Pictured are (L-R) Grace Fricks, ACE President and CEO, with Joshua Brackett, ACE Chief Financial Officer, who was instrumental in collaborating on the successful application.
Carver State Bank is pleased to announce it and its partner, Access to Capital for Entrepreneurs (ACE) have been awarded $30 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund through Carver Financial Corporation, Carver State Bank’s holding company and affiliated Community Development Entity. This is Carver’s first federal NMTC allocation awarded by the CDFI Fund.
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments on projects in economically distressed communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years.
“As a Minority Depository Institution and a CDFI located outside of Atlanta we are excited to receive this award from the CDFI Fund that will enable us to work alongside Access to Capital for Entrepreneurs to bring much needed flexible financial products to the disadvantaged communities and businesses across Georgia,” said Carver State Bank President Robert E. James, Sr.
Grace Fricks, President and CEO of Access to Capital for Entrepreneurs said “We are honored by the CDFI Fund’s support and excited about the opportunity to work with Carver Financial Corporation and to bring this important capital resource to low-income, minority, and rural communities in our state.”
Since its inception in 2001, the NMTC program has contributed more than $44.4 billion to projects across the United States.
About Carver State Bank
Carver State Bank, founded in 1927, is certified by the U.S. Department of the Treasury CDFI Fund as a Community Development Financial Institution (CDFI), and New Markets Tax Credit allocatee. Carver is the only bank headquartered in Savannah that is certified by the United States Treasury Department as a CDFI and is one of only 23 African-American-owned commercial banks in the United States. Carver is a member of the National Bankers Association, the Community Development Bankers Association, and Georgia Bankers Association. Carver is an equal opportunity provider.