U.S. Transportation Secretary Ray LaHood has announced that Carver Federal Savings Bank will become the first to partake New York lender in the U.S. Department of Transportations Short Term Lending Program (STLP).This bank is the major African-American bank in the United States and the only participating lender in New York. The partnership with DOT continues Carver's long history of service to the petite business community.

This program is administered by the USDOT Office of Small and Disadvantaged Business Utilization. It is designed to help small and deprived businesses gain right of entry to the financing where they need to contend for transportation-related contracts, such as American Recovery and Reinvestment Act 2009 (ARRA) projects. Under STLP, the DOT guarantees up to $750,000 in loans with participating banks for small & deprived businesses. The loan guaranty provides a spinning line of acclaim for effort on transportation associated contracts.

"This statement is another instance of the Obama Administration's dedication to helping minority-owned small businesses realize the American revelation and contribute to making our transportation systems even better," said Secretary LaHood.
The part of petite businesses in creating superior quality and stable jobs is vital to the American dream, and we are grateful to the Obama Administration and Secretary LaHood for their recognition of the significance of small businesses in underserved communities." said Carver

The accord between Carver Federal Savings Bank and the Department of Transportation marks a fantastic chance for marginal owned businesses, not just in Brooklyn but across the region. This notice should offer much-needed admission to capital for minority businesses, which will lead to more jobs.

The US DOT's Office of Small and Disadvantaged Business Utilization was created as part of the Small Business Act (SBA) to ensure that petite and deprived businesses are provided highest feasible chance to participate in the agency's astringent process.