Melanie Stern, Spring Bank's Director of Community Lending, appeared on radio show Gotham Connections to discuss Spring Bank's new Borrow and Save program: "Borrow and Save takes the traditional payday model and turns it on its head... It's a small amount of credit up to $1,500 that has a unique twist--that 25% of the loan is kept in a savings account. The goal there is to help people build savings, give people an opportunity to build their credit profile and also to break the habit of repeat lending... On the consumer side, to date, we've had to write off one loan in the amount of $600. So the notion that people of modest means cannot be good borrowers -- we're hoping to put the lie to that."