Cross River Bank, a Fort Lee-based provider of banking services for technology companies, said on Tuesday it had approved more than $4.7 billion in loans to small businesses through both rounds of the Small Business Administration’s Paycheck Protection Program.
Cross River, which currently has $2.5 billion in assets, said it was able to support nearly 600,000 employees and their families with an average loan size of $44,000 — the lowest size among national lenders.
“COVID-19 has had a devastating impact on businesses across the country and we immediately recognized how to leverage our own technology, knowledge of fintech and expansive relationships to ensure wide access to PPP loans,” Gilles Gade, founder, CEO and president of Cross River said. “True to our roots, our team stepped up when others refused, ensuring that every small business in need had the resources and opportunity to receive funding, regardless of size or location.”
Cross River said it was one of the first banks in the country to offer PPP loans to small business without requiring a preexisting banking relationship. When the Coronavirus Aid, Relief, and Economic Security Act was established in March, Cross River began streamlining and automating its systems to process applications.
Cross River said it partnered with more than 30 technology companies to provide more opportunities for businesses to apply and receive the funding. In addition to building its own lending platform, the company said it donated more than 230,000 pieces of personal protection equipment, over 10,000 N95 masks and provided hand sanitizer and hot meals to first responders on the frontlines.
This approach resulted in the bank being named one of the Top 15 lenders in the country and as a Top 5 lender for loan volume, it said.