Cross River offers borrowers assistance, gives employees $500 stipend

Add Fort Lee-based fintech Cross River Bank to the list of companies trying to help out amid the COVID-19 pandemic sweeping the state and region.

The company announced Wednesday that it is offering borrowers assistance including forbearance options, as well as short-term loan products for eligible small business and commercial real estate borrowers. It is also working with marketplace lending platforms to provide relief options to borrowers and adjusting branch operations to protect employees and the community, it said in a news release.

“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,” Gilles Gade, founder, CEO and president, said in a prepared statement. “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.”

The bank provided its 300-plus employees with a $500 stipend to help them transition to a work-from-home environment, and promises to cover any coronavirus-related medical claim that is delayed or denied by an insurance company. It also has added some new benefits, such as flexible scheduling, and has been working with officials to assist with relief measures in its service area.

“No one knows what challenges tomorrow may bring, but, in times of need, it’s important to know you have a community partner to lean on,” Phil Goldfeder, senior vice president, public affairs, said in a statement. “We have been in constant contact with our partners, elected officials, industry leaders, peers and the community at large to continue to be a resource to those impacted in every possible way.”

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