Fort Lee-based Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, will be participating in the next round (“Round B”) of the U.S. Small Business Administration (SBA) Paycheck Protection Program. In the initial round of the PPP, Cross River provided more than $6.5 billion in relief to 198,738 small businesses in every state across the U.S., with an average loan size of $33,000.
“From day one, our goal has been to step in and try to help consumers and businesses get back on their feet by providing access to credit via the PPP,” said Gilles Gade, founder, president, and CEO of Cross River. “These financial lifelines are crucial to businesses and communities across the country and Cross River will continue to help in every way we can.”
At the time of introduction of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, Cross River began working on building its own PPP portal utilizing its leading technology and strong partnerships. When the SBA opened the PPP on April 3rd, 2020, Cross River was accepting and processing applications from any business in need, without requiring preexisting banking relationships. In addition to building its own comprehensive lending platform, Cross River partnered with over 30 leading technology companies 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 12 lenders in the country and amongst the top 3 in loan quantity.
“We know there are so many businesses still struggling, and there is no way we will stop now,” said Phil Goldfeder, SVP Public Affairs at Cross River. “Throughout the past few months, we’ve been updating our program and sharpening our technology so that we can serve even more small businesses in the next round of the PPP. Bridging the economic gap, and offering trust, reliability and stability is embedded in our DNA and we’ll continue to stay true to our mission of providing access to credit to those in need.”
A dedicated team of employees, advanced technology, deep partnerships and nimbleness allows Cross River to quickly step in when others can’t and to fill the void for businesses in need of funds to stay afloat. For this round of PPP (Round B), Cross River has again utilized its vast partnerships to streamline and extend the program to additional borrowers in communities across the country, providing greater access to credit to businesses in need.
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