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.
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.