Techunited logo
  • About
  • Membership
  • Experiences
  • Fund
  • Resources
  • Magazine
Menu
  • About
  • Membership
  • Experiences
  • Fund
  • Resources
  • Magazine
  • Login
  • Become a Member
Techunited logo
  • About
  • Membership
  • Fund
  • Resources
  • Magazine
  • Login
  • Signup
Menu
  • About
  • Membership
  • Fund
  • Resources
  • Magazine
  • Login
  • Signup

Cross River One of Top Paycheck Protection Program (PPP) Lenders in the Country

As one of the top PPP lenders in the country, Cross River saves nearly 600,000 jobs through 105,000 loans
With $2.5 billion in assets, Cross River delivers more than $4.7 billion in relief, regardless of pre-existing banking relationships, utilizing streamlined technology and strong partnerships
Average loan size below $44,000, the absolute lowest amongst national leaders, reaching the most vulnerable small businesses and nonprofit organizations in every state
FORT LEE, N.J. – Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced that it has approved more than $4.7 billion in loans to small businesses across the country through both rounds of the Small Business Administration’s (SBA) Paycheck Protection Program (“PPP”). With an average loan size of $44,000, the absolute lowest amongst the nation’s leading lenders, Cross River was able to support nearly 600,000 employees and their families.
“COVID-19 has had a devastating impact on businesses across the country and we immediately recognized how to leverage our own technology, knowledge of fintech and expansive relationships to ensure wide access to PPP loans,” said Gilles Gade, Founder, President, and CEO of Cross River. “True to our roots, our team stepped up when others refused, ensuring that every small business in need had the resources and opportunity to receive funding, regardless of size or location.”
As a trusted community bank and preferred SBA lender with $2.5 billion in assets, Cross River was one of the first banks in the country offering loans via the PPP to every small business, without requiring preexisting banking relationships. At the time of introduction of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Cross River team mobilized internally to offer a streamlined and automated system to enable the processing of applications the moment the SBA opened the Program.
In addition to building its own comprehensive lending platform, Cross River partnered with over 30 leading technology companies, including BlueVine, Divvy, Gusto, Intuit, Veem, Kabbage and others, to allow thousands of additional businesses to apply for and receive funding safely and efficiently. Cross River’s innovative approach made it one of the top 15 lenders in the country and amongst the top 5 in loan volume. Cross River also purchased loans from technology companies to provide liquidity and enable them to continue their efforts, which led to an additional 142,000 jobs supported through 44,000 loans.
In response to the COVID-19 pandemic, Cross River also partnered with local organizations, elected officials and municipalities to provide virtual financial literacy programming around COVID-19 relief and recovery. The Company has also donated more than 230,000 pieces of PPE, including over 10,000 N95 masks, to local hospitals, provided hand sanitizers to first responders and delivered hot meals to medical workers on the frontlines.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
PrevPreviousValley Bank Chief Digital Product Officer shares how they helped more than 10,000 business owners receive PPP loans
NextIntroducing the new New Jersey Tech Council – TechUnited:NJNext

Recent Tweets

TechUnited:NJ 3 hours ago

@YPGoldfeder @crossriverbank @SBAgov ^ @jamezmarvin

Read More
TechUnited:NJ 7 hours ago

#TechUnitedRecap | We sat down with Phil Goldfeder (@crossriverbank) and John Blackstock (@SBAgov) to talk about the next round of #PPP and the various rules, applications and opportunities available to #SmallBusinesses. Missed it? Watch the full video

Read More
TechUnited:NJ 1 day ago

RT @TomBergeron5: The $15M pilot program begins in Newark/Camden, but there's hope it will expand to other municipalities. @NewJerseyEDA @C…

Read More

Recent Post

Cross River to Participate in Next Round of Paycheck Protection Program (PPP)

01/07/2021 No Comments

As a top PPP lender, Cross River provided more than $6.5 billion in relief to nearly 200,000 small businesses, saving nearly one million jobs to

Read More »

TechUnited Announces Winners of 24th Annual Awards Celebration

12/15/2020 No Comments

After reviewing over 100 nominations, TechUnited:NJ and its Selection Committee honored 21 winners at its Annual Award Celebration, a virtual event on Wednesday December 9,

Read More »

EverythingBenefits Butterfly LITE: Free Benefits ESS Solution for SMEs

12/03/2020 No Comments

EverythingBenefits announces Butterfly LITE, a new solution for SME employers NEW PROVIDENCE, N.J. (PRWEB) NOVEMBER 24, 2020 EverythingBenefits, the provider of comprehensive, next-generation benefits automation technology

Read More »

Related Articles

News
News

Cross River to Participate in Next Round of Paycheck Protection Program (PPP)

As a top PPP lender, Cross River provided more than $6.5 billion in relief...
View details
Uncategorized

TechUnited Announces Winners of 24th Annual Awards Celebration

After reviewing over 100 nominations, TechUnited:NJ and its Selection Committee honored 21 winners at...
View details
Uncategorized

EverythingBenefits Butterfly LITE: Free Benefits ESS Solution for SMEs

EverythingBenefits announces Butterfly LITE, a new solution for SME employers NEW PROVIDENCE, N.J. (PRWEB) NOVEMBER...
View details
TechUnited NJ logo

proudly based in New Jersey
732.456.5700

Contact Us
  • About
  • Membership
  • The Fund
  • Resources
    • NJPRF
  • Magazine
  • Careers
  • Mentorship
  • Sponsors
  • Alliances
Subscribe to stay informed of announcements, events, and special offers from TechUnited:NJ.
Twitter
Facebook
Linkedin
Instagram
© 2021 NJ Technology Council / TechUnited, a NJ Non-Profit Organization. All rights reserved.
  • Privacy Policy
  • Terms & Conditions