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New York’s First B Corp. Bank
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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 25 years. Spring Bank has been designated by the U.S. 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 U.S. Small Business Administration (SBA).
In 2016 we became a Certified B Corp, joining a for-profit, for-mission movement of companies recognized for socially responsible business practices. As a B Corp, we are accountable to our customers and measure our progress in meeting the impact goals we have for our bank. We aim to continually improve the social benefits we provide to our stakeholders. In all of our objectives we seek alliances with nonprofits and other CDFIs, community banks and credit unions to leverage our ability to reach as many consumers and small businesses as we can and to support the important work of our peers and partners.
Growing Small Businesses
Small businesses are vital to the U.S. economy and to the revitalization of urban communities such as the Bronx. Our goal is to provide capital and services to these businesses so that they can continue to provide jobs for our neighbors and keep wealth from leaving the communities that need it most. We seek to encourage entrepreneurship, and be a resource and a partner to entrepreneurs and small businesses throughout the New York area, offering loans ranging from micro to multi-million-dollar financing and serving businesses as an SBA Preferred Lender.
Supporting Community Real Estate
Owner-occupied, multifamily, and mixed-use properties are core community assets. Our commercial real estate loans help ensure continued capital investment in the communities where New Yorkers live and work.
Banking for Nonprofits
Serving the organizations, small and large, that support the community is an important part of our mission. The institutions that provide so many critical services deserve a bank that provides free banking services and access to lines of credit to bridge any funding gaps and loans to help grow their programs.
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