Spring Bank is now in Very Good Company!
We have officially become a B-Corporation, asserting that we meet rigorous standards of social performance, accountability, and transparency. How many other banks can say that?
On April 14, 2016, Spring Bank joined an elite group of corporations across America who are formally recognized as a ‘force for good’ by obtaining B-Corporation status.
B-Corps are a new type of company that uses the power of business to solve social and environmental problems. All total there are only 1,686 B-Corps and of those, only 4 are banks. Of those four, we are the only B-Corp bank in the entire North East.
If that doesn’t impress you, you should know that B-Corp certification is hard-to-get recognition, verifying that we “use business as a force for good†and meet rigorous standards of social performance, accountability, and transparency.
B-Corp FAQS:
Q: What is a Certified B Corporation?
A: Certified B Corporations are a new type of corporation which uses the power of business
to solve social and environmental problems. B Corp certification is to sustainable business
what Fair Trade certification is to coffee or USDA Organic certification is to milk.
Q: Why do B Corps matter?
A: Certified B Corporations are leading a global movement to redefine success in business.
By voluntarily meeting higher standards of transparency, accountability, and performance,
Certified B Corps are distinguishing themselves in a cluttered marketplace by offering a
positive vision of a better way to do business.
Q: How does a company become certified?
A: B Corps are certified by the nonprofit B Lab. To become certified, a company must:
- 1) Meet the Performance Requirement: Complete the B Impact Assessment and earn a
reviewed minimum score of 80 out of 200 points. - 2) Meet the Legal Requirement: Adopt the B Corporation Legal Framework to bake the
mission of the company into its legal DNA. This allows the company’s values to thrive
under new management, new investors, and new ownership. - 3) Make it Official: Sign a Term sheet and Declaration of Interdependence to make the
certification official.
Q: Who are the B Corporations?
A: The B Corp community is made up of over 1,000 companies in 34 countries from 60
industries with 1 unifying goal: to redefine success in business. To meet the Certified B
Corps, visit our directory: http://www.bcorporation.net/community/find-a-b-corp
Q: Why do companies certify?
A: B Corps want to be a part of something bigger than themselves, but for many, becoming
a B Corp also has to make business sense. B Corp certification helps companies
differentiate from pretenders, generate press, benchmark performance, save money and
access services, attract investors, partner with peers, and attract and engage talent.
