Carver State Bank
Carver State Bank has been a vital part of the Savannah, GA community since it was founded as the Georgia Savings and Realty Corporation in 1927. The mission of Carver State Bank is to maintain a sound, profitable, growing institution by providing high-quality products and services for the Bank's customers, especially those in it's targeted communities.
The federal government is cracking down on alleged fraud in the Paycheck Protection Program. The Justice Department recently filed nearly 60 charges involving what it says are attempts to bilk over $175 million out of the program. Meanwhile, legitimate borrowers are working to get their loans forgiven. Now the government’s dilemma is whether to make it easy to get a PPP loan forgiven. One idea is automatically forgiving loans under $150,000, a provision of the Paycheck Protection Small Business Forgiveness Act that’s been introduced to the Senate. Robert James II at Carver State Bank in Georgia said that would help the bank avoid collecting on risky loans. “If the government makes it onerous and difficult for customers to get the loans forgiven, then we’re gonna really have a very unstable, potentially harmful asset on our books,” James said.
U.S. Bancorp Community Development Corporation (USBCDC) today announced $1.15 million in grants to more than a dozen Black-led Community Development Financial Institution (CDFI) partners and – in partnership with the U.S. Bank Foundation – a grant to the African American Alliance of CDFI CEOs. This is part of U.S. Bank's overall $116 million commitment to addressing social and economic inequities. A total of 15 CDFIs will receive grants ranging from $50,000 to $100,000. Among the banks receiving grants are CDBA members Carver State Bank, City First Bank of DC, The Harbor Bank of Maryland, and Southern Bancorp
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund has awarded $265 million to five CDFI banks and their affiliated entities, all of which are CDBA members. The CDFI bank awards are as follows: $50 million to Carver Financial Corporation, affiliated with Carver State Bank of Savannah, GA; $50 million to Harbor Bankshares Corporation, affiliated with The Harbor Bank of Maryland in Baltimore, MD; $50 million to SB New Markets CDE, LLC, affiliated with Sunrise Banks of Saint Paul, MN; $50 million to Southern Bancorp of Arkadelphia, AK; $65 million to UB Community Development LLC, affiliated with United Bank of Atmore, AL