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Spring Bank

Certified B Corporation
Headquarters

New York, United States

Certified Since

April 2016

Sector

Service with Minor Environmental Footprint

Countries of Operations

United States

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.

Overall B Impact Score

Based on the B Impact assessment, Spring Bank earned an overall score of 136.2. The median score for ordinary businesses who complete the assessment is currently 50.9.
136.2
136.2 Overall B Impact Score
80 Qualifies for B Corp Certification
50.9 Median Score for Ordinary Businesses

Governance 23.6

The Governance Impact Area evaluates a company's overall mission, engagement around its social and environmental impact, ethics, and transparency. This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.

Mission & Engagement3.0
Corporate Accountability1.7
Ethics2.0
Transparency6.8
+ Mission Locked10

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Workers 27.5

The Workers Impact Area evaluates a company's contributions to its employees' financial security, health and safety, wellness, career development, as well as overall engagement and satisfaction. In addition, this section recognizes business models designed to benefit workers, such as companies that are at least 40% owned by non-executive employees and those that have workforce development programs to support individuals with barriers to employment.

Compensation & Wages8.5
Benefits9.3
Training & Education1.9
Worker Ownership3.3
Management & Worker Communication1.8
Job Flexibility/Corporate Culture1.7

Community 24.6

The Community Impact Area evaluates a company's engagement with and impact on the communities in which it operates, hires from, and sources from. Topics include diversity, equity, and inclusion; economic impact; civic engagement; charitable giving; and supply chain management. In addition, this section recognizes business models that are designed to address specific community-oriented problems, such as poverty alleviation through fair trade sourcing or distribution via microenterprises, producer cooperative models, locally focused economic development, and formal charitable giving commitments.

Job Creation3.1
Diversity & Inclusion3.8
Civic Engagement & Giving4.5
Local Involvement9.0
Suppliers, Distributors & Product4.0

Environment 5.2

The Environment Impact Area evaluates a company's overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity. This includes the direct impact of a company's operations and, when applicable, its supply chain and distribution channels. This section also recognizes companies with environmentally innovative production processes and those that sell products or services that have a positive environmental impact. Some examples might include products and services that create renewable energy, reduce consumption or waste, conserve land or wildlife, provide less toxic alternatives to the market, or educate people about environmental problems.

Land, Office, Plant2.9
Inputs0.9
Outputs0.7
+ Green Lending0

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Customers 55.2

The Customers Impact Area evaluates a company's stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels. In addition, this section recognizes products or services that are designed to address a particular social problem for or through its customers, such as health or educational products, arts and media products, serving underserved customers or clients, and services that improve the social impact of other businesses or organizations.

+ Portfolio Reporting0
+ Targeted for Investment6
+ Leadership & Outreach5.4
+ Investment Criteria4.6
+ Portfolio Management8
+ Serving in Need Populations30

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.



Previous Overall B Impact Scores

2018 Overall B Impact Score136.2
2016 Overall B Impact Score110.5

Additional Documentation

Spring Bank Disclosure Questionnaire


Best for the World

Each year, B Lab releases lists honoring the top-performing Certified B Corporations overall as well as within each Impact Area.

Best For The World: Changemaker2019
Best For The World: Governance2019
Best For The World: Customers2019
Best For The World: Overall2019
Best For The World: Customers2018
Best For The World: Customers2017

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