Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced on Wednesday it is now offering a series of initiatives to protect and mitigate the impact of the coronavirus outbreak to customers, employees, and the community. The banking group reported that it is now offering assistance to its borrowers through a number of measures including forbearance options and short-term loan products for eligible small business and commercial real estate borrowers.
“In addition, Cross River is working with each of its marketplace lending platforms to provide needed relief options to affected borrowers, providing flexible service options to alleviate financial pressures. Cross River’s system support functions remain fully operational and branch operations have been adjusted to protect the safety of employees and the community.”
Cross River has also provided its more than three hundred employees with a $500 stipend for goods or resources that will help them transition to working from home. The bank is assuring its employees that in the event that a medical insurance company delays or denies a COVID-19 related medical claim, it will cover it.
“The Company has implemented several new benefits, including access to virtual medical care, expanded coverage as well as flexible schedules. As a notable community partner, Cross River has also been working with local organizations, elected officials and residents to assist with Coronavirus-related relief measures in the Company’s footprint and beyond.”
Gilles Gade, Founder, President, and CEO of Cross River, added:
“Cross River was founded in the wake of the great recession with a singular focus on community service and we continue to be deeply committed to our staff, partners and the community. Although we are all working remotely, our team is fully operational, and we will continue to collaborate to deliver the assistance our extended Cross River family may need.”