“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.
