Cross River partners with African American chamber to grow economic empowerment in underserved communities

New platform will inject capital to drive accelerated growth for Black-owned businesses as part of a series of initiatives in honor of Black History Month

Cross River Bank has partnered with the African American Chamber of Commerce of New Jersey with plans to inject new capital, financial literacy education opportunities and critical business resources to underserved businesses and consumers.

In honor of Black History Month and leveraging Cross River’s technology-focused approach, the Fort Lee-based financial institution has provided the AACCNJ with a grant of $220,000 to help further its role in economically empowering and sustaining African American communities with free enterprise activity and direct outreach programs within the state.

As part of the partnership, Cross River will also help fund the chamber’s efforts to become a Community Development Financial Institution to serve more consumers and further compliment the New Jersey ecosystem. The partnership seeks to invest in the New Jersey African American community by not only providing more access to capital, but also support leveraging Cross River’s technological expertise.

“Cross River was founded with the goal of breaking down barriers to create access to safe and affordable financial services,” said Phil Goldfeder, senior vice president, global public affairs, at Cross River. “We are proud to launch this partnership with our friends at the AACCNJ as part of our longstanding commitment to find ways to provide individuals and communities with the resources they need.”

“Our partnership with Cross River will further leverage our capacity by providing pre-CDFI resources, for loan capital and much needed technical assistance to support the African American business community,” said John Harmon, founder, CEO and president, AACCNJ. “In addition, we look forward to leveraging the technological expertise Cross River brings to the partnership as well.”

Cross River recently announced its expanded partnership with the Memorial Foundation, sponsoring the Martin Luther King, Jr. Memorial Social Justice Fellowship Program for 50 distinguished fellows who are leading change in their communities. Most recently, Cross River founder and CEO Gilles Gade was honored with the foundation’s King Legacy Award for Economic Empowerment.

In honor of Black History Month, on Feb. 10, Cross River hosted an exclusive roundtable with leaders in fintech and crypto who are accelerating economic empowerment and equity in financial services. Moderated by Harry Johnson, CEO and president of the MLK Foundation, panelists included New York Assemblyman Clyde Vanel; Yana Miles, general counsel and SVP of the American Fintech Council; Kyle Williams, public policy manager at Coinbase; and Lindsey Holmes, CEO of Financially Stronger.