WINNERS of the Carver Federal Savings Bank and Greater Harlem Chamber of Commerce 2022 Women Business Pitch Competition

Carver Federal Savings Bank (“Carver” or the “Bank”), a U.S. Treasury Certified Community Development Financial Institution (CDFI) in partnership with the Greater Harlem Chamber of Commerce (GHCC), announced the winners of the 2022 Minority Women-Owned Business Pitch Competition.

Dozens of Harlem business owners, community leaders and government officials came together to highlight important community issues and recognize two women-owned businesses that are making progress in reducing their carbon footprint. The entrepreneurs received a $5,000 grant from Carver Bank to fund initiatives that would improve the energy efficiency of their business.

The competition, designed to encourage sustainable investment in climate change action to reduce the disproportionate negative impact on communities of color, invited applicants to submit written business plans which were judged by a Carver Bank executive panel. Throughout the competition period, the competition has generated interest from women entrepreneurs across New York State.

Carver Bank President and CEO Michael T. Pugh said: “The Women Business Pitch competition is about the entrepreneurial journey of our clients and what they stand for. These contest winners are just two of the many examples of successful business leadership our entrepreneur program is helping to elevate in our banking community. »

He added: “Both winners are using their business and taking innovative action to fight climate change. A – Simple Beautiful – is expanding its use of efficient LED lighting and deploying the resulting energy savings to launch a new line of CBD Hemp products – a first of its kind in Harlem. The second entrepreneur – The Brownstone – applies new marketing methods to conserve hundreds of thousands of pages of paper from trees by creating a digital catalog that she can instead distribute to the retail company’s more than 5,000 loyal customers. These small actions by small businesses generate significant climate benefits in terms of reducing carbon emissions while developing new activities. »

After careful consideration, Princess Jenkins of The Brownstone and Diane Da Costa of Simple Beautiful were declared winners for their sustainable investing goals to reduce waste, save energy and reduce emissions.

Jenkins plans to use the prize to help launch a digital catalog to 5,000 customers, which will save more than 200 trees and 100,000 sheets of paper per tree. The digital catalog will help reintroduce the brand and increase annual revenue. The prize will also be used for energy-efficient lighting and task lighting to reduce costs and energy consumption.

Princess Jenkins of The Brownstone said: “As The Brownstone celebrates its 24th anniversary, we mark the loss of the Reverend Calvin Butts, and we celebrate that his wife chose The Brownstone for us to dress her when they renewed their vows on their 50th birthday.^e Wedding anniversary.”

She went on to explain how she and her team considered options to reduce their carbon footprint. “As you know, lighting is essential in clothing stores to showcase their products. We wanted to do more than just lights and given the impact of COVID on retail, we have asked how we could engage our 5,000 customers while preserving the environment?” Jenkins concluded, “We found a digital catalog that would save over 200 trees – enough to cover the length of Harlem’s famous 125.^e street – and eliminate the need for 200,000 sheets of paper to produce a printed catalog. The digital approach will make us look ‘super bad’ so our customers can click, buy and save the environment at the same time!”

Da Costa shared that the prize will be used to upgrade to LED lighting, a new energy-efficient HVAC system, a new low-flow toilet system, and sustainable, biodegradable packaging for Simplee’s CBD wellness products. Beautiful. These upgrades will use 75% less energy, reduce water waste and support Simplee Beautiful’s commitment to being a sustainable, energy efficient and clean beauty salon and retail boutique.

Diana Da Costa of Simplee Beautiful said: “This grant builds on our eco-friendly salon practices. Everything in our space is holistic, botanical, and designed to conserve energy. We recognized that we were missing a component in our brow section and needed additional lighting for the service.

She continued, “We showcased the benefits of a clean air, clean light salon with clean product packaging for health and wellness. The award allows us to install the latest air conditioning technology to purify indoor air quality, add more efficient lighting for eyebrow services, and launch the first line of CBD Hemp products owned by black women in Harlem, with biodegradable and sustainable packaging.

The winners received a “BIG” check at a reception at the Carver Federal Savings Bank branch on 125^e Street in Harlem, New York. Elected officials who were on hand to meet the winners and celebrate the innovative spirit of Harlem’s small business community included:

1. Manhattan Borough President Mark Levine
2. New York County District Attorney Alvin Bragg
3. NYS Senator Cordell Cleare
4. New York State Senator Robert Jackson
5. NYS Assemblyman Inez Dickens
6. NYS Assemblyman Eddie Gibbs
7. NYS Assembly Member Al Taylor

Carver Bank and the Greater Harlem Chamber of Commerce aim to expand the businesswoman pitch competition and increase the prize pool next year.

Some photos and videos of the event are available here.

Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company of Carver Federal Savings Bank, a federally chartered savings bank. Based in Harlem, NY, Carver is one of the largest African American-run banks in the United States, serving minority communities whose residents, businesses and institutions had limited access to traditional financial services since 1948. The U.S. Treasury Department designated Carver as a Community Development Financial Institution (CDFI) because of its community-focused banking services and dedication to the economic viability and revitalization of its local community. Carver is the largest bank run by African and Caribbean Americans in the United States. The Bank recently expanded its online presence to include checking and savings accounts in nine states, from Massachusetts to Virginia and Washington, DC. For more information, please visit the Company’s website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn and Twitter.

Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to various factors, risks and uncertainties. More information about these factors, risks and uncertainties can be found in our filings with the Securities and Exchange Commission. SOURCE Carver Federal Savings Bank

Contact Details

William Thomas

+1 646-213-2342

wthomas@butlerpr.com

Company Website

https://www.carverbank.com

News Source: News Direct