Cross River Bank, "Cross River One of Top Paycheck Protection Program (PPP) Lenders in the Country," newsroom release, June 9, 2020 (Internet Archive copy of June 5, 2023)

Summary

Cross River Bank's June 9, 2020 press release, datelined Fort Lee, N.J., says it has approved more than $4.7 billion in loans to small businesses through both rounds of the Small Business Administration's (SBA) Paycheck Protection Program ("PPP"). It says Cross River saves nearly 600,000 jobs through 105,000 loans, with an average loan size of $44,000, which it calls the absolute lowest amongst the nation's leading lenders. It states that Cross River has $2.5 billion in assets and was one of the first banks in the country offering PPP loans to every small business without requiring preexisting banking relationships. Gilles Gade, Founder, President, and CEO of Cross River, is quoted.

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Press Release

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

Cross River

June 9, 2020

2 min read

June 9, 2020

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.

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