A new initiative designates Spring Bank's Red Hook branch as a Banking Development District, securing $10 million in funding to enhance banking access in underserved areas. New York State officials emphasize the aim to provide affordable banking options, enabling local residents to access essential services without traveling far. The initiative will offer services like free nonprofit checking, payroll cashing, and financial education, promoting savings, business growth, and job creation, making banking more accessible and supportive within the community.
“When I came into DFS three years ago I wanted to ensure that New Yorkers know that the Department is working for them, making sure that financial services are both affordable and accessible. The BDD program is a powerful tool to encourage savings and credit building in our local communities.”
“The residents of Red Hook shouldn't have to travel outside the community to open a savings account, apply for a loan or simply take out money. With $10 million, we hope to see Spring Bank spur business growth, job creation and family savings in Red Hook.”
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