An account for the business owner who demands flexibility and economy. It's backed up by responsive, local Spring Bank service and state-of-the-art online banking.
The minimum balance to start is $100.00. Maintain an average balance of $2,500.00 and we'll waive the already low $15.00 per month maintenance fee. (The maintenance fee is waived on all not-for profit business accounts. Visit our page on non-profit banking.)
What makes it easy? Free online banking, free online bill pay, low minimums for merchant capture (remote desk deposit), and more. Online statements are free. The $2.50 fee for print statements is waived with direct deposit.
If you like to keep extra cash handy, but not locked away, our Money Market Checking is an excellent account. Rates are tiered to increase with higher balances, and are some of the most competitive in the region. And your cash is still available for transfer between accounts and for limited check writing. The minimum balance to start is $500.00.
Online statements are free. The $2.50 fee for print statements is waived with direct deposit.
CD rates are also competitive, and are perfect for longer term commitments. Visit our home page for rates.
With the Spring Bank Business Credit Card you get local convenience along with worldwide acceptance. Give your business more purchasing power. Spring Bank offers the Platinum Visa® Business Credit Card and help the cash flow of your business with a competitive rate*. Easily manage your credit card account and make payments with online account management. Plus, you’ll earn valuable rewards points that can be redeemed for travel and merchandise.
*See the card application's Important Disclosures for current terms, rates and fees. Credit cards are subject to credit approval. Cards are issued by TCM Bank, N.A. and subject to credit approval
**Travel Accident Insurance - Coverage applies when the entire cost of the fare (less redeemable certificates, vouchers, or coupons) has been charged to the card. Your account must be in good standing. Restrictions to coverage may apply.
***Auto Rental Collision Damage Waiver -To activate coverage, complete the entire rental transaction with your card and decline the collision damage waiver coverage if offered by the rental company. Restrictions apply if you have personal automobile insurance covering this theft or damage.
Are you expanding your already established business? Or perhaps an experienced investor in commercial real estate? Click above to download a personal financial statement for commercial loans. Call (718) 879-5000 and ask to speak to a loan professional about what loan is right for your business.
The Grow Loan Program is an exciting new Spring Bank initiative designed to expand access to financing for businesses with capital needs below $150,000. The program offers both loans and lines of credit starting at $10,000. The application process, via our online platform, is easy, fast and transparent. Underwriting is flexible and there are no prepayment penalties. In addition, Grow clients have access to credit counseling through one of Spring Bank's non-profit partners. Spring Bank doesn't believe in the "one-size-fits-all" lending approach. We look at each client's particular circumstances and work with you to make sure you understand all your options and help you choose a loan that makes sense for your business.
If you are interested in Grow Loan and for speedy processing please take advantage of our on-line lending platform using the Apply Now button above.
Is your business relatively new? Do you have good cash flows but not much collateral? Spring Bank is an SBA Preferred Lending Partner (PLP). The U.S. Small Business Administration's 7(A) program helps businesses establish, acquire or expand the operations of an existing business. It's cousin, the 504 program is a specialized program for small businesses to acquire fixed assets for expansion or modernization. If you are interested in An SBA loan over $150,000 please call us at (718) 879-5000 for more information and to have forms and applications sent to you.
If you are interested in an SBA loan of less than $150,000 and for speedy processing please take advantage of our on-line lending platform using the Apply Now button above.
Business online banking is comprehensive and access is free. Transfer money between your accounts, pay your bills online, and download transactions into QuickBooks. (Some expedited transactions, such as same day bill, may have transaction related charges applied by the vendor.) Visit our tutorial videos under Financial Literacy and FAQs (above) for a comprehensive tour.
Local banking becomes a snap when your business signs up for our RDC Program. Businesses throughout the city can take advantage of Spring Bank's cost savings and services without having to visit a branch. Maintain a regular average monthly balance of $5,000, and we'll waive product related fees.
Whether you already have a merchant services relationship or are looking to introduce a new side to your business, we partner with a provider that offers competitive rates.
Banking for non-profits is free at Spring Bank. That means no minimum balance requirement, no maintenance fees, and free online banking. Business checking, money market and CDs are all available. We are mission-driven, transparent, and impactful.
How do we measure our impact? We are a U.S. Treasury certified Community Development Financial Institution (CDFI). That means the majority of our commercial lending is directed to low or moderate income areas. And we're committed to providing affordable services to New York's underbanked through our branches in underserved areas.
And because we are a certified CDFI, banks of all sizes qualify for positive CRA consideration from federal regulators with a special Community Reinvestment CD.
To discuss non-profit and financial institution accounts, call (718) 879-5000 and ask for our Community Relations Officer.