Phil Goldfeder chats with us about Cross River Bank in the heart of Fort Lee! 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. Since its founding in 2008, Cross River has developed strong strategic partnerships with leading technology companies, enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. Cross River provides a highly-secure banking platform and comprehensive suite of products encompassing lending, payments and risk management, that enables its partners to deliver responsible financial solutions to empower consumers anytime, anywhere.
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 close to $6 billion in loans to more than 160,000 American small 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 less than $36,000, the absolute lowest among the nation’s leading lenders, Cross River was able to support nearly 800,000 employees and their families.