Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced earlier this week t 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 reported it 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.
Cross River further revealed it has partnered with more than 30 technology companies to allow thousands of additional businesses to apply for and receive funding safely and efficiently. While sharing more details about the upcoming round, Gilles Gade, Founder, President, and CEO of Cross River, stated;
“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. These financial lifelines are crucial to businesses and communities across the country and Cross River will continue to help in every way we can.”
Phil Goldfeder, SVP Public Affairs at Cross River, went on to add:
“We know there are so many businesses still struggling, and there is no way we will stop now. 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.”
Founded in 2008, Cross River describes itself as 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.