B Impact Report

Logo for Spring Bank

Spring Bank

Loans, deposits
Certified Since: April, 2016
Location: Bronx, New York, United States
Sector: Service with Minor Environmental Footprint

Overall B Impact Scoreinfo_outline

136.2

The B Impact Scores are being compared against all businesses that have completed the B Impact Assessment

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 BankÕs 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.

Impact Area Scoresinfo_outline

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