Spring Bank

Overview

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 our 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, we seek to create innovative depository and loan products designed to help unbanked and underbanked consumers avoid getting trapped in cycles of debt and build wealth. In addition we aim to serve the needs of the small businesses that create wealth and jobs for residents of the New York City area.

There are too many unbanked and underbanked individuals in urban neighborhoods. We believe that poor and working class consumers should have access to safe and affordable financial products. Too many of our neighbors 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. Our 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 we believe 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 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 partner to an important network of NGO’s and non-profits in New York City providing micro-loans and technical assistance to entrepreneurs in the Boroughs of New York City.

Loan Features

Personal Loan
We understand that few things are more important to you than building credit and savings. That’s why we are proud to offer several products to help you get on a sound financial footing. Call (718) 879-5000 and ask for a personal loan.

Employee Opportunity Loan
The Employee Opportunity Loan is the affordable and responsible small-dollar loan alternative from Spring Bank that helps you access the cash you need now, while you build savings for the future.

WHATEVER YOU NEED
Use The Employee Opportunity Loan to purchase school uniforms and supplies, cover an unexpected expense, pay off high cost debt, establish savings, and improve your credit score. No minimum required credit score – Spring Bank looks at your ability to pay. Payments are deducted directly from your payroll. Spring Bank reports your payments to the three main credit bureaus. When the loan is paid off, you can make the same payments and accumulate additional savings in your account.

The Credit Builder Loan
Whether you’re starting out or starting over, a Credit Builder Loan is a great way to build your credit history. If your credit is not where you want it to be, this product can help. The loan proceeds are placed in a savings account to secure the loan. Each month we report your payments to the credit bureaus. When you make your final payment the loan proceeds are available, or you may choose to continue to build your savings.

Other Consumer Loans (Personal (Unsecured) & Secured by CD/Savings account)
At Spring Bank we find ways to help with an affordable consumer loan. The application process is simple, and the rates we offer are competitive. Whatever your needs, you can choose a safe product.

Personal Credit Cards
Get a Visa® credit card that works for you in so many ways. Our credit card offers attractive and competitive terms including:

No annual fee
Competitive rates
Make purchases online anytime, anywhere
Rack up points for card purchases at participating retailers
Earn one point for every net dollar spent
Redeem points for merchandise, rental cars, cruises, hotels, and airline travel
Easily track points earned at ScoreCardRewards.com
Enhanced security, including zero liability policy, identity theft assistance, and Verified by Visa®
Travel Accident Insurance
Auto Rental Collision Damage Waiver
View an up-to-the-minute record of transactions online at any time
Easily replaced if lost or stolen

The Small Business Grow Loan
The Grow Loan Program is an exciting new Spring Bank initiative designed to expand access to financing for businesses with capital needs below $150,000. The program offers both loans and lines of credit starting at $10,000. The application process, via our online platform, is easy, fast and transparent. Underwriting is flexible and there are no prepayment penalties. In addition, Grow clients have access to credit counseling through one of Spring Bank’s non-profit partners. Spring Bank doesn’t believe in the “one-size-fits-all” lending approach. We look at each client’s particular circumstances and work with you to make sure you understand all your options and help you choose a loan that makes sense for your business.

SBA Loans – Certified Preferred Lending Partner (PLP)
Is your business relatively new? Do you have good cash flows but not much collateral? Spring Bank is an SBA Preferred Lending Partner (PLP). The U.S. Small Business Administration’s 7(A) program helps businesses establish, acquire or expand the operations of an existing business. It’s cousin, the 504 program is a specialized program for small businesses to acquire fixed assets for expansion or modernization. If you are interested in An SBA loan over $150,000 please call us at (718) 879-5000 for more information and to have forms and applications sent to you.

Application Process

If you meet Spring Break’s eligibility requirements, apply online for a loan. The whole process should take from seven to 14 days. After you submit your online application, a Spring Bank employee should get in touch with you within 24 to 48 hours to request further documentation. If additional documentation is required, you’ll submit submit it and wait for Spring Bank to contact you with your loan offer.

Repayment Terms

Employee Opportunity Loan
Amount: $1,000 to $2,500
Interest Rate: 16.00% APR
Term: 12 months

A fixed rate loan of $1000 payable in 12 monthly payments of $90.73 each at a rate of 16.00%. What else you should know: APR = Annual Percentage Rate. All loan applications are subject to credit approval and must meet all underwriting requirements. Loans not to exceed 60% of gross monthly income.

The Credit Builder Loan
Credit Score None
Available Amount $500 to $1,500
Terms 6 to 12 months

Personal (Unsecured) Loans
Available Amount Up to $2,500
Terms 6 to 36 months

Secured by CD/Savings account
Available Amount Matches Deposit Amount
Terms 6 to 12 months

Customer Support

Customer Service: (718)879 5000
Telephone Banking: (888)251 2384

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