Sterling National Bank, a subsidiary of Sterling Bancorp (NYSE: STL), the leading business bank dedicated to the New York-Metro area, and the National Executive Service Corps (NESC), a provider of consulting services to not-for-profit entities, have announced the formation of a business relationship focused on supporting NESC’s clients’ banking and financial needs.
“In looking for banking partners, Sterling National Bank came to NESC’s attention because of their deep understanding of our clients’ business models by virtue of their many years serving the not-forprofit community,” said Joseph J. Townsend, Senior Vice President, Social Enterprise for NESC. “Our clients, especially those who participate in our Social Enterprise Program, are now able to avail themselves of Sterling’s financial resources and expertise at a time when the current economic downturn has made funding more challenging to obtain.”
NESC has helped more than 2,000 nonprofits in New York, Connecticut and New Jersey solve their managerial and operational problems, operate more efficiently and seize strategic opportunities that can spur their growth, allowing them to better serve their communities. NESC accomplishes this through consulting projects that bring proven business planning and management skills to the nonprofit sector. NESC’s 250 consultants are all experienced senior executives who are committed to “giving back” to enhance the effectiveness of their nonprofit clients.
Mr. Townsend said that NESC’s Social Enterprise Program enables not-for-profits to access underutilized employees and facilities, helping to reduce the consequences of unpredictable or inconsistent funding. For example, a local daycare center can rent out its space in the evening or on weekends, when it would otherwise stand vacant, to another organization. Similarly, a not-for-profit can “loan” its human capital (volunteers) to another organization for one-off events for which it then receives payment.
“Sterling is proud to be working with NESC, and is especially pleased that our high-touch service and work in the not-for-profit world brought us to their attention,” said Michael Bizenov, Executive Vice President at Sterling National Bank. “This relationship is a clear win-win for everyone. NESC introduces us to their clients as a bank with deep not-for-profit knowledge, and we have an opportunity to attract new clients through these business introductions. In fact, Sterling and NESC already share certain clients. We look forward to a long and productive relationship with NESC and the companies with which it works.”