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Cross River Bank, Fort Lee, NJ

Entry Year: 2020
Entry Category: Economic Inclusion
Asset Size: Small
Program Name: Cross River Paycheck Protection Program

Program Summary:

During the COVID-19 pandemic, Cross River was one of the first banks in the country offering loans via the Paycheck Protection Program (PPP) to every small business, without requiring preexisting banking relationships. As a trusted community bank and preferred SBA lender, Cross River's innovative approach made it one of the top 15 lenders in the country and amongst the top 5 in loan volume, originating more than $5 billion in loans to more than 120,000 America's smallest and most vulnerable businesses. 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. With an average loan size of $42,000, the absolute lowest among the nation's leading lenders, Cross River was able to support nearly 750,000 employees and their families. https://crossriver.com/cross-river-one-top-paycheck-protection-program-ppp-lenders-country https://www.nytimes.com/2020/06/23/business/paycheck-protection-program-cross-river-bank.html https://www.youtube.com/watch?v=apolMO2aHaM https://crossriver.com/cross-river-partners-operation-hope https://crossriver.com/covid-19-community-affairs https://home.treasury.gov/system/files/136/SBA-Paycheck-Protection-Program-Loan-Report-Round2.pdf