Who we serve
The Bronx is the poorest borough in New York City with a median income of $27,611, and 79.65% of its residents (96% in our proposed field of membership) are low or moderate income, according to the American Community Survey (5 Year in 2011), Median Family Income Listing in 2011. Bronx households are 28.7% likely to be unbanked (Citywide Financial Services Study by Social Compact, 2009); this is more than double the City average of 13.4% (far above the national average of 7.7%). The Bronx is also home to the largest concentration of African immigrants in the entire United States, amounting to over 60,000 residents (U.S. Census Bureau, 2010).
- In New York City, approximately 405,000 households are unbanked. More than 825,000 adults live in these unbanked households (13% of households).
- Nearly half (48%) of unbanked households in New York City are in one of 10 neighborhoods.
- Residents of the top 10 unbanked neighborhoods in New York City are less likely to have a college degree (19%) than the City average (32%) and less likely to be homeowners (17% compared to 34%).
- The Study also found that there are two alternative financial services providers for every bank or credit union in the top 10 unbanked neighborhoods. The unbanked do not have access to savings accounts, loans, and investments and thus are severely restricted in their ability to generate wealth.