Whether you celebrate the holidays with family and tradition, host friends in ugly sweaters, or savor some well-earned downtime, financial worries can cast a shadow on the season. But they don’t have to. 

Our nonprofit partner, GreenPath Financial Wellness, can help. A trusted national nonprofit organization, GreenPath has been helping people regain control of their financial lives since 1961. They work with individuals to repay debt and build stronger financial foundations—so that all of us can enjoy the holidays with peace of mind. 

Here’s how they make that happen: 

✨ Customized Plans for Your Needs
Certified financial counselors will work with you to create a personalized plan that addresses your unique financial situation, helping you manage your debt and make the most of your budget. 

✨ Reduce Your Financial Stress
Their program focuses on lowering your interest rates, enabling you to pay off your debt more quickly and efficiently. Enjoy the season without the anxiety of looming bills. 

✨ Ongoing Support and Resources
Join a community of individuals just like you who are taking steps toward financial wellness. With GreenPath, you’ll have access to tools, webinars, and resources to help you navigate this season and beyond. They can help you determine how to manage debt payments while contributing to a personal savings account.

✨ A Fresh Start for the New Year
Imagine kicking off the new year free from the burden of holiday debt and with personal savings. With the support of GreenPath, that vision can become your reality. 

The holidays are meant to be enjoyed, not spent worrying about bills and credit card debt. Let GreenPath take the stress out of your financial planning this season, so you can get back to the important stuff.  

Any Spring Bank customer can take advantage of free, confidential one-on-one counseling. As a community bank in New York, your financial health is core to our success. Ready to take the first step? Get started here: https://www.spring.bank/greenpath/

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.

2. 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. 

3. 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. 

4. 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. 

As we’ve returned back to post-pandemic “normal,” many NYC schools still struggle to provide safe, nurturing environments for students to learn and thrive. These disparities are especially prevalent in the Bronx and Harlem. One of our nonprofit clients, DREAM!, launched in 2009 with a vision to change that. 

After many years of working as a youth educator, mentor, and leader in New York City, DREAM!’s Executive Director, Aisha Norris, pinpointed common needs among the youth she supported — conflict management skills ranked number one. And, when classroom conflict is high, student engagement and academic success suffer, contributing to higher suspension and drop-out rates. Aisha co-founded DREAM! to dismantle the school-to-prison pipeline. She knew by helping students, educators, families, and underserved communities acquire the practical skills and confidence they need to resolve conflicts creatively and productively, schools would experience an increase in student engagement and higher rates of personal and academic success.  

DREAM! Started in 2009 by teaching conflict resolution skills through the arts. Aisha Norris, Executive Director and Co-Founder explains: 

“We hosted a powerful theatrical experience for 15,000 young people over the span of three years about how teens navigated conflict growing up in the Bronx. That’s when we decided this work is really powerful, and we launched more formal conflict resolution and restorative justice training for students, parents, educators, and staff,” she says. “We wanted to give schools a system that’s sustainable.” 

Aisha and her team knew that corrective discipline was not the answer to student conflicts, so they brought their own solution to NYC schools: restorative justice through the arts. Restorative justice focuses on shifting away from punitive discipline and enforces the idea that crime and harm are violations of people and relationships. DREAM!’s restorative practices programs encourage social-emotional learning and arts engagement. Their programs provide tools to challenge negative behavior in a way that holds all parties accountable for their part in the conflict in order to make things right.

“Restorative justice training isn’t just for teachers. It’s also important for the people our students first contact when they come to school,” says Aisha. “There was one incident where a school support staff member was physically aggressive toward a student who verbally disrespected them, and that’s when we decided we would start offering training to school support staff, as well.”

For students, DREAM! offers peer mediation training, which involves experiential, fun workshops to help them change the way they deal with conflict. These trainings assist students and staff in reducing student suspensions and encourage a shift towards “talking it out” rather than fighting. In schools that utilize DREAM!’s culmination of restorative practice training for parents, staff, teachers, and students, the transformations speak for themselves. For example, International Community High School and the High School for Contemporary Arts saw a 53 to 63 percent reduction in school suspensions after the first year of training, and by the second year, school suspensions fell by 73 to 78 percent! With an impact like that, it’s no wonder Aisha’s goals for DREAM! continue to evolve. 

“Starting this year, we’re going to train advisory teachers with our curriculum so that all of the students receive it and not only the ones receiving mediation,” Aisha tells us. “One of my major goals is for conflict resolution to be part of the educational experience for everyone.” 

As one of the few Bronx banks, our community means everything to us, so we resonate deeply with nonprofits like DREAM! It’s been a pleasure working with Aisha and supporting her with our nonprofit line of credit and our trusted nonprofit banking solutions! We know nonprofits like DREAM! operate differently, often waiting on extended payment cycles, for example. So, we’re keen on helping them reach their goals with our nonprofit loan products, lines of credit, and checking account options. 

DREAM! uses their line of credit to manage day-to-day cash flow. Payments from school and city contracts often take up to six months to receive. 

“As a small nonprofit organization, Spring Bank is the only financial institution that offered us a line of credit. We use it to help with payroll needs when we’re waiting for payments from past-due invoices,” says Aisha. 

Learn more about DREAM!’s impact here and discover internship opportunities. Connect with us to learn how our nonprofit banking solutions can transform your organization. We also encourage you to consider our business bank account for small businesses and learn how we put our mission into action as a community bank in New York. 

Shelly Marshall, co-founder of Island Pops in New York, has brought tropical flavors to New York City and across the country since 2015. Alongside her husband, Shelly turned her passion for Caribbean-inspired frozen treats into a thriving ice cream and treats business. She opened the first Island Pops shop in 2018, and since then, the journey has been nothing short of remarkable.

For the past five years, Shelly and her family have developed a strong relationship with our team. As a community bank dedicated to supporting local businesses, we are sweetly delighted to be part of Island Pops’ growth. Our commercial lending team helped Island Pops secure the funding needed to relocate and expand. Simply put: we were able to help Island Pops secure the money they needed without a lot of the hurdles that a less community-oriented bank might have presented.

“I called the team at Spring Bank to ask for help. We had to move locations at the end of our slow season. I had saved 10 cents from every dollar in summer sales, but the savings were almost gone, and we didn’t have the cash to cover moving expenses. The loan came at the right time,” Shelly shared. 

Island Pops’ flagship store in Brooklyn recently moved to a more open and functional space, allowing for greater productivity and customer service. This two-story shop features a classic storefront with Island Pops branding, drawing in customers from all over the city.

“With the new shop, I’m able to be here, do the things I always wanted to do like make the space more functional, make the kitchen bigger for the staff to make and sell more products,” says Shelly. 

In addition to their signature house-made popsicles and ice creams, Island Pops has expanded its menu to include crepes, fresh pastries, cookies, and summer drinks. Shelly has also acquired an automatic popsicle machine which has streamlined production, a necessary step to support their operations as they look towards franchising and catering corporate events.

Shelly is enthusiastic about the prospect of franchising Island Pops. She envisions new locations in Maryland, Atlanta, and Florida and an ice cream truck that can serve as a mobile, cost-effective storefront.

“I probably just want to open one more brick and mortar, maybe, and the truck. Different forms of distribution are going to help us level up and scale. So if there are other locations we can expand to, offering the franchise will give me less risk and allow me to spend time with my kids.” 

In addition to Island Pops, Shelly has launched another innovative brand called True Scoops. This powdered mix, which turns into ice cream with just milk and a mixer, was inspired by her kitchen experiments during the pandemic when she struggled to make ice cream from scratch for her kids. The idea was so compelling that it made it to Shark Tank. Available on True Scoop’s website and Amazon, Shelly’s goal is to revolutionize how people think about ice cream.

“We’re trying to get people to know that ice cream can be found outside of the freezer. You can find it in the baking aisle, next to the sprinkles, because it’s a little packet of mix,” she shares. 

Shelly’s journey with Island Pops showcases the dedication to true entrepreneurship, the power of community support, and innovative thinking. With 25% of revenue coming from event catering, Island Pops continues to grow and adapt. Shelly’s entrepreneurial spirit shines through as she considers the future. 

“Where could the brand be in five years?” she wonders.

For us at Spring Bank, supporting small businesses like Island Pops is about more than just financial transactions. It’s about building relationships and fostering success within the community. Whether you’re looking to open a new business bank account, manage your small business accounts, or explore business checking account options, we are committed to helping local entrepreneurs thrive.

For more information on how Spring Bank can support your business, visit our website and discover why we are one of the best banks in NY.

Jemmy Alarcon, AVP/Senior Commercial Loan Closer: A Spring Bank Staff Feature 

At Spring Bank, we pride ourselves on fostering a community of dedicated professionals united to serve our community with integrity, excellence, and care. One such integral team member is Jemmy Alarcon, AVP/Senior Commercial Loan Closer. She is a testament to hard work, dedication, and excellence in the banking sector.

“It was my destiny to be in banking,” Jemmy reflects. “I am so happy this path led me to Spring Bank.”

For over nine years, Jemmy has been an invaluable asset to our commercial real estate lending team. With over 20 years of experience in banking and commercial lending, her journey started in South America. Born in Ecuador and raised in Lima, Peru, Jemmy’s passion for banking was ignited early on; most of her family worked in the banking industry. She majored in accounting and auditing, finding a particular interest in auditing due to its investigatory nature.

“Auditing involves engaging research and finding hidden data,” she explains, though she also acknowledges the importance her accounting background provides in her financial career.

In Ecuador, Jemmy worked for a local bank before moving to the United States as an international student. She initially applied for a teller job but was swiftly promoted to the commercial lending team. This experience worked well with her detail-oriented personality, which is crucial for closing high-stakes deals.

“During my early years in the banking industry, I was lucky to learn from great professionals who shaped my skills and helped me gain valuable insight into the role I have now. In my field, one never stops learning,” she shares.

Jemmy’s role on our commercial lending team is multifaceted. Once loans are approved, she begins the meticulous closing process, ensuring all documentation is accurate and complete. Her role requires her to communicate complex information to borrowers, often dealing with various third parties like real estate attorneys, insurance agents, and brokers. Despite the challenges, Jemmy finds great satisfaction in her work.

“Learning how to navigate different people is a true skill. Even though it can be hectic when you close the loan, you feel satisfied at the end of the day because you know you’ve helped a small business owner,” she says.

We work hard to provide personalized support and ensure that closings happen efficiently and on time. As a community bank, we stand by communication, professionalism, and efficiency. Our goal is to help our customers as much as we can. Even if they ask questions unrelated to closing, we will always refer them to the right person. 

“Our commercial lending team is strong. We can multi-task, problem-solve, and thrive under pressure. Our clients do not go through various levels of bureaucracy to reach a real person,” shares Jemmy. “We offer every person the same level of care and respect. So, I feel very comfortable working in this space. When I go to the office, I’m surrounded by my colleagues; many of us are part of the Hispanic community. We have camaraderie and closeness to the executives. I know I can easily reach out to the manager, the president, executives, and everyone else. I really appreciate that part of working here.”

Jemmy’s contributions to Spring Bank have not gone unnoticed. She joined as a senior closer and was promoted to VP a few years ago. Looking ahead, she aspires to expand her department, bringing on more junior and senior closers and specialized experts to further streamline our lending processes. For Jemmy, every loan closed is a success because when a deal is closed, an entrepreneur takes a step forward to achieving their business goals.

“Every loan that we close is a success to me. I don’t compare small loans to bigger real estate ones because, for the borrower, that amount of money is important to their business. I feel proud of all our closings because we put the same effort into each deal regardless of the amount. If it’s important to you, it’s important to us,” she says.

Here are a few tips from Jemmy that will help borrowers better prepare for the closing process:

• Pick the right attorney to assist you legally. Hire a real estate attorney if you are borrowing for a real estate process. This will make the process smoother than using an attorney who does not have experience or an understanding of the common closing procedures.
• Lawyers and borrowers must provide closing items and meet requirements in a timely manner for a smooth closing process. It takes approximately 3-4 weeks to close a commercial real estate loan; however, this process can always be expedited if each party is committed to working towards the same goal.

Jemmy’s hard work and journey inspire us all, and she encourages more women to pursue careers in commercial lending and banking.

“Banking and lending are careers for women. If you like challenges and want a space to develop your skills, closing is for you. You will feel rewarded despite the challenges,” she says.

Discover the benefits of the Spring Bank commercial lending team and real estate program. Looking for the best savings account online or need to open a new business bank account? As one of the top banks in NY, Spring Bank offers comprehensive solutions for your financial needs. From business checking accounts to small business accounts, and even if you want to apply for a personal loan, our team is here to assist you. Contact us to learn more.

In Partnership with GreenPath Financial Wellness

Owning a small business comes with satisfying rewards like being your own boss, making your own schedule, and doing what you love. However, with these benefits comes the responsibility of money management. There are best practices for setting up a new business bank account and managing your small business accounts that can help your business thrive in the long run. Read these tips to guide the foundation of your financial success:

Build a Budget: To lessen the risk of overspending, plan for your expenses in your business checking account. This includes fixed costs like rent and utilities, variable expenses such as supplies, and one-time purchases like equipment. Remember to account for taxes and an emergency fund for unexpected expenses.

You can track expenses using a manual bookkeeping system, or you can take advantage of budgeting tools for businesses that can ensure your budget is precise and strategic. We offer some free resources to help you track your budget including access to Autobooks for all customers with small business bank accounts.

Separate Accounts: Operating your business using your personal checking account puts you at high risk. Opening a separate business checking account and credit card for your business keeps you organized and protects your personal assets from liabilities in the event of legal issues or bankruptcy. Keep your small business accounts for business expenses only.

Manage Debt Wisely: A personal loan may be necessary to finance your operations or expand your business. However, high-interest rates can do more damage to your profits and credit. Choose your financing options wisely, and consider our non-predatory small business lending options. We not only offer loans at competitive rates, but we’ll work with you and your financial needs to ensure lending benefits your goals, not hinders them.

Plan for Emergencies: Building an emergency fund provides a buffer during difficult times and allows you to withstand temporary setbacks. Strive to set aside three to six months’ worth of operating expenses in a dedicated savings account. We’re one of the few banks in NY that offers the best savings account online. An emergency fund is meant as a last resort, so try not to take money out unless absolutely necessary.

Evaluate your Finances Regularly: Checking in on your budget can help you adjust accordingly as your business evolves. With your Spring Banks small business accounts, you can access free professional guidance from financial advisors and experts at GreenPath Financial Wellness, who can help you navigate your finances and stay on track with your goals.

Contact us to learn more about opening a new business bank account and our other free money management resources.

This content does not constitute tax or financial advice. It is advisable to seek guidance from a licensed professional tailored to your individual circumstances.

In Partnership with GreenPath Financial Wellness

As summer hits its stride, the idea of financially preparing for the holidays might feel like overkill. Consider this: money is the most cited source of stress during the holidays, with 58% of US adults worrying about overspending or not having enough money. July is an ideal month to assess your financial picture and make mid-year adjustments to help you cruise into the fall and holiday months with fewer concerns. To make planning easier, here is a seven-item checklist you can use as your guide:

1. Review Your Budget

With a customizable budgeting worksheet or free app, identify areas where you may be overspending and eliminate costs or find an affordable alternative if possible. Budgeting isn’t about guilt. Rather, it is a way to ensure you save a little each month – ideally 10% of your income, but starting with even a little each month is the most important step.

2. Automate Savings

Consider the “set it and forget it” approach to allocating high-interest savings so that when peak holiday spending season comes around, you’ve avoided (or at least minimized) credit card balances that can put a damper on the season and the coming year. Consider opening a holiday-specific personal savings account with us and start saving now.

3. Strategize Debt Repayment

Review the balances and interest rates of your credit cards, loans, and other debts. Tackle high-interest payments first (so you can put more toward the principal in the long run). Explore a debt management program that can help you eliminate debt faster.

4. Check Your Credit Report

Request a free copy of your credit report from AnnualCreditReport.com. Review the report for any inaccuracies or signs of identity theft. Dispute any errors you find that could contribute to a lower score.

5. Revisit Investments

If you have any investment accounts, assess whether your allocations still align with your long-term goals and risk tolerance. Market conditions often change, and your investment strategy should account for these fluctuations.

6. Maximize Retirement Contributions

If you have a retirement account, check your contributions and see if you have any room in your budget to increase them—especially if your employer offers matching contributions. The sooner you invest, the more time your money has to grow.

7. Review Insurance Policies

Ensure that your health, auto, home, and life insurance policies still meet your needs. Life changes such as marriage, the birth of a child, or significant purchases might necessitate adjustments to your coverage or comparison shopping for more favorable rates.

Speak with Our Team

You aren’t alone in your financial journey. Our team will help you better understand your spending behavior and save more this holiday, just by changing small habits. Whether you open a personal checking account, apply for a personal loan, or open a small business bank account, we become your partner and advocate. We will do our best to help you navigate the best path forward to help you set and achieve your financial goals. You can also take advantage of free financial counseling from one of our trusted nonprofit partners, Ariva and GreenPath Financial Wellness. Their certified experts are ready to meet you exactly where you’re at.

“I am very happy about the positive impact on my credit score. Credit-building was important to me and part of why I took out the loan. Between paying down student loans and paying off the first Employee Opportunity Loan, my credit score is increasing.” — Jessica, Administrative Assistant at BronxWorks and Employee Opportunity Program client. 

The financial wellness of your employees matters. It matters to their families; helping to relieve stress, the ability to succeed at work, and to plan for a comfortable retirement. Unfortunately, as inflation rises, a steady salary in New York City does not always mean financial stability. From unmanageable student debt, to medical bills, unforeseen family expenses, and retirement, money remains the number one cause of anxiety for Americans. The data tells the story: 67% of Americans earning over $50,000 would have trouble paying for an unexpected $1,000 expense.

That’s why we know the Employee Opportunity Program can be an essential part of your commitment to your employees; consider it a core part of your larger employee benefits package. Through our Employee Opportunity Program, you can help your employees learn to build credit, receive free financial counseling, cover unexpected expenses, use our Employee Opportunity Loan, and plan for the future without taking on high-interest debt.

We are proud to be a financial wellness partner with over 38 business and nonprofit organizations across New York City, including: BronxWorks, The Doe Fund, Jetro/Restaurant Depot, UnCommon Goods, Floating Hospital, Greyston Bakery, and Grand Street Settlement House. Over 3000 New York City employees have taken advantage of our Employee Opportunity Program. They are now experiencing an increase in their credit scores, a clearer understanding of their financial picture, and more peace of mind. The program starts with one-to-one financial management, and opening a personal savings account. 

“Spring Bank helped me get my bills in order through the Employee Opportunity Loan Program. Katherine was on the phone with me step-by-step to apply for the funds as I often get anxious with the computer.  There was no stupid question and she helped my co-worker, too. Katherine is very patient, and I’m so glad I worked with her,” shares Jereny V., Sr. Case Manager at The Doe Fund and Employee Opportunity Loan Program client.

Katherine Martinez, Consumer Lending Associate, and our Consumer Lending Team will help you and your employees with every step. We’ve built a custom, easy-to-use loan platform with our fintech partner that’s accessible on mobile, too. Jessica, Bronxworks Administrative Assistant and Employee Opportunity Loan Program client, has recently taken advantage of our Employee Opportunity Loan twice to cover moving expenses. She shares about her onboarding experience:  

“It was easy to apply and fill out the required documentation. Spring Bank got back to me quickly, and once the documents were processed, it was only a few days before the money was deposited.”

Not only did Jessica receive the funds she needed to cover her relocation costs in only a few days, but she also saw a steady increase in her credit score. 

“I am very happy about the positive impact on my credit score,” explains Jessica. “Credit-building was important to me and part of why I took out the loan. Between paying down student loans and paying off the first Employee Opportunity Loan, my credit score is increasing.”

Let your employees know you care in a tangible way. Help them access funds to manage unforeseen expenses and avoid cycles of debt and stress. Join our Employee Opportunity Program. Watch a short animation about our commitment to the future of employee financial wellness as a community bank in New York. 

Looking for other types of personal loans NYC? We offer credit-building personal loans and can help you apply for a personal loan, too. Reach out to our team for more information.  

In Partnership with GreenPath Financial Wellness 

As the summer months approach, unplanned expenses, such as summer camp, beach days, and new sandals for your kids, may sneak up on you and take you off budget. Get ahead of summertime costs now by using a budgeting tool. Whether you prefer an app or the back of an envelope, here are a few tips as you consider both digital and analog tools:

Prioritize Accordingly

There are many financial resources designed to make money management stress-free, but regardless of what budgeting tool you choose, consider the following features:

1. Goal Setting 

Creating and reaching financial goals for yourself is why most of us budget in the first place! Support this aspect of your financial story by choosing a tool that allows you to set goals, whether saving up for a milestone purchase or paying off credit card debt. Choose a tool so you can monitor your progress and edit your goals when circumstances change.

2. Methodology

Based on your goals, you may use the traditional envelope system or focus on zero-based budgeting. Choose a system that offers flexibility, allowing you to experiment with different methods until you find the one that works best for you.

3. Affordability

Before you commit to a paid subscription, research free or free trial periods of budgeting apps to determine whether the functionality is worth the cost. Many apps offer free features (like goal setting) with the option to upgrade later to unlock additional features.

4. Security 

Given the sensitive nature of financial information, security is essential when choosing a budgeting tool. Ensure that the app employs enhanced security protections such as encryption, multi-factor authentication, and regular updates and notifications to protect your financial data from unauthorized access. Learn more about our commitment to your financial security in this great YouTube series.

5. Interface

User-friendly, intuitive design ensures you can navigate the app effortlessly, saving you time and frustration. Look for apps that allow you to quickly input transactions, set budgets, and track your spending without a steep learning curve. Some apps even offer interactive tutorials to guide you through the setup process.

Before investing time into learning or creating a new budgeting tool, check out a few free resources that can help you with summertime spending. All customers have access to the following:

• Spring Bank Mobile App for instant access to your personal savings and checking accounts online
• Free financial counseling with our partners at Ariva & GreenPath Financial Wellness
• Free access to Autobooks for all customers with a small business bank account
• One-to-one customer service. If you need help creating your financial goals or getting clearer on how to achieve them, our team is here to help you. Visit us in person, or give us a call at 718.879.5000