Last year we announced that we became carbon neutral! With the support of fellow B Corp, Carbon Credit Capital, we worked to offset our carbon outputs. Today—we are prouder than ever to support small businesses in the green and sustainability space, like cleantech startup, Conamix. Conamix was one of Spring Bank’s earliest recipients of a PPP (Paycheck Protection Program) loan.

Located in Ithaca, New York, Conamix develops cobalt-free materials for lithium-ion batteries used to power clean energy solutions like grid storage, electric vehicles, and, eventually, electric flight. They have grown quickly, with many partnerships in sustainable and cleantech around the world.

How does an Ithaca-based company become a customer of a Bronx-based community bank? Founder and CEO, Charles Hamilton, was looking for the right kind of community bank because he knew prioritizing excellent service would be good for his business.

“As a small business, I knew a small community bank would provide the personal human touch we need and offer the ability to work more directly with the management staff. We’ve had amazing service at Spring Bank,” says Charles.

When the SBA lending options became available, we knew Conamix would qualify.

“I sailed through the PPP application process with Spring Bank. I got notification within days that we were approved, we quickly moved to closing, and the funds have already been disbursed.”

For Conamix, the SBA PPP loan has been critical.

“Because of the personal service at Spring Bank, I was approved for the PPP before much larger banks were accepting applications,” says Charles.

As an SBA preferred lender, we remain committed to prioritizing the needs of small businesses in New York City, and beyond. We know the COVID-19 health crisis has forced hundreds of small companies and startups to lay off employees or close their doors. We will continue to do what we can to change that story.

“For us, as a startup, the decision to bank with Spring Bank was timely. I didn’t anticipate when we would need good service, but I knew a community-based financial institution was the right choice,” sayhttps://spring.bank/the-cares-act/s Charles. “And I love that Spring Bank is a B Corp. They know they can do good in the community, generate returns, and provide good service. What’s not to love?”

Read more about Conamix. Read about our journey to carbon neutral. Learn more about the CARES Act.

Photo Credit: The New York Times

With over 20,000 patients across the city, Callen-Lorde Community Health Center has provided outpatient health care to New York City’s LGBTQ and homeless community for over 50 years. So, when COVID-19 infections in New York City spiked in early March and the emergency rooms and hospital beds were overflowing, Charles King, the CEO of Housing Works, knew who to call. Wendy Stark, the Executive Director of Callen-Lorde, quickly took him up on his proposition to work together.

“We quickly pivoted to be part of the city’s front-line health care response. And under very dire circumstances, our staff turned a hotel into a field hospital to serve COVID patients. We’ve needed more staff than we thought because people were sicker than we expected,” says Wendy.

In a matter of hours, Housing Works and Callen-Lorde converted a 133-room hotel in Queens into a hospital, pharmacy, and testing center. In addition to managing their telemedicine program for current patients, the Callen-Lorde team worked day and night to support the influx. And they were running out of money. The volume of their services increased, but payment and government support did not.

When the SBA CARES Act funding became available, Wendy immediately applied for the Paycheck Protection Program (PPP) with a large financial institution; they were not successful. Three days before the SBA portal opened for the second round Wendy held an all-team meeting to announce that Callen-Lorde had no choice but to furlough 80 employees— that’s when one of their employees referred them to us.

“It’s been incredibly emotional. The Spring Bank team worked over the weekend to help us secure the PPP loan, and by Monday morning, I delivered happy news to the team that we did not have to furlough anyone right now,” says Wendy. “We had a staff call with the Spring Bank team to celebrate.”

The PPP loan provides Callen-Lorde with two months of funding and time to secure longer-term fiscal support as their team continues to work, day and night. The transformation of the health care system, one that is accessible for all New Yorkers, is also of the highest priority for Wendy.

“People have talked about this moment as an equalizer. It’s not. COVID-19 has impacted people of color, and people with less access to ongoing services most acutely,” says Wendy. “We need a centralized, single-payer, unified system that works to the benefit of our entire society. We need a total transformation.”

Callen-Lorde and Housing Works continue to operate the working hospital at the hotel in Queens. They plan to serve as many people as they can for as long as they can. Partnerships with other health centers, affordable housing providers, and community-based organizations have been crucial to their journey. We are humbled and grateful to be one of those partners.

“As a result of COVID-19, we are now connected with a financial institution oriented to serve people who are underbanked. Our overnight partnership with Spring Bank shows the beautiful way a community can organize during a crisis. It’s important that we raise our voices together,” says Wendy.

Raise your voice on behalf of Callen-Lorde by donating to their emergency fund. Read a feature piece about Callen-Lorde in the New York Times. Learn more about their COVID-19 services. Read about PPP Loan forgiveness on our website.