4 Banking Tips to Help Your Small Business Thrive
Happy National Small Business Month!

Since opening our doors in 2007, we’ve had the privilege of working with many small business owners across New York City, helping them to reach their goals, understanding their needs and offering solutions with transparent business banking offerings.

As a community bank in New York, we love that this month provides an opportunity to support even more small business owners, starting with these essential business banking tips:

1. Separate Personal and Business Finances. Open a Business Bank Account.

One of the major hurdles in successfully managing a small business is achieving financial stability, so being meticulous with your finances is a must. The best way to accomplish this is by separating your business and personal finances and opening a business bank account.

Why does this matter? For one, it makes money management a breeze. Instead of scrolling through your personal checking account transactions, all of your business transactions will be in one place, allowing you to stay on top of your finances. It also makes all the difference during tax season. Small business owners need to file independent of their personal taxes and have the opportunity to claim business deductions, which requires keeping a paper trail of business expenses. With a business bank account, you can easily back up any claimed deductions in the event that you’re audited.

Plus, if you plan on applying for lending or a line of credit, opening a small business checking account is a prerequisite to establishing business credit.

2. Monitor Your Cash Flow Regularly

Opening a business bank account is the first step in your banking journey. Once you’ve chosen the best account for your business, you’ll want to regularly track incoming and outgoing funds. Keeping an eye on your cash flow helps helps you avoid any financial surprises.
Our small business bank accounts include free access to Autobooks, a built-in accounting and bookkeeping solution. Tools like Autobooks assist with cash flow management, automated reporting, invoicing, and much more.

3. Build Business Credit

Yes, your small business has a credit score too! Similar to your personal credit score, your business credit reflects your company’s history of borrowing money and paying it back on time.

A good credit history increases your chances of approval for lines of credit and SBA loans, and also helps in securing better financing terms. To establish business credit, you need to start by incorporating your business (ex: form an LLC, S Corporation, or C Corporation), obtaining an EIN (federal tax identification number), and opening a business bank account. Then, you can build your credit by establishing a line of credit. With monthly, on-time payments, you will see your credit score increase, getting you ready for additional capital when the time is right.

4. Take Time to Plan for the Long Haul

Running a business can easily keep you occupied with day-to-day operations, and littletime for future projections or goal setting. Build the time into your calendar every month to plan ahead. Consider where you want your business to be in the next six to 12 months, including the capital you’ll need to get there.

For example, you may find out that moving into your own location and buying your property is a longer term investment for your business than renting. But, preparing documentation for a commercial real estate deal takes time. Don’t delay your business growth. Grow your business by taking time today to think about tomorrow.

We Are Here For Your Small Business Journey

Whether you’re new to business banking or looking to strengthen your banking practices, use this month as an opportunity to take your business to the next level and build better habits for the future. If you’re looking for a new banking partner, we’re here to be part of your journey, committed to supporting your business with a variety of business bank accounts and lending options tailored to your needs.

In addition to our transparent small business banking solutions, we encourage small business owners to take advantage of free resources for business planning, like SCORE’s templates and webinars through the Small Business Administration (SBA).


Money Talk Mondays: Free & Confidential Financial Counseling Services with Our Partner Ariva, Now Available at Our Red Hook Branch!

We have good news!

We are thrilled to announce that we have expanded our free and confidential financial counseling services with our long-time nonprofit partner Ariva! For over 15 years, we’ve worked together to provide Bronx residents with trusted financial support. We are eager to provide the same for Brooklyn residents, too.

Money Talk Mondays is available to anyone 18 years or older at our Red Hook Brooklyn Branch, located at 56 Van Brunt St., Brooklyn. This free financial counseling is available every Monday, 9 am to 5 pm, and includes the following services:

  • 💰Budgeting and managing debt
  • 💰Planning for personal savings
  • 💰Reviewing your credit profile and ways to boost your credit score
  • 💰Opportunities to open safe and affordable bank accounts, like a personal checking account or a business checking account
  • 💰Applying for a Credit Builder Loan
  • 💰Learning about free income tax preparation
  • 💰Reviewing eligibility for the NYC Housing Lottery through the Ready to Rent Program

Ariva’s financial counselor will work with you one-on-one to assess your financial situation and customize a plan for you. Learn more about our partnership with Ariva throughout the years and how we will work together as a team to help you achieve your financial goals.

Make your free financial counseling appointment by filling out a form on Ariva’s website today!


Our GoGreen Cycle Loan Getting New Yorkers Where they Want to Go

Whether you are looking for a healthier, more environmentally friendly, and cost-effective way to commute, or for using your bike for work, our GoGreen Cycle Loan supports bike purchases for customers regardless of credit history.

How does it work? As a community bank in New York, we partner with bike shops across New York City to offer affordable and inclusive bike financing with rates as low as 10.00% APR. No credit score is required for eligibility. Anyone 18 years or older with a minimum salary of $20,000 can visit any of the shops below to pick out your bike of choice and then visit our website to apply for the GoGreen Cycle loan! We pay the bike shop for the purchase while you pay your monthly loan payments. And all your positive payments can help your credit score roll upwards.

Bike Shop Highlights

GoGo Gone

A longtime partner of ours, GoGone is located in Manhattan at 317 Grand St. GoGone sells all kinds of bikes, including road, mountain, commuter/urban, hybrid, and children’s bikes. They also offer bike service & repair, bike fitting, bike trade-in, bike accessories, and bike parking/storage.

GoGone is open Tuesday-Friday from 12 PM – 7 PM and Saturday-Sunday from 11 AM – 7 PM. Reach them by phone at 347-949-2798 or by email at [email protected].

Echelon Cycles

Echelon Cycles is located in Manhattan at West 19th St. and sells various types of bikes, bike brands, bike parts, bike accessories, bike clothing, helmets, shoes, and more. Road, mountain, cyclocross, commuter/urban, electric, hybrid, and cruiser bikes are all available at Echelon. They also offer bike rentals, fittings, storage, and repair & tune-ups.

Echelon Cycles is open Monday-Saturday from 10 AM – 6 PM and Sunday from 10 AM – 5 PM. Contact them by phone at (212) 206-7656 or by email at [email protected].

Roy’s Sheepshead Cycle

Located in Sheepshead, Brooklyn, Roy’s Sheepshead Cycle has been around since 1931 and offers a variety of bikes, including road, mountain, commuter/urban, comfort, cruiser, and fitness bikes. Bike service & repair and bike fitting are also available.

Roy’s Sheepshead Cycle is open Monday-Wednesday, Friday, and Saturday from 10 AM – 6 PM, Thursday from 10 AM – 8 PM, and Sunday from 11 AM – 6 PM. Pick out your new bike at 2679 Coney Island Ave Brooklyn, NY 11235! Contact the shop by phone at (718) 648-1440 or by email at [email protected].

Ride Brooklyn

Ride Brooklyn is situated in the Park Slope neighborhood of Brooklyn at 468 Bergen St. Ride Brooklyn sells a variety of bikes, including casual, gravel & touring, and electric bikes. With various brands, styles, and price points to choose from, there’s a bike for every budget. Bike fittings, rentals, and repairs are also available.

Ride Brooklyn is open Monday-Friday from 11 AM – 7 PM and Saturday-Sunday from 11 AM – 6 PM. Get in touch by phone at (718) 857-7433 or by email at [email protected].

Propel

Located at 134 Flushing Avenue, Brooklyn, our partners at Propel sell only pedal-assist electric bikes that meet their standards. Best known for selling high-quality e-bikes, they are also working to educate local legislators to ensure e-bike riders are treated fairly under the law and making sure that e-bikes are represented responsibly in the media. Various e-bike brands are available.

Get in touch with Propel Monday-Friday from 9 AM – 5 PM at (646) 736-7716.

Get Your New Ride Today

We’re proud to partner with bike shops across New York City to offer our GoGreen Cycle Loan Program! With low monthly payments and no credit score requirement, we’re able to help more New Yorkers get their hands on a new bike. To participate, visit any of our partner bike shops, pick your new bike, and apply for the loan via our website. If you’re a bike shop interested in becoming a partner, the GoGreen Cycle Loan Program is available at no extra cost to you and you’ll receive funds as soon as customers are approved for the loan. Learn more about the program here.

To learn more about our other participating bike shops and other Spring Bank banking services, including personal checking, personal savings, and business bank accounts, visit our website.

A pizza chef inserts a pizza into a brick oven.
A Spring Bank Small Business Feature

There’s nothing better than a classic New York slice from your favorite mom-and-pop shop, and that’s exactly what you get from Da Nonna Rosa in Park Slope, Brooklyn. Anthony Sagos and his brothers opened the restaurant and banquet hall in 2011, priding themselves on being 100% family-owned and operated. Da Nonna Rosa’s success transformed the brothers’ small business journey, prompting them to form Brooklyn Bros Corp and open three more restaurants under their new LLC.

“I worked in restaurants all my life. My brother Teddy and I worked at the same restaurant at one point and we were both managers, and I was in college at the time. One day, we turned to each other and said, ‘We should definitely do something on our own,’”  Anthony tells us.

Shortly after that, Anthony and Teddy started their small business, Da Nonna Rosa. They were later joined by their brothers Paul, who worked in the restaurant industry, and Peter, who was studying to be a physical therapist. Da Nonna Rosa serves a variety of Italian fare but is especially known for its traditional New York-style pizza with a thin crust and Italian cheeses. Opening a successful pizzeria in the pizza capital of New York (and arguably, the country) was no easy feat. Still, the brothers were confident in each other and willing to take the risk.

“What really sets us apart is the family-owned and operated aspect. We get to know all the customers; I could tell you the names of most people who walk into the restaurant. You can go anywhere and grab a slice of pizza, but when you gain loyalty and respect from your customers, that makes you stand out. We also take ingredients very seriously. My brother Teddy and I took the dough recipe to heart, focusing on thin crust, light sauce, and high-quality cheese,” says Anthony.

A warm, welcoming environment and a delicious family recipe? Count us in! Anthony and his brothers genuinely serve the community, helping feed hundreds of frontline workers and gaining popularity for sharing their famous vodka ravioli pizza recipe on Good Morning America. Da Nonna Rosa stands out as a must-try spot and as a symbol of the community.

Under the Brooklyn Bros Corp name are three more restaurants: Simply Greek, Nonna’s Pizza, and Anatoli 56, all made possible by the success of Da Nonna Rosa. When the Sagos brothers came to us in search of a New York banking partner, we were enthusiastic to support them with a commercial real estate loan to buy the building that Da Nonna Rosa occupies.

“We’ve been with Spring Bank since our family friend introduced us, so almost four years together. Spring Bank makes you feel like family, and I think that’s why we fit in so well. Everyone made us feel comfortable, and everything went smoothly,” Anthony tells us.

As a community bank in New York, we love helping local small businesses reach their goals. We look forward to Brooklyn Bros Corp’s continued success and encourage you to stop by Da Nonna Rosa to try their popular grandma slice. If you’re in the mood for Greek or Mediterranean cuisine, visit Simply Greek and Anatoli 56 for delicious food with the same Sagos hospitality!

Interested in expanding your small business with a commercial real estate loan? Spring Bank is here for you. Visit us in the Bronx or Brooklyn, or contact us today to discuss how we can work together to meet your small business needs or explore our personal checking and personal savings account options.

A customer at Spring Bank's teller window.
Rated top 3 of 60 banks as “outstanding” in the FDIC’s latest monthly list of banks examined for CRA compliance.

We’re so proud to announce that we’ve received an “outstanding” Community Reinvestment Act (CRA) rating from the Federal Deposit Insurance Corporation (FDIC)!

This rating was awarded to only 3 of 60 banks in a recent rating period and measures how well banks perform in meeting their responsibilities under the CRA. Passed in 1977, the CRA requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including people who live in low- and moderate-income neighborhoods.

As a community bank, this rating speaks to our mission and commitment to providing all New Yorkers with transparent and affordable banking solutions. It’s who we’ve been from the beginning and who we will always be.

Learn more about our history and mission, expansion in Red Hook, our small business accounts, and personal checking account options.

Picture of Spring Bank's Red Hook team: Lateama, Tejahna, ReyJane, and Israel (left to right)

As a community bank headquartered in the Bronx, we’ve had the pleasure of serving many local small businesses and consumers—and our reach goes beyond this borough. For years, we’ve worked with Brooklyn-based businesses, helping them realize their goals and help to guide them in their small business journey. Now, we’re thrilled to provide the same level of service to businesses and consumers in Brooklyn with the opening of our newest branch in Red Hook!

Red Hook, a vibrant and diverse community, has faced challenges in accessing essential banking services and had previously been one of New York City’s “banking deserts.” We’re the neighborhood’s first local bank in 10 years, furthering our mission to expand access to financial services for consumers and small businesses in underserved neighborhoods.

“We are excited to open our doors in Red Hook, a neighborhood that, like others in New York City, has faced barriers to banking access,” says Akbar Rizvi, President of Spring Bank. “Our goal is to bring affordable, equitable financial services to this community and provide the support that many families and small businesses need to grow, succeed, and build a better future.”

Our Red Hook branch alleviates the burden of travel for local small businesses and consumers, allowing them to access affordable banking solutions right in their community. Since opening this past December, we’ve proudly offered a full range of banking services, including personal and business banking, small business loans, and financial education programs.

We’re so grateful for local community leaders and politicians like Senator Andrew Gounardes, who shared our mission of bringing essential banking services back to Red Hook and ultimately made this branch a reality. As we continue to get to know the Red Hook community, we will be able to show how community banks like ours stand out from big banks.

“We’re letting residents know that we offer products and services for this community because we understand the needs of the people that live here. We’re here to build trust and help residents succeed. Everyone is a VIP here, whether you have five cents in your account or a million dollars,” says ReyJane, Branch Manager at Spring Bank Red Hook.

If you’re in the Red Hook area and looking for a friendly New York banking partner, we’re here for you. Just like our Bronx branch, our Red Hook branch is staffed by compassionate individuals like ReyJane, who are here to help you meet your financial needs.

We can’t wait to meet more members of the local community, change the narrative around banking and become a trusted banking partner to Red Hook residents. Visit our Red Hook branch at 356 Van Brunt St., Brooklyn, NY 11231, and discover our many banking solutions, including business bank accounts, small business lending, personal savings accounts, and personal checking accounts.


A Spring Bank Staff Feature

With 2025 just beginning, we have much to reflect on and celebrate with our community. We’ve shared more customer success stories, reached more New Yorkers, and successfully amplified our mission of financial inclusion. And, in case you haven’t heard the great news yet,  we opened our first branch in Brooklyn, in the iconic neighborhood of Red Hook, making it the neighborhood’s first local bank in 10 years

As a community bank in New York, joining the Red Hook community resonated deeply with our commitment to financial inclusion and empowerment. After 10 years, Red Hook residents and small business owners no longer have to leave their neighborhood to access basic banking services like checking accounts and savings accounts. Our commitment is to be of service to our new neighbors, starting with getting to know the local community to understand and address their financial needs. We’ve hired the best of the best to lead the way.

ReyJane Gaudin joins us as Branch Manager at our Red Hook branch, bringing an extensive background in banking and a love for New York City.  Brooklyn-born and raised, ReyJane entered the banking industry as a teller and worked her way up to branch manager over 10 years.

“I initially wanted to be a teacher and had no interest in banking, but my godfather was in the financial industry and suggested that I do it. I said, you know what? No problem. Let’s see,” ReyJane tells us.

Motivated by her desire to be customer-facing and her interest in community and team development, ReyJane found she loved her growing career in banking.

“Service, education, and professional development are really important to me,” ReyJane shares. “I enjoy mentoring others and understanding what my staff is doing. Team development and community development are passions of mine.”

Since joining our team, ReyJane has played a pivotal role in bridging the gap between our Bronx headquarters and our first branch in Brooklyn. In addition to her professional experience, she’s always advocated for community-driven organizations and stands firm on our mission of financial inclusion.

“We want Red Hook residents to know that we’re a bank with a mission and that they have options. Not only can they bank here, but they can afford to,” says ReyJane.

For example, we don’t require large balances to maintain a bank account with us, and we do our best to minimize all fees, including overdrafts.

“We’re not here to take money out of our customers’ pockets. We’re going to give them the tools and resources to manage their finances,” ReyJane emphasizes.

As we continue to get to know the Red Hook community, we’re lucky to have leaders like ReyJane who are committed to establishing trust and building relationships. She understands the fears associated with the banking industry and is determined to show Red Hook residents how community banks like ours stand out from big banks.

“We’re letting residents know that we offer products and services for this community because we understand the needs of the people that live here. We’re here to build trust and help them succeed. Everyone is a VIP here, whether you have five cents in your account or a million dollars,” says ReyJane.

If you’re in the Red Hook area and looking for a friendly New York banking partner, we’re here for you. Just like our Bronx branch, our Red Hook branch is employed by compassionate individuals like ReyJane, who are here to help you meet your financial needs.

“A majority of our staff lives in Brooklyn. Many of us can relate to what it’s like to have lived in NYCHA housing.  We serve people living on Van Brunt and people living in NYCHA housing or other areas of Red Hook,” says ReyJane. “We’re a bank for the people, for the community, and all of our products and services are tailored around putting money back into the community.”

We’re proud to have ReyJane on our team and look forward to building meaningful relationships with Red Hook residents. Together with our Red Hook team, ReyJane is working on outreach, community-building, and expanding our impact.

“I’m at a point in my career where I want to make an impact. I want to support people who may not have the education and the awareness of financial mastery.  I want them to know banking doesn’t have to be so transactional and that the bank can be a fun place,” ReyJane says.

At Spring Bank, our customers are more than a transaction – everyone is a VIP. We take the time to assess your goals and recommend the right banking solutions for you. Under ReyJane’s direction, we’re hopeful that we can change the narrative around banking and become a trusted banking partner to Red Hook residents.

Visit our Red Hook branch at 356 Van Brunt St., Brooklyn, NY 11231, and discover our many banking solutions, including business bank accounts, small business lending, personal savings accounts, and personal checking accounts.

A Spring Bank Small Business Feature 

Determined to make the best of a sudden layoff in real estate marketing, Laura Schafferman pivoted to entrepreneurship. Known for her amazing sweet and salty cracker cookies, Laura decided to start a business selling them, coining the name Legally Addictive Foods. As the brand grew, Laura made deliveries across New York City by bike, Uber, subway, and foot. 

Today, Legally Addictive cookies are sold in over 2000 retailers. We are proud to be their banking partner all these years later. As small business owners in New York City, Laura and Seth, cofounders and partners, knew they would eventually need to relocate to expand product lines, operations, and manufacturing. As lifelong New Yorkers, deciding to leave New York was extremely difficult for them. But demand for their delicious cookies increased so much that they outgrew the space where it all started. 

“We left New York City because we couldn’t expand our production. We were in the tiniest place, and it’s tough to manufacture in New York City,” Laura tells us. “To find a space that would house the machinery we needed for automation would have been so expensive.”

So, how did they settle in Appalachia – a place 700 miles from home? During an impromptu trip to Asheville, Laura and Seth contacted a local small business owner to learn about the area. They were almost immediately convinced it was the right move and quickly began the relocation process. 

By 2022, Legally Addictive officially relocated operations to Asheville to a 7,000-square-foot, much-needed space to scale their products and revenues. They now have a large warehouse and an operating kitchen, making day-to-day production more efficient and less expensive.  

“We got really lucky. It was a fairly easy process, and we’ve doubled our output and team since moving our business and all manufacturing to North Carolina,” says Laura. 

In true New York fashion, Laura and Seth took a leap into the unknown and made the most of it. With a larger team and space, Legally Addictive has grown to new heights and expanded its partnerships, introducing more flavors and sourcing ingredients from local businesses.

“We collaborate with Spicewalla, a spice company owned by Chef Meherwan Irani, who is of Michelin star tier here. We work with them on several of our flavors, including salted gingerbread and Mexican hot chocolate,” Seth tells us.

We’re deeply inspired by Laura and Seth’s commitment to business growth. While Legally Addictive Foods called New York City home, we were lucky to be their New York banking partner and provide them with a line of credit and PPP loan. 

“When we needed a PPP loan, I called a big bank first. They said it would take weeks. So, I called Spring Bank, and within a day, we had everything we needed regarding the application,” reflects Seth. “I had this misimpression that bigger is better, and that’s not true, especially regarding banking. Working with a smaller bank gives you real customer service and a continual education.” 

As a community bank in New York, our customers are more than a number. We make ourselves available to help you in times of need and are determined to find the best solutions for you and your business. 

“I’ve gotten help from Spring Bank on the phone past five o’clock. They’re the opposite of what we were brought up thinking a bank is. They’re true partners. I’ve tried to send so many people in New York to Spring Bank,” Seth emphasizes. 

We’re so glad Laura and Seth could benefit from our personalized customer service and tailored banking solutions while they lived in our service area. Working with them was a no–brainer. Legally Addictive’s potential is crystal clear, and we are enthusiastic about helping the brand sweeten more lives with its amazing cookies. 

As Asheville continues to recover from Hurricane Helene, its small businesses need all the support they can get. Though they’re experiencing delays, the Legally Addictive team is still pushing out orders, and they’ve also introduced new festive flavors like “Salted Gingerbread” and “Peppermint Crunch.” Place an order for your loved ones, or satisfy your sweet tooth! Support more Asheville businesses impacted by Hurricane Helene here

“We want to get the word out that people should return next season. Not everything will be rebuilt, but it won’t look like what it does now. Tourism isn’t the number one industry here, but it’s definitely a big part of the economy, and Asheville is still beautiful,” Seth tells us. 

Thank you, Laura and Seth, for sharing your story and being cherished members of our small business community. We’re so proud of Legally Addictive Foods and look forward to all that 2025 will bring for the business and Asheville’s recovery from Hurricane Helene. Learn more about Laura and Seth’s story here

If you’re searching for Bronx banks that offer a new business bank account, commercial lending, or other small business bank accounts, we can provide the support you need to flourish. Discover our commercial lending options and learn all about our commitment to growing small businesses.

 

When you walk into most banks, your first interaction is likely with a teller. If your first interaction falls short of your expectations, it can make or break your banking relationship.

At Spring Bank, we take first impressions seriously. We pride ourselves on hiring professionals who go above and beyond, no matter the task or the time. When you walk through our doors, you’ll have the pleasure of meeting people like Mayra Bravo, our Head Teller, who exemplifies our mission and values with every customer interaction.

“I’m really glad that I applied to Spring Bank because I like helping the community and interacting with customers,” Mayra tells us.

After completing her bachelor’s degree in accounting, Mayra, like many fresh graduates, took time to find her first job. Feeling unprepared to immediately delve into an accounting career and needing to support a newborn, Mayra broadened her job search and applied to one of our open teller positions. She came to us with confidence and a remarkable hunger to learn.

“I enjoy helping my coworkers learn new things. I’m the kind of person that likes to share my knowledge. It’s my goal to help my coworkers see that anything is possible,” says Mayra.

Since joining our team in 2021, Mayra has shown us what it means to be a team player and has greatly contributed to our welcoming environment. This year, we were delighted to offer her the position of Head Teller, where she focuses on creating a high-quality customer experience. Day-to-day, she manages the teller team, trains new hires, and handles reporting and auditing.

“When we’re faced with any difficulty, I speak to my team and try to set an example for them. I want them to see that if I can do it, they can do it,” Mayra says proudly.

Challenges and immense responsibility come with the territory of tellership, but she doesn’t let any problems impact the way our customers – or team – are treated. Like the rest of our team, Mayra embodies leadership values that focus on ensuring everyone has a smooth experience, no matter which side of the desk they’re on. She understands the demands of the job and is always looking for ways to better the teller-customer experience, especially on the inevitable harder days:

“When we have difficult situations with customers, I approach them and ask them what their needs are. Many times, they’re just having a bad day. I’m trying to better understand both my customers and coworkers.”

With a team of tellers, that kind of conflict resolution is integral to keeping us grounded during periods of high volume.

We’re so grateful for Mayra’s enthusiasm and dedication to implementing new ideas and processes. Head Teller may not have been in her initial career plans, but she sure does an amazing job and shows us what it means to do what you love and love what you do.

“We spend so much time at work so you need to make it feel easier and feel happy being there,” says Mayra. “I really enjoy how warm everyone at Spring Bank is.”

If you’re looking for a friendly New York banking partner, we’re here for you. In addition to exceptional customer service, Mayra and her team efficiently handle a variety of transactions, including deposits and check cashing. They’ll also be happy to introduce you to our full product offerings and make recommendations to enhance your banking experience:

“I always encourage customers without a social security number to apply for an ITIN so they can open personal savings accounts and have more benefits. For customers with a checking account, I encourage them to open a savings account so their money can earn money with our high-yield savings accounts,” says Mayra.

We’re so proud to have Mayra on our team and look forward to her continued growth with us. We’re  thankful for her contributions to our customers’ experience – something that we prioritize and have ingrained in our mission. Under Mayra’s direction and with our dedicated group of tellers, we’re certain that your first impression of our services will be one to remember.

Discover the benefits of opening a Spring Bank personal checking account. Interested in learning how we can serve your small business? As one of a few community banks in NY, we’re proud to provide transparent lending and business banking solutions. Learn more about our business bank account, small business loans, and more.

Starting or expanding a small business in New York City takes more than just a great idea. It requires financial preparation, market understanding, and a solid business plan. At Spring Bank, we know the importance of operations, organizations, and systems to keep your business organized. Not only does proper business planning set your vision, but it also contributes to your financial sustainability and ability to access capital when you need it. We spoke with team members Germarie Medina, Commercial Loan Underwriter, and Erica Rosero, Small Business & Nonprofit Loan Officer, to provide a few New York banking tips to help you get organized before you seek capital. 

  1. Understand Your Financials Inside and Out

To make a case for a loan or line of credit, you need a comprehensive understanding of your financial history and future projections. Erica has previous experience working at the Small Business Development Center (SBDC) and emphasizes that being financially organized is a critical step. This includes having a clear record of tax returns, balance sheets, and cash flow statements, as well as understanding any past financial challenges and how you’ve overcome them. 

“You need to be able to justify your line of credit request. It makes an impression of your character and commitment to your business. Even if your financials aren’t up to par, being able to explain a financial analysis allows us the opportunity to make a case for your request. We can explain to our advisors, ‘Listen, I know the financials are not ideal, but this person knows what they’re doing, and they know their business,” explains Germarie.

  1. Clearly Define Your Business Goals and Needs

Loan readiness isn’t just about the numbers. It’s about having a well-articulated business plan and being able to explain your goals in action steps. While a business description is helpful, the most important thing is to explain your projections, how you’ll use the funds, and what you aim to achieve. Taking the time to research your market, forecast your growth, and outline future steps shows lenders that you’ve invested time in preparing and that you have a realistic vision for your business. The stronger your grasp of your business’s financial history and future projections, the more convincing your loan application will be to our underwriting team.

“It’s about presenting us the information as best as you can so that we can trust you with borrowing our money,” shares Germarie. 

  1. Know Your Industry and Your Competitors  

A deep knowledge of your industry’s landscape and the competitive market is key. As a community bank in New York, we prioritize staying up-to-date on market conditions, and we encourage small business owners to do the same. Thorough market research signals to lenders that you’re prepared to operate strategically in your space. It’s also critical for setting realistic goals and aligning them with your funding needs.

“Who are your competitors? Are you launching a product next year? Are you looking to hire new staff? You need to know the bigger picture of your business goals and be realistic about your industry position and loan ask,” explains Erica. 

  1. Seek Resources and Guidance Along the Way

We understand that running a small business requires wearing many hats. That’s why we’re here to help guide you to free resources for business planning, like SCORE’s templates and webinars through the SBDC and Small Business Administration (SBA). As one of just a handful of community banks in New York, we’re committed to helping small businesses succeed with affordable banking products like our high-yield savings account, and top business checking account for those ready to grow.

“We understand as a business owner of a small company, you are only one person doing the job. But doing the work to understand your business is part of the process, even if you don’t know how to make financial projections or calculations. It is up to you to do the work, but you don’t have to do it alone,” says Erica. 

Loan readiness takes effort, but with the right preparation and support, it’s achievable. By following these tips, you’re setting yourself up for success. We’re here to be part of your journey, committed to supporting your business with a small business bank account tailored to your needs and programs that empower your growth. 

Ready to take your business to the next level? Explore our lending options here.