Cross River to Participate in Next Round of Paycheck Protection Program

Summary

In a January 6, 2021 release from Fort Lee, N.J., Cross River announced that it will be participating in the next round ("Round B") of the U.S. Small Business Administration (SBA) Paycheck Protection Program ("PPP"). It says that in the initial round Cross River provided more than $6.5 billion in relief to 198,738 small businesses in every state, with an average loan size of $33,000. It states that when the SBA opened the PPP on April 3rd, 2020, Cross River was accepting and processing applications from any business without requiring preexisting banking relationships, and that it partnered with over 30 leading technology companies. It describes Cross River as one of the top 12 lenders in the country.

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Cross River to Participate in Next Round of Paycheck Protection Program

January 6, 2021

Cross River to Participate in Next Round of Paycheck Protection Program

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 date

Company serves small businesses in every state, regardless of pre-existing banking relationships, utilizing streamlined technology and strong partnerships

FORT LEE, N.J. - Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, today announced that it will be participating in the next round (“Round B”) of the U.S. Small Business Administration (SBA) Paycheck Protection Program (“PPP”). 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.

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