Yes. That’s 93 followed by four zeros. It’s generous. It’s an honor. And we worked hard to earn this privilege.
We are proud to announce that we have just received a $930,000 award from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Program! We were 1 of 27 banks in the United States to receive this competitive award. What does this mean for our community? It means that we can continue to build a more financially inclusive city and expand access to responsible and affordable consumer credit.
The support from the Federal CDFI funds also means that more individuals can build their credit like Dorothy Shuford. Dorothy applied online for a $2500 loan through our Employee Opportunity Loan Program and improved her credit score over 100 points in 12 months.
Dorothy was excited to tell us: “I consolidated some of my debt, which wasn’t possible without Spring Bank’s loan ……My credit score has skyrocketed!”
Dorothy’s excitement and her financial success are the reasons we headquartered in the Bronx 10 years ago and the reason the CDFI award is such a privilege to receive. The CDFI awards have helped us make over 750 mission-based small consumer loans in New York City totaling over $1.4 million. These loans include our Employee Opportunity Loan, with 18 partner New York City employers, and our Credit Builder loan in partnership with nonprofit credit counseling organizations. We will leverage this newly awarded capital to expand these programs, reaching more New York City employees and customers throughout the boroughs.