Spring Bank

Loans, deposits

Bronx, New York

United States

www.springbankny.com

About Spring Bank

Spring Bank is an FDIC insured community bank headquartered in the Bronx, New York. In 2007, the bank opened in the South Bronx, the only bank to establish its base in this New York borough in over 30 years. The bank opened its second branch in Harlem in 2012. Spring Bank has been designated by the US Treasury as a Community Development Financial Institution (CDFI), in recognition of the investments and loans the bank makes in low and moderate income communities in New York City. Spring Bank is also a preferred lender with the US Small Business Administration (SBA).

Spring Bank’s mission is to pursue a double bottom line of providing returns to its shareholders and serving the needs of underserved consumers and small businesses in the New York City area. In neighborhoods where the use of high-cost fringe financial products is more the norm than the exception, the bank has created innovative depository and loan products designed to help unbanked and underbanked consumers avoid getting trapped in cycles of debt and build wealth. In addition the bank attempts to serve the needs of the small businesses that create wealth and jobs for residents of the New York City area.

We became a Certified B Corporation to join a community of companies recognized for socially responsible business practices. Becoming a B Corp allows us be transparent and accountable and measure our progress in meeting the social goals we have for our bank. In addition, we aim to continually improve the social benefits we provide to our stakeholders and feel it is important to learn from the great work of our B Corp peers.

The Change We Seek®

There are too many unbanked and underbanked individuals in urban neighborhoods. Spring Bank believes that poor and working class consumers should have access to safe and affordable financial products. Too many people rely on check cashers, money transmitters and non-mainstream financial service providers. Mainstream banks have traditionally neglected these consumers or set up accounts that end up costing more to poor consumers than fringe financial products. Spring Bank’s goal is to create transparent and affordable financial products to serve the needs of these consumers and demonstrate that this can be good business.

In addition Spring Bank believes that small business is vital to the US economy and to the revitalization of urban communities such as the Bronx. Small businesses have often been neglected by the larger banks and Spring Bank’s goal is to provide capital and services to these businesses so that they can continue to provide jobs and keep wealth from leaving the communities that need it most. Spring Bank seeks to encourage entrepreneurship and be a resource and partner to an important network of NGO’s and non-profits in New York City providing micro-loans and technical assistance to local entrepreneurs.

As an employer Spring Bank aims to hire locally and provide stable jobs that pay a living wage of no less than fifteen dollars per hour and provide good benefits.

In all of its objectives, Spring Bank seeks alliances with non-profits and other CDFI’s, community banks and credit unions to leverage the bank’s ability to reach as many consumers and small businesses as possible and to support the important work of peers and partners.

What makes us a better company?

B Impact Report

Certified since: 

April 2016
Summary:

Company Score

Median Score*

Environment

Environment

The Environment section of the Assessment evaluates a company's environmental performance through its facilities; materials, resource, and energy use; and emissions. Where applicable, it also considers a company's transportation/distribution channels and environmental impact of its supply chain. This section also measures whether a company's products or services are designed to solve an environmental issue, including products that aid in the provision of renewable energy, conserve resources, reduce waste, promote land/wildlife conservation, prevent toxic/hazardous substance or pollution, or educate, measure, or consult to solve environmental problems.

6
7
Workers

Workers

The Worker section of the survey assesses the company's relationship with its workforce. This section measures how the company treats its workers through compensation, benefits, training, and ownership opportunities provided to workers. It also focuses on the overall work environment within the company through management/worker communication, job flexibility and corporate culture, and worker health and safety practices.

20
18
Customers

Customers

The Customers section of the Assessment measures the impact a company has on its customers. The section focuses on whether a company sells products or services that promote public benefit, and if those products/services are targeted towards serving underserved populations. Questions in this section will measure whether a company's product or service is designed to solve a social or environmental issue (e.g. improves health, preserves environment or creates economic opportunity to individuals or communities, promotes the arts/sciences, or increases the flow of capital to purpose-driven enterprises).

51
N/A
Community

Community

The Community section of the survey assesses a company's impact on its community. The Community section evaluates a company's supplier relations, diversity, and involvement in the local community. The section also measures the company's practices and policies around community service and charitable giving. In addition, this section includes if a company's product or service is designed to solve a social issue, including access to basic services, health, education, economic opportunity, arts, and increasing the flow of capital to purpose-driven enterprises.

22
17
Governance

Governance

The Governance section of the Assessment evaluates a company's accountability and transparency. The section focuses on the company's mission, stakeholder engagement, and overall transparency of the company's practices and policies.

12
6
Overall B Score
111
55

80 out of 200 is eligible for certification

*Of all businesses that have completed the B Impact Assessment

*Median scores will not add up to overall

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