Advancing Employee Wellness at The Floating Hospital
Centering Financial Health with The Employee Opportunity Loan Program
“The Employee Opportunity Loan program is great because the loan has a limit of $3000 and doesn’t require a credit score. It’s easy for staff to get their hands on some quick money,” says Phil LaRocco, Vice President, Human Resources at The Floating Hospital. “The ease of the whole program is what has made it successful for us.”
150 years ago, The Floating Hospital, one of our nonprofit partners, opened its doors in New York City to serve children and their caretakers through charter boat rides, providing free healthcare and relief from urban overcrowding and sickness. Since then, their mission has evolved, transforming the organization into a beacon of hope for New Yorkers in need of comprehensive medical services, educational programs, and urgently needed food, clothing, and personal care and household supplies.
Today, wellness remains at the heart of The Floating Hospital’s mission, starting within their workplace. With the adoption of our Employee Opportunity Loan (EOL) Program, employees can borrow money in times of need, avoiding high-interest credit cards, predatory lending, and advances against their paychecks. As part of the EOL Program, employees can apply for a personal loan of up to $3000 with no credit score requirement. Payments are deposited from their payroll into a Spring Bank savings account.
“The Employee Opportunity Loan program is great because the loan has a limit of $3000 and doesn’t require a credit score. It’s easy for staff to get their hands on some quick money,” says Phil LaRocco, Vice President, Human Resources at The Floating Hospital. “The ease of the whole program is what has made it successful for us.”
Prior to the EOL Program, employees at the organization only had the option of taking out retirement loans. As Phil explains, borrowing from a retirement account can sound enticing, but it also leaves more room to derail future financial goals and can create a cycle of debt. With an Employee Opportunity Loan, employees don’t have to worry about their credit score getting dinged or accumulating excessive debt. It’s a win-win for employees and for Phil, who’s committed to helping his team thrive.
“We do everything we can to make sure our employees have everything possible for them to succeed not only at work but in life,” Phil emphasizes.
Providing a low-risk way to access cash, or save it, is a great way to show employees that their financial health is valued. Coupled with free financial counseling from our national nonprofit partner, GreenPath Financial Wellness, the Employee Opportunity Loan Program can contribute to your employee benefits package, too.
“I took out the Employee Opportunity Loan just to see what it was all about and then paid it back right away. But I continued my monthly loan payments, which are directly deposited into a personal savings account that I’m keeping on the side,” shares Barbara LaPlaca, VP of Communications and Marketing at The Floating Hospital.
In addition to prioritizing the financial wellness of their employees, The Floating Hospital has expanded its community services. They have a brand new Optometry Center in their Long Island City clinic, providing more New Yorkers with free eye appointments and access to free or low-cost glasses.
“We added optometry because it’s one of our top referrals. We deal with many families and children in need of glasses, but we also added it because of the maladies, like diabetes-related vision issues, that our population is likely to suffer from.” Barbara tells us.
The Floating Hospital’s Optometry Center joins the extensive list of their offerings, including medical and dental care, behavioral health, education services, women’s wellness, reproductive health services, and more.
As we approach year-end, we encourage you to support The Floating Hospital’s end-of-year giving campaign so that New Yorkers can continue to access life-changing services. Donations support general operating costs,but are especially needed to fund services for victims of domestic violence.
“With our transportation shuttle, we service every domestic safe house in New York City. We have discrete pickup locations and everything is well planned to make sure that we can safely transport the families. We need the support to help families and individuals coming to us with traumatic backgrounds,” says Barbara.
We’re honored to be a partner in The Floating Hospital’s journey, providing nonprofit financial solutions dedicated to their support and growth. Thank you, Phil and Barbara, for sharing your commitment to employee and community wellness. Learn more about The Floating Hospital’s services and make a donation here.
Whether you’re looking for a new business bank account, commercial lending, or other small business accounts, Spring Bank provides the support you need to flourish. Discover our nonprofit banking services today and learn all about our Employee Opportunity Loan program.