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.

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.

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.

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

Kathryn C., An Assistive Technology Loan Client Feature in Partnership with National Disability Institute

Kathryn C., a resident of Jamestown, NY, and one of our Assistive Technology Loan Program clients, reached out to her online community for support when she was looking for help purchasing an accessible van for her wheelchair. After several knee surgeries, Kathyrn realized she needed to use a wheelchair more regularly.

“When my husband passed six years ago, I couldn’t go up and down the stairs anymore. I knew I needed to use a wheelchair, and to find an [accessible] van, too,” shares Kathyrn.

After discovering Mobility Works, one of the leading dealers of wheelchair vans, Kathryn picked out a 2015 Town & Country, five-passenger van. With a side ramp that deploys, she can come into the van and drive securely with her wheelchair stabilized by a custom lockdown system; the van also has a second lockdown system for passengers. Kathryn wasn’t certain, however, that she could afford it. Thankfully, a family member led her to our partner, National Disability Institute (NDI), and our Assistive Technology Loan Program.

Through the partnership with NDI and the Assistive Technology Loan Program, individuals can purchase assistive technology devices they need without incurring high-interest debt. Kathryn was approved for a loan of $37,000 to cover the cost of the modified van.  After being denied by her bank, she was surprised to be approved for a 10-year loan at a 4% interest rate.

“Spring Bank was wonderful. The Assistive Technology Loan Program is the only way I could have purchased the van. I was even able to purchase the extended warranty, and all of it was done online,” explains Kathryn. “I got my independence back. I really don’t know what I would have done without this opportunity.”

With an accessible van to support her day-to-day mobility, Kathryn is grateful to no longer rely on transportation buses, which often require long waiting times, and to relieve her daughter of caretaking, too.

“My daughter was my aide and working for me, and it was great to spend time with her. But now she can spend time with me as my daughter,” shares Kathryn. “It’s so great to take myself to therapy once a week and do my own shopping.”

Kathryn feels ready to move back to her hometown to be closer to her family.

“My parents are aging, and I really miss the water. I grew up on the water,” she says. “Now I can go anytime I want.”

Learn more about the details of the Assistive Technology Loan Program and our partnership with National Disability Institute. If you or a loved one are in need of assistive technology products or devices that can improve your independence and quality of life, don’t hesitate to get in touch with us.

Primary Information: A Spring Bank Nonprofit Feature

A Brooklyn-based organization and one of our nonprofit clients, Primary Information, works to “advance the often-intertwined relationship between artists’ books and arts’ activism,” by publishing artists’ books and writings at affordable rates to the public and creating a platform for historically marginalized artistic communities. Building on the tradition of the artist book medium dating back to the 1960s, Primary Information is committed to democratizing the distribution of artists’ books.

“Executive Editor and Artistic Director James Hoff started the press with Miriam Katzeff back in 2006 with the idea of bringing long out-of-print, inaccessible publications back into circulation at affordable prices by creating facsimile editions, working to reproduce the original publications as closely as possible to their original form— including matching the original paper stocks as closely as possible,” says Matthew Walker, Executive Director of Primary Information.

They also work with contemporary artists to commission new publications, facilitating intergenerational dialogue with historical publications that remain of critical relevance to contemporary conversations and welcoming the next era of readers.

“Part of our mission is to foster diverse conversation between these historical publications and newer generations of artists working at the vanguard of contemporary practice,” explains Matthew.

The artist list at Primary Information is extensive and includes Pippa Garner, author of the 1982 Better Living Catalog, who has had a recent Renaissance in her career and whose book is already in its third printing since being published in facsimile form in June 2023. The organization’s most recent title, On and Off-Screen Imaginaries by contemporary artist Tiffany Sia, is a collection of six essays written in the wake of the 2019-2020 Hong Kong Protests. Check out their complete catalog here.

The Primary Information team continually reflects on how they can create a more inclusive experience for readers, starting with affordable prices. For example, the price range for a publication is $10 to $40. And $40 gets you a lot for your money: a 600-page, full-color book. Their subscription program, priced at just $125 for the year, is a deal, shipping every book they produce to subscribers for a calendar year.

“We price our books at cost with the aim of breaking even on the production costs of the books, so we have to supplement our sales revenue with grants and donations. We have a generous community who supports our mission to make artists’ books affordable and accessible,” says Matthew.

Primary Information has been a nonprofit customer since 2018, and we are proud to be part of their community.  As a community bank in Bronx, NY, they knew we prioritized the needs of the city’s hardworking small business owners and nonprofits.

“Spring Bank is very supportive of small businesses, and they give lines of credit to organizations that might not otherwise be able to get one, including nonprofit organizations like us,” says Matthew. “Our line of credit was invaluable to helping us navigate cash flow, especially when our budget was smaller.”

It was also our pleasure to support Primary Information through the pandemic with PPP lending and to offer them one-to-one support when they need it. Despite the distance between their offices and our branches in the Bronx, they have never found an issue with accessing the services they need.

“It is so rare to have a personal relationship with your banker these days,” says Matthew. “We use the app and online mobile banking platform daily and have never had an issue doing business in different boroughs than the branch.”

We hope you will take the time to learn more about Primary Information. You can also read more about how we can help your nonprofit manage cash flow through a line of credit or nonprofit checking account. Our nonprofit checking account benefits include no maintenance fees, remote deposit capture, mobile deposit, and personalized service. And if you’re a small business owner, we have what you need via our business checking account or another one of our small business accounts.

“Where else can you get a 4% loan? I would not have been able to purchase the equipment at all. I have three more years of payments, and it’s manageable. The assistive vision technology has made all the difference for me.” — Karen Bezem, Assistive Technology Loan Program Recipient 

Are you or a loved one having challenges affording the medical devices and assistive technology you need? Hearing and vision aids, communication devices, environmental adaptations, wheelchairs, and home or vehicle modifications – can be expensive. We know that often, these types of expenses are unexpected.

That’s why we are happy to share that through our partnership with National Disability Institute (NDI)— the first national nonprofit committed exclusively to financial inclusion and empowerment for people with disabilities—individuals can purchase devices they need without getting caught in high-interest debt. Spring Bank and National Disability Institute can help you find and afford assistive technology through the Assistive Technology Loan Program.

The NDI Assistive Technology Loan Program includes a loan of up to $45,000 with competitive interest rates and no credit score requirements for residents of New York and New Jersey. Built into the program is also the opportunity to build credit with every timely loan payment reported to credit bureaus.

Assistive technology products or devices that can improve your independence and quality of life may include:

• Computer equipment
• Hearing aids
• Vision aids
• Modified vehicles
• Scooters/wheelchairs 
• Accessible bathrooms
• Smart home technology

“Spring Bank is very generous. We found out together that a credit score and debt-to-income ratio aren’t as important as being able to verify that a person can afford their monthly expenses, that they are addressing their outstanding credit, and that they can afford the costs of these loans, too,” says Laurie Schaller, Manager Financial Empowerment at National Disability Institute.

Additionally, Laurie and her team at NDI will work as your financial guides, ensuring you can afford the technology you need before you take out the loan. They can help you create a spending plan and understand any benefits you may be eligible for to help people afford their monthly expenses. NDI may even be able to help you find additional funding to help reduce the size of the needed loan; this may be helpful for people who need to hire a contractor for home adjustments for a wheelchair or need a modified vehicle with hand controls, for example.

“For the majority of people who call us, we can usually find a grant or other line of funding to help them purchase the assistive technology and maybe reduce the amount of loan they need,” explains Laurie.

The Assistive Technology Loan Program provides affordable loans of up to $45,000 for the purchase or refinance of assistive technology to residents of New Jersey and New York. Learn more about this opportunity or contact NDI at 202.449.9521