The Power of Your Deposits

As a Community Bank in New York, Your Deposits Help Make Our Mission of Affordable Lending Possible

Navigating the New York banking world and loans can be complex, especially when seeking financial support for your ventures in the competitive landscape of small business and commercial real estate. Here at Spring Bank, we’re not a conventional bank – we’re a community bank in New York and a proud community development financial institution (CDFI) dedicated to investing in our community and helping folks create long term financial growth.

Our unique lending philosophy emphasizes the importance of customer deposits to help us do the kind of lending we often do. Learn more about the value of customer deposits and our role in bringing value to the neighborhood both as a community bank and CDFI below.

How We Leverage Customer Deposits as a Community Bank in New York

As a community bank in NY, it’s our role to serve as facilitators for keeping money in circulation locally. Money comes in as customer deposits, and we prioritize lending dollars to our communities in the Bronx, Red Hook and those who need it most. Depositing with us means we can offer affordable funding that may help businesses and other consumers meet critical needs. Our customers’ deposits directly impact our approach to lending— make affordable loans for other individuals, small businesses, and nonprofits. Unlike other banks, the majority of our deposits go out in loans, upward of 90%, a number that outpaces all NYC banks.

Customer deposits are at the forefront of our ability to issue loans that drive local growth. As a B Corp and Community Development Financial Institution (CDFI), we can offer loans on more flexible terms and more affordable rates. Thanks to deposits, we’ve stood alongside countless small businesses and nonprofit organizations on their journey.

What sets us apart from other Bronx banks is our focus on the community, where we stand with our clients as partners. We offer competitive interest rates, recognizing that financial barriers shouldn’t hinder community progress. Each lending decision aligns with our mission, emphasizing community engagement and sustainable development.

The Power of Your Deposits: Empower Your Community and Your Business
Beyond creating equal lending opportunities for all, deposits make you a stakeholder in our bank. There are many benefits of lending and having a small business account with us. First, you get to speak to a real person, grow with us, utilize our ever-growing account services, and build a meaningful relationship that can benefit your lending needs in the future. It’s a worthwhile investment.

Plus, we offer competitive rates on our personal savings accounts, CDs and other savings options. By depositing and saving with us, you become an agent of change, enabling us to support nonprofits and foster positive transformations. Your choice to bank with us ripples through NYC communities impacting the lives of many. Together, we build a stronger, more resilient community, one loan and deposit at a time.

Transforming the New York Banking Landscape with Our Partners
Our success is made possible by the support of long-term partners, including Pekin Hardy Strauss, who dedicate their time to investing money with CDFIs. In 2024 alone, Pekin Hardy Strauss’s Appleseed Fund, a fossil-fuel free, ESG-focused mutual fund, invested more than $500,000 with CDFIs, including us!

Our mission is to create lasting, positive change in the communities we serve by providing access to capital, economic opportunities, and financial education for individuals and businesses who need it most. Deposits from partners like Appleseed, directly support our work in empowering underserved communities in the South Bronx as well as other communities.

Thanks to deposits from partners like Appleseed, we’re able to go above and beyond for our community and deliver on our mission as a CDFI and community bank in New York.

Meet Your Goals with Our Affordable Small Business Accounts & Banking Solutions

As a small business ourselves, we understand the entrepreneurial journey. We know your small business deserves a personalized banking experience to support your growth. When you bank with us, you’ll experience our dedication to your passion and success. We’ve helped secure commercial real estate for many small businesses, which has supported them through expansion. Commercial-level projects can be intricate, but customer deposits strengthen our ability to support more diverse ventures.

Next time you’re considering a loan or opening a business checking account, remember our approach to commercial lending is more than a financial transaction. It’s a partnership built on trust, shared goals, and a commitment to success for you, the bank, and the local community. Join us in creating meaningful change and shaping a brighter future for the Bronx for Brooklyn and throughout NYC.