Friday, June 05, 2020

(Courtesy of Cross River Bank) Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, has announced a series of initiatives to protect and mitigate the impact of COVID-19 on customers, employees, and the community.

“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,” said Gilles Gade, founder, president, and CEO of Cross River. “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.”

Cross River is addressing possible financial hardships to its impacted consumers and their families caused by the economic effects of the pandemic. The company has offered assistance to its borrowers through a number of measures, including forbearance options and short-term loan products for eligible small business and commercial real estate borrowers.

In addition, Cross River is working with each of its marketplace lending platforms to provide relief options to affected borrowers by offering flexible service options to alleviate financial pressures. Cross River’s system support functions remain fully operational and branch operations have been adjusted to protect the safety of employees and the community.

“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,” said Phil Goldfeder, Cross Rivers senior vice president of public affairs. “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.”

Cross River has provided its 300+ employees a $500 stipend for goods or resources that will help them transition to working from home. The company has also assured its employees that in the event a medical insurance company delays or denies a COVID-19 related medical claim, the company will cover it. The company has also implemented several new benefits, including access to virtual medical care, expanded coverage, and flexible schedules. As a notable community partner, Cross River has been working with local organizations, elected officials, and residents to assist with coronavirus-related relief measures in the company’s footprint and beyond.

Born in the aftermath of the 2008 financial crisis, Cross River was built with the goal of providing access to credit to consumers in need. Since then, it has evolved into a national technology leader, providing innovative financial technology solutions across the country. Cross River has received outstanding recognition for its leading technology, community commitment, innovations in financial services, and unmatched workplace culture. As a New Jersey state-chartered community bank, Cross River has been a pillar of the New Jersey community, driving innovation and job creation in the state, with a strong focus on community service and social responsibility.