communities within its 41-state footprint. In addition to the $3 million being invested in CDFIs in partnership with NAN, the Loan Fund has previously announced $1 million CDFI investments in Pursuit Community Finance in New York, PeopleFund in Texas, the Economic and Community Development Institute (ECDI) in Ohio, Wisconsin Women’s Business Initiative Corp (WWBIC), the National Asian American Coalition in California, and Justine PETERSEN in Missouri, and committed $3 million to the National Urban Leagues’ Urban Empowerment Fund (UEF). Charter also provides each CDFI with a grant to fund technical assistance programs and professional training for small businesses to help establish sound business practices necessary for long-term growth.
About National Action Network (NAN)
National Action Network is one of the leading civil rights organizations in the nation with chapters throughout the entire United States. Founded in 1991 by Reverend Al Sharpton, NAN works within the spirit and tradition of Dr. Martin Luther King, Jr. to promote a modern civil rights agenda that includes the fight for one standard of justice, decency and equal opportunities for all people regardless of race, religion, nationality or gender.
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 30 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The company also distributes award-winning news coverage, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. More information about Charter can be found at corporate.charter.com.
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.