As one of the borough of the financial capital of the global economy, the Bronx plays a pivotal role in promoting financial capital growth for New York City. Financial capital can be defined as the financial resources that can be invested into the growth and development of community capacity, business development, supporting of the civic and social entrepreneurship, and accumulating wealth for future community development.
Over thirty percent of the Bronx population of 1.4 million lives underneath the poverty line, resulting in a high demand for fair and adequate credit union and local banking. In order to promote financial capital in a harsher economic environment, the Bronx has created its own, local government backed credit union called, Spring Bank. The Spring Bank’s mission aims at creating loan products designed at reaching underbanked consumers throughout the borough, that are more likely to become trapped in cycles of debt. Spring Bank attempts to remove the citizens of the Bronx’s reliance on check cashers, and other unconventional financial institutions, that feed off underprivileged citizens. Spring Bank even offers small business loans throughout the Bronx, filling in for bigger banks that traditionally avoid loaning in more economically unstable communities. These loan interest personal and business loans promote entrepreneurship throughout the Bronx, promoting development and labor. Spring Bank has placed an emphasis on fair banking practices, which proves to promote financial capital within the borough.