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Tags:cross river,small business administration,bank of america,citi spokesperson,ppp loan,community bank,small business,business administration lenders,cryptocurrency company coinbase,head of policy,Banking,Bitcoin,cryptocurrency,Fintech,Lending,Small Business,The Ledger
Posted: 2020-07-15 21:19:19
Meet the one-branch bank that did more PPP lending than Citi
From Jen Wieczner at The Ledger – Fortune
Originally published 2020-07-15
t also means, whereas the big banks prioritized lending to their existing customers which tend to be larger companies, Cross River’s loans went to the mom-and-pop shops and other true small businesses for which the PPP was intended: More than 95% of its borrowers were businesses with 20 employees or fewer.
After building a platform to automate PPP loan applications in less than 10 days, Cross River could then partner with more fintechs—now more than 30 in total—to funnel in their customers who wanted the stimulus funds, from non-bank lending companies like BlueVine and Kabbage to payroll software company Gusto
Tags:cross river,small business administration,bank of america,citi spokesperson,ppp loan,community bank,small business,business administration lenders,cryptocurrency company coinbase,head of policy,Banking,Bitcoin,cryptocurrency,Fintech,Lending,Small Business,The Ledger
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