Small business Archives - Spring Bank in Bronx, New York

If your business incurred additional expenses due to the pandemic, you could receive thousands in tax credits. The $250 million COVID-19 Capital Costs Tax Credit Program offers financial support to New York State small businesses with extraordinary expenses stemming from the COVID-19 pandemic.

Small businesses that spent money to comply with emergency orders and regulations or to increase public safety in response to COVID-19 are eligible for up to $25,000 in tax credits. Some examples of incurred costs include structural changes, building upgrades, or health-related supplies and materials.

The COVID-19 Capital Costs Tax Credit Program provides economic relief to reduce the financial impact of the pandemic for eligible businesses. Small businesses can receive a 50% tax credit towards qualifying expenses (up to a maximum of $25,000 in tax credits) based on qualifying expenses of $50,000.

To qualify for this tax credit, businesses must:

Operate in New York State
Have 2021 gross receipts of $2.5M or less
Employ 100 persons or less
Have incurred at least $2,000 of qualifying expenses between January 1, 2021, and December 31, 2022.

As a small bank in NY, we know how the pandemic impacted us and our small business account clients. This is an excellent opportunity and we encourage you to check your eligibility as soon as possible. This program is capped at $250 million.

Learn more about the COVID-19 Capital Costs Tax Credit Program. To confirm your eligibility, fill out the required online screening tool. Then, for assistance with the application, contact our trusted partners at BOC Women’s Business Center via email: [email protected], or call 718-576-2237 (English) or 718-766-9263 (Spanish). Tell them Spring Bank sent you!

In partnership with GreenPath Financial Wellness

Many of us at Spring Bank are parents or guardians, and we understand that how we handle finances sends a powerful message. Demonstrating healthy money management teaches kids best practices in personal finance. We love when you bring your kids into our branches!

Check out these six tips to teach and model positive money behaviors with your children and teenagers:

Share the Story of Money in Everyday Life

Everyday activities like shopping or family outings provide a chance to discuss using money wisely. Have them consider the cost of toys, groceries, trips to restaurants, or admission to special events. Emphasize that worth is not solely defined by money: there is value in free experiences. For example, helping a neighbor, visiting a playground, or spending time with a friend.

Point Out How Adults Earn Money

Discuss how you and other family members earn money. Guide younger individuals to understand that people have jobs or own businesses to earn income. Use their teachers, bus drivers, or family friends as an example. This is also a good opportunity to allow them to experience working themselves. Brainstorm how they can earn their own spending money by doing chores, dog walking, babysitting, or other tasks.

Build a Basic Budget

Working with kids to build a simple budget, allowing them to plan their spending, is time well spent. They can practice creating personal savings for a special item or upcoming event. Start simple with a written spending plan, including allowance, weekly saving amount, and spending record. Get them to develop a habit of monitoring their own youth savings account to ensure they are on track and not overspending. Create incentives for meeting specific goals to reinforce good practice.

Plan Out Purchases

Kids are notorious for having an “I see it, I want it” mentality. Work with them to build intentional buying habits by making a list before going to the store to reduce impulse decisions. Then when they ask if they can have something else, remind them that it’s not on the list. For older kids, introduce the idea of waiting to buy something they want. Delayed gratification is a complex concept even for most adults! For items on a “wish list,” talk about how much it costs and help them plan for the money required to purchase it.

Model Good Use of Credit

For example, let the kids know when you’re swiping your card at the gas station. Explain that you’re borrowing money to fill up the tank, and you’ll have to pay back the purchase. When the credit card bill for that purchase arrives, highlight the importance of honoring your agreements with the lender by making on-time payments and keeping balances low. For teenagers, introduce the topic of a credit score and credit report. Teenagers considering how low rates stll are) should be aware that a positive credit report will help them in the future if they decide to apply for personal loans.

Stress the Habit of Saving

Teach your children the importance of setting aside money from an early age. Use their earned income or a small portion of their birthday money to create savings for emergencies or a special future purchase. Emphasize the importance when including a savings amount in the budget. They may be reluctant due to delayed gratification, so be sure to communicate that having savings is not taking away from their hard-earned money.

The best thing you can do for your children’s future is to set a foundation for good financial health. We hope these tips equip them with financial literacy early on and help your kids develop healthy attitudes and behaviors with money. Help them open a personal savings account with us today!

We’ll always tout the benefits of having a healthy amount of money in a personal savings account. Still, since we all have to spend money every day, whether it’s on groceries, gas, or life’s other necessities, why not earn rewards for the money you have to spend?

Introducing Our ScoreCard Rewards Program

Make your money work harder for you with our ScoreCard Rewards Program. Earn points when you spend with your Spring Bank debit card and redeem them on the vast selection of rewards. From 4-star hotel stays to designer fashion and trendy appliances, there’s something for everyone. So register your Scorecard account today to view your accrued points and treat yourself to all the perks your debit card can help you receive!

How It Works:

First, enroll your card to start accumulating points as you spend.
Make purchases with your Spring Bank debit card from either your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
Earn 1 point for every $2 you spend with a signature or every $4 you spend using your PIN.
Redeem your points for travel, merchandise (like electronics, appliances, and more), or experiences like concerts and special events.

Ways to Earn Points Faster

Customers who hold multiple debit cards from their Spring Bank personal checking accounts or business checking accounts are welcome to combine points into a single rewards account. For business bank accounts, the business can earn points from all associated cards, though the owner is the only one who can claim rewards – all cards remain under the account owner’s control.

Likewise, households can merge points. For example, if you and your spouse have Spring Bank debit cards connected to your personal checking accounts, you can combine points to earn rewards faster and redeem points for rewards!

We’re offering 2,500 points as a special sign-on bonus to reward those who enroll in the program and use your debit card within 60 days of enrollment. Plus, any customer who signs up also gets 500 bonus points on their birthday!

Ready to upgrade your tech, book that bucket list trip, or dance to your favorite band at that sold-out concert? Register your card and start earning points today!

“Being a B Corp allows us to keep our core values front and center. When you run a business day-to-day, it’s tempting to take the easiest path to profitability. Having the B Corp principles and B Corp metrics ingrained into our DNA over the past six years helped us guard against this and allows us to be the company we set out to be when we first started Spring Bank.”

– Demetris Giannoulias, CEO

We are elated to share with the community we so proudly serve that we’ve been awarded for Best For the World™ in Customers and Governance by B Lab for the sixth year in a row! This recognition is so much more than a badge of honor. It’s a reminder of our commitment to create a world where all people have equal access and the opportunity to build prosperous and abundant futures for their families and communities.

For most banks in NY, striving for social and financial equity is seldom the norm — but ethical banking and stakeholder primacy has always been in our DNA. Here’s how our ongoing initiatives earned us the Best For The World™ 2022 award:

Keeping It Local
As a community bank in Bronx, New York, we strive to create the best personal savings account, personal checking account, and loan products to help underserved clients build wealth and avoid getting trapped by predatory services. While conventional banks often neglect or take advantage of underbanked consumers, we commit to constantly innovating our services based on the needs of our community in order for the people of NYC to thrive. Our offerings are affordable and accessible, and we work to ensure your path to financial security by providing education and resources through our financial wellness partners.

Keeping It Human
We love our customers! We don’t say that lightly. We work hard to create a personal banking experience because our customers are our neighbors. Additionally, many staff members have been born in or live in the Bronx and Harlem. So, it’s personal for us too. We do our best to meet the financial needs of the community, working together toward financial inclusion, wellbeing and prosperity — because it’s our home, too!

Supporting Small Business
Small businesses bring life to local communities and serve as the backbone for the U.S. economy. Our clients work not only to create a livelihood for themselves, but also to keep jobs in our neighborhood and wealth within the community. Traditional banks make relationships with small business accounts transactional. Our approach is different: we seek to encourage entrepreneurship, offer resources, and be a partner to small businesses throughout the New York area.

Being a B Corp
B Lab’s programs and tools help B Corps like us and non-B Corps plan for a resilient future conscious of our social and environmental footprint. The organization continually evolves their tools and strategies to measure impacts in the areas of governance, workers, community, environment, and customers.

As Best for the World™ in Governance, we were evaluated by our “overall mission, engagement around social/environmental impact, ethics, and transparency in formally considering stakeholders in decision-making.” Our impact makes us one of the top 5% out of 5,000 certified B Corps worldwide to receive the award!

As a B Corp since 2016, we measure our progress in meeting the impact goals held by B Lab —but we especially hold ourselves accountable to our customers. In doing so, we work to embody what it means to use business as a force for good and contribute to the collective goal and vision of the B Corp movement: to transform the global economic system to benefit all people, communities, and the planet.

We accept the Best For The World award with sincere gratitude — and offer congratulations to our fellow awardees! If you’re looking to be supported by a bank that serves the best interest of you and your community, contact us about opening a personal savings or new business bank account

A Spring Bank Staff Feature

At Spring Bank, we are proud to have a team of compassionate and enterprising professionals who serve the community and provide financial services that make us the best bank in NY. Each month we highlight team members in our Staff Feature so you can get to know them better. Please meet Rosalyn Figueroa!

Raised in the Bronx, Rosalyn has been an instrumental member of our team for over seven years. She has mastered many positions in the bank – from teller to greeter to personal banker. Now, Rosalyn works in our compliance department as a Bank Secrecy Act (BSA) Analyst to ensure that activity within the bank accords with federal regulations. For Rosalyn, this is a full-circle moment from her undergraduate degree in criminal justice.

“I didn’t get to where I am by only doing my job. I was always peeking over someone’s shoulder to learn how to do something else from the day I started at Spring Bank,” Rosalyn explains of her persistence. “I am always asking questions.”

Rosalyn transitioned into our compliance department because she was ready to grow, looking for an opportunity to push herself. Her current role as a BSA Analyst provides new challenges. Her role is to protect the bank from fraudulent activities and crime. Some of her work includes analyzing customer behavior and investigating suspicious activity.

“Before, I used to think banking was about making a deposit and a withdrawal, but it’s so much more. I know how crucial it is to protect the bank’s assets and ensure our customers’ money is secure,” says Rosalyn.

Rosalyn’s interest in banking sparked while she was working as a cashier at a supermarket. She thought she would be interested in banking since she enjoyed managing the transactional process at the register. However, the community culture at Spring Bank instilled a new perspective in her that unlocked her potential. She appreciates being part of a small team at Spring Bank where everyone contributes, and their contribution is respected.

“Community is core to our mission. We not only advocate and support our clients, but our staff is supportive, too. They’re not my co-workers anymore. They’re my family,” says Rosalyn. “We’re a small bank [compared to our competitors]. And I always say what sets Spring Bank apart from every other bank is that we get personal.”

And she’s right! You’ll get a personal experience with us right when you walk through the door. To this day, Rosalyn still promotes our services, knowing we are one of few banks that offer products like our small business loans and E-Bike Loan NYC.

With curiosity, determination, and willingness, Rosalyn has grown with us. Learning about her leadership capabilities has given her newfound confidence to take up space and opportunities that come her way. Rosalyn is currently working toward her Certified Anti-Money Laundering Specialist (CAMS) certification. She is also considering a Masters’s degree in financial crime. Thank you, Rosalyn, for your commitment, positivity, and care for our mission and customers! We are grateful you are part of the team!

Financial literacy is understanding how to effectively manage household finances, handle debt, create a budget, and build savings. Being in the know about your personal finances is a critical step in achieving financial security and freedom. In addition, working toward financial literacy strengthens your relationship with money and sets you up for a lifetime of financial health and wellness.

We partner with GreenPath, a trusted national nonprofit, to offer free financial counseling and support to folks seeking financial guidance, especially in managing personal finances, budgeting, personal savings, and debt.

Check out these top 5 resources to get you started on the path to financial freedom:

Financial Terms Glossary: It helps to know what all that lingo means! Understanding terms like interest rates, compound interest, balloon payments, secured vs. unsecured debt, and other concepts enables you to understand your personal finances and better communicate your financial needs.
Financial Calculators: A healthy financial future begins with an understanding of your current situation. Online financial calculators help you run the numbers and answer questions related to financing your home, applying for personal loans or the impact of interest on any outstanding credit card debt. They can even help develop budgets to reduce your personal checking account spending.
Financial Wellness Resources: Financial literacy is about having good information at your fingertips. Check out GreenPath’s library of financial worksheets and guides and our 3 top tips on personal finances and how to make money resolutions that stick.
On-Demand Webinars: Webinars make learning easy from the comfort of your home. From budgeting, managing student loans, building your personal savings account, building credit, and more, free access to financial webinars, you can learn in your spare time.
Credit Report Review: Studies show 1 in 3 Americans never check their credit report despite knowing credit history is key to financial security. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide vital information to strengthen your credit score. GreenPath’s certified credit counselors can walk you through a free review of your credit report—you’ll learn how to read your report and how credit scoring works.

Financial literacy is the key to success in managing your money. 🔑Want to learn more? Check out our top tips for building a prosperous financial future, or learn how to make small changes to reach your financial goals this year. Then, please drop into one of our NYC branches to open your personal checking account, and personal savings account today!

A Small Business Feature

Photo Credit: Milk & Pull

A fresh cup of coffee is the first thing many folks reach for before starting their day. Whether brewing a pot at home or grabbing a delicious blend at your local coffee shop, the experience can set the tone for your day. As a community bank in NYC, we love supporting small businesses that have a positive impact on their neighborhood. Milk & Pull, one of our Brooklyn-based small business clients, has been elevating the coffee experience in Brooklyn through love and community.

Founded by Joe and Angela Austin almost ten years ago, Milk & Pull is slowly developing into a mainstay in the culturally rich borough of Brooklyn. With the help of Spring Bank, the two have expanded their impact by opening two additional locations in Bed Stuy and Ridgewood since 2013. The process of getting a commercial mortgage can be quite a roller coaster, but the team at Spring Bank helped secure a loan to acquire real estate for expansion. We sat down with the devoted power couple to learn about their journey and why they invested their life savings in starting a local coffee shop chain in one of the largest cities in the world.

“When people think about coffee, it’s like fast, fast, fast. Go, go, go. And for us, coffee is our moment to slow down — to build conversation and develop friendships because even at the shop, I like to sit down and have a cup of coffee. I talk to the people sitting around me to get to know them. So to us, coffee is a means to slow down and connect with other people,” says Angela.

For Angela, coffee has always been a part of her Colombian culture. Her grandfather owned a coffee farm but was displaced during the guerilla war. So running a coffee shop and diving into the coffee industry was a way to restore tradition to her family. Likewise, Joe’s love for coffee started as a teen while working at Starbucks.

Milk & Pull began as a coffee and empanadas cafe representing Colombian culture. The young couple’s dates included trips to coffee shops for market research and returning home to build a plan. Between finishing school and starting new corporate jobs, Angela and Joe temporarily put the business idea on hold until 2010, when they moved to Bushwick. The neighborhood culture was brimming with an entrepreneurial spirit.

“We had friends that were opening up coffee shops, bars, and there were a lot of artists there,” says Joe.

Joe felt lucky to be surrounded and supported by insightful entrepreneurs. He asked thoughtful questions and learned how to grow a successful business from their stories.

“One day, one of Joe’s customers told him something that impacted both of us. They said, ‘So what if you lose the money? You’re young. You both work at good jobs. What’s to lose?’” reflects Angela of the customer’s advice. “It was so simple, yet so impactful,” she continues.

The Austins realized they had nothing to lose. If they failed, they were still young enough to recover. So, fueled by inspiration and encouragement from the neighborhood and colleagues, the couple revisited their business idea and invested their life savings. Then, they crunched the numbers to pool just enough money needed to start the business, pivoting to coffee only and finding a space with the least amount of renovation required.

On the surface, Angela and Joe were a young couple just starting with no prior business experience. However, their sizable savings and solid credit scores helped ease landlords’ hesitancy and secured them a lease in Bushwick. It’s safe to say the landlord made the right choice, as Milk & Pull’s first location has been in operation this month for nine years.

The success of Milk & Pull did not come easy, of course. Angela and Joe did not quit their 9-5 jobs while starting the business. Many people opposed the idea, “Folks said, ‘You’re not going to be able to build this business if you’re not putting your all into it.'” But clearly, they were wrong. Angela and Joe’s dedication and willingness to make short-term sacrifices lead them to create a successful sustainable business with an income that they don’t need to rely on for their livelihood.

Milk & Pull set themselves apart in a heavily saturated small coffee shop scene. Coffee franchises can feel transactional, but the small business brings a unique value, more than just a cup of coffee: love for what coffee represents in communities, its ties to family tradition, and its ability to build relationships.

“We design our spaces to feel like your second living room because we want people to stay, work on their own stuff, and connect with others,” says Angela.

We proudly provide small business account services to support Milk & Pull and their commitment to good coffee and building community. Check out where you can visit them in Brooklyn. Read their mission statement for the love of coffee and community. And, if you are a small business owner looking for banking support, check out our small business account and lending options here.

Here at Spring Bank, we know that New York City supports the millions of folks who live here, thanks to the daily efforts of small business owners. As one of your local banks in NY, we believe there’s nothing better than getting a small business off the ground. That’s why we offer a range of new business bank accounts and commercial lending options: we’re here to help your business thrive.

One of the small businesses we’ve been lucky to work with is the quickly growing restaurant chain, Naya. On a mission to connect New Yorkers to authentic Lebanese and Middle Eastern food, Naya offers delicious, wholesome meals. From shawarma, falafel, salads, and appetizers, no matter your dietary needs, Naya has fresh and fast options for you. With ten locations in NYC and six under construction, Naya plans to run and operate 50 stores by 2025.

In addition, they offer catering services that are perfect for your upcoming summer events and an app that makes it easy to order online and earn rewards for choosing healthy, delicious food.

Founder Hady Kfoury started Naya with personal and family investment in 2007 when he was 26. Though still involved in some of the day-to-day operations today, 15 years later, Hady leads the vision setting and growth planning, real estate development, and branding.

“There’s nothing like running your own business. But, once you start to lead your own team, it’s a completely different responsibility,” Hady says.

Looking back, he can see that he did not plan for enough working capital with the first two locations. By the third location, Hady knew he needed to prioritize the financing.

“The business has grown since day one. We’ve always had the right product. But in terms of the financials, my mistake was not having enough working capital when we started. As a result, I had to cover many roles. My advice to other business owners is always to have a decent cushion when you launch,” reflects Hady about his journey as a first-time entrepreneur.

As with most small businesses, the Covid-19 pandemic presented an enormous challenge. With most offices and universities closed – which minimal lunch traffic– the team at Naya struggled to make ends meet. To protect employees and ensure everyone could stay on staff, they contacted us to help them process and receive funds through the first and second Paycheck Protection Program (PPP) rounds.

“We’ve built a strong relationship with Akbar and the Spring Bank team. They provide such personalized experience and excellent customer service,” shared Hady. “You don’t call a 1-800 number. Instead, you call your banker’s cell phone number directly. They feel like part of your back-of-the-house corporate team.”

Lucky us to be part of your hardworking team, Hady! If you haven’t yet, check out Naya’s menu and where to find them here.

Since 2007, we’ve helped hundreds of small businesses like Naya scale and grow. We offer small business accounts to suit your needs, whether you’re seeking personalized service, competitive interest rates, or mobile banking. Learn about our business checking account options online, or schedule an appointment to learn more about how we can help you reach your financial goals.

Photo: Small Business Client & one of NYC’s newest Mediterranean restaurant chains, Naya with Akbar Rizvi, our Chief Lending Officer

Are you thinking about starting your own business? Bringing a product or service you’re passionate about to market is a challenging yet rewarding experience. There are essential processes to know about operating a small business, especially when it comes to money management. You might be wondering how to accept payments from customers, where to charge business expenses, and, of course, how to pay yourself and other employees.

Opening a business checking account is the best solution to managing your business’ finances. Check out our top 3 reasons why:

#1 Personal Protection

The money your business makes isn’t yours directly. Instead, it belongs to the entity your business is established under that the government recognizes. Creating an entity for your own business is vital to protecting your personal assets. For example, if your business incurs debts that it cannot pay back, your personal belongings (like your car or home) may not be protected. So it’s best to keep all business-related income and expenses in a business checking account.

#2 Credibility
Having a business checking account shows others that you mean business. Using a credit card, check, or direct deposit with your business name instills trust in your customers, clients, and collaborators. In addition, accepting or making payments through a business checking account enhances your business reputation by using funds branded with your business name.

#3 Easier Bookkeeping and Tax Preparation
With your business and personal finances separate, you can seamlessly sync your business checking account to bookkeeping software and easily automate your money management. These services make paying bills, sending invoices, and accounting less of a headache. Similarly, you can connect your business checking account to tax preparation software. Preventing any co-mingling of your personal and business checking accounts will help immensely during tax season.

Now that you know the perks of having a business checking account, it’s time to find one that suits your business needs. These are the documents you’ll need to open a business checking account:

Employer Identification Number (EIN): Also known as a federal tax ID, this 9-digit code serves as a Social Security Number (SSN) for your business. You may use your SSN if you’re a sole proprietor.
Document of Formation: This provides basic information about your business, such as the owner’s name, business address, and business purpose. It proves the company exists and can operate within the state legally.
Ownership Agreements: Agreements are typically standard for partnerships or businesses that more than one person owns. They clearly define what percentage of equity each owner has and detail how the business will be managed.
Business License: Depending on your business’s activities and location, you may need l icenses and permits to operate. Research industry regulations in your city and state to ensure you meet the requirements.

We make opening a new business checking account simple and easy – you can even do so remotely. There are many advantages to opening a business checking account with us: access to free small business services, access to our technical assistance provider partners, and easy access to small business support staff. Contact us to set yours up today.

“I live at the bottom of a hill. With my old, non-electric bicycle, I used to push it up that hill, then again and again because my neighborhood has a lot of hills. I was practically pushing it all the way to work! But now I can enjoy the ride because of my new E-Bike and the E-Bike Loan NYC I received from Spring Bank.” – Pamela Martinez

Pamela Martinez is a teacher’s assistant here in The Bronx and the Hunts Point Alliance for Children, and she was one of the first New Yorkers to receive an E-Bike and E-Bike Loan NYC through our partnership with the Equitable Commute Project (ECP). The ECP was developed at the height of the Covid-19 pandemic as a partnership between NYU Stern, the Hope Program, Electric Avenue, Transportation Alternatives, and us as the financing partner. Our mission is to create a healthier, more affordable, and greener commute for the one million+ NYC frontline workers.

Through our new E-Bike Loan NYC, employees can receive a loan of up to $2500 to use for a new E-Bike, which will also help them build their credit and savings – all with no minimum credit score requirement.

“I’d wanted an E-Bike for a long time! And my employer knew that I rode my old bike to work every day. But for me, not being from this country, I didn’t have credit yet. However, I learned I could get the E-Bike Loan NYC through the Employee Opportunity Program from Spring Bank, and I could pay it back little by little. So I applied, and my loan was approved right away! Now I love riding my new E-Bike, especially because I have to carry so much back and forth every day,” Pamela says.

If you bank with us, you know that we’re so much more than just a bank – even though we are one of the best banks in NY! We’re a community. And that’s why we were so excited to work with Pamela. She takes care of the people around her: developing daily science experiments and dance parties for the kids, collecting winter coats for donation on Giving Tuesday, and even ensuring that struggling families in the neighborhood get connected to the services they need.

“I love my job,” says Pamela with a smile. “I love helping people. I love that we’re doing good for kids, families, and the community. Hunts Point has a lot to give. You have to dig and find the resources – and that’s what we do for these families.”

Ensuring that our customers and community are taken care of is always at the top of our minds. Therefore, we designed the application process for the E-Bike Loan NYC to be as smooth and straightforward as possible. Learn more about it here.

“Everyone at Spring Bank was so helpful!” Pamela says. “Because I went through my company, they had a lot of the information I needed. Everything else I could do by myself online – it was very easy.”

Commuting by E-Bike is a good choice for more than just your wallet. It’s often more reliable than public transportation. And as Pamela notes, it’s also good for the environment, which means a healthier, greener future for her children and students.

“I ride my E-Bike everywhere now: to the beach, visit my family in Brooklyn, and even go to Costco with it! Everybody knows me as ‘The Bike Lady’ in the supermarket,” she laughs.

We love to see it! 🙌🏽 🚴🏽

Ready to get an E-Bike of your own? Learn more about our E-Bike Loan NYC. If you’re an NYC employer, check out how you can support the financial health of your employees with our Employee Opportunity Program, which includes the E-Bike Loan NYC. Find out more about the Equitable Commute Project. Finally, check out our personal savings and personal checking accounts. We’re honored to serve the people of New York as one of the best banks in The Bronx, New York!