We are committed to a world where all people have equal access and opportunity to build prosperous futures. And when we say all people, we mean everyone, even those who don’t bank with us.
As the climate crisis causes temperatures to rise and extreme weather becomes more common, the impacts will affect everyone. Financial institutions that finance fossil fuels bear immense responsibility. Did you know that the four largest banks in the United States poured more than $210 billion into fossil fuel projects in 2019 alone? That’s why—as a carbon-neutral, B Corp community bank, we immediately said yes to the invitation to join a national movement of banks who recognize together their responsibility to address the climate crisis. You can feel secure with us and with any member of the Bank for Good campaign, that your money is a solution, not a contributor to the climate crisis and will not be invested in fossil fuels.
We view our commitment to climate justice as a racial justice issue, as underserved communities of color, communities like those we serve, are disproportionately impacted. The Bank for Good campaign was our opportunity to join with like-minded financial institutions to create a new narrative for banking that aligns with our values.
Paul Philips, District Manager of Community Board 4–the neighborhood of our headquarters in The Bronx– recognizes how banks can be a tool for good. Ninety-six percent of the people in Community Board 4 are minorities, and the average income is $29,000 a year. And as a result of COVID-19, he has witnessed long lines of people waiting outside check cashiers to get the money they need to pay for existing expenses.
“Now more than ever, we need financial institutions like Spring Bank,” says Paul Philips. “We need local banks that serve low-income minority communities, especially small businesses.”
According to Paul Philips, only 2 percent of small businesses in The Bronx received any federal PPP lending dollars via the CARES Act due to COVID-19. He believes this is precisely why community banks are essential to building a financially inclusive society.
“Banks that are rooted in the community are so important; they will actually advocate on behalf of communities of color,” says Paul Philips.
As one of the few community banks in The Bronx, New York, we are proud to support small businesses and communities of color as we Bank for Good. Learn more by reading about our commitment to our community during COVID-19.
Ready to join us in the movement to Bank for Good? Move your money with us and open a Green Checking Account or apply for a personal loan today! We can help your small business grow by opening a business checking account. And you can feel good about your role in ending the climate crisis, knowing your hard-earned dollars are invested locally, right back into the best city in the world. Read more about the Bank for Good campaign.
