FORT LEE, N.J.–(BUSINESS WIRE)–Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions and TechUnited:NJ, a membership-driven, non-profit organization that offers opportunities for tech-enabled companies and entrepreneurs to collaborate, today announced a groundbreaking partnership to propel the future of New Jersey by increasing support for small businesses and entrepreneurs in the state, particularly by providing additional resources to women and minority business owners.
“Our success at Cross River is emblematic of the growth of the New Jersey technology ecosystem, and we are humbled to play a part in cultivating, hiring, and investing in our backyard,” said Phil Goldfeder, SVP of Global Public Affairs at Cross River. “As one of the largest lenders in the Paycheck Protection Program (PPP), we safely and securely supported the smallest businesses who needed access to capital and this partnership with TechUnited demonstrates our continued commitment to our mission of serving the smallest businesses and entrepreneurs leading the next generation.”
As said by New Jersey Governor Phil Murphy in his welcome remarks at Propelify Innovation Festival: “This event reflects and amplifies the innovative spirit to which New Jersey is responding to a multitude of major challenges. As entrepreneurs and innovators, you continue to reinvent the industry and are critical to the New Jersey economy. Supporting women and minority small businesses through mentorship programs with Cross River… will both transform our state and maintain our commitment to creating a stronger and fairer New Jersey for every family.”
Cross River merges the forward-thinking offerings of a technology company with the established expertise of a bank, while maintaining a strong focus on regulatory compliance and consumer protection. As a New Jersey state-chartered community bank, Cross River has demonstrated firsthand how the state’s structure and support has played an integral role in propelling economic advancement, innovation, and increased investment opportunities. Cross River and TechUnited have been community partners for years, but this partnership is the first of its kind, encompassing a Women & Minority Business Owners Mentorship Cohort, resources for startups and emerging investors, community events, thought leadership and more to propel the greater New Jersey technology and business ecosystems.
The specialized mentorship cohort focuses on providing underrepresented founders and owners with new advantages, resources, and information. The cohort will provide mentorship from executives at Cross River, Amazon, RSM, Deloitte, EY, and more. Within the business community, where startups and small businesses are faced with immeasurable challenges, mentorship, guidance, and community visibility are crucial to provide lasting support. Beyond the 1:1 mentorship, the program also provided four cohort members with grants, subsidized by Cross River, to enable them to present at the Propelify Innovation Festival, on October 6, 2021 in Hoboken, New Jersey.
“Leveraging the TechUnited community and board, as well as our massive annual festival, Propelify, to truly support women and minority founders via this mentorship cohort is critical to the region’s success,” said Aaron Price, CEO of TechUnited. “For entrepreneurs who want to build their companies faster and smarter, this program is for you. We encourage anyone looking for guidance to ensure their business thrives to apply.”
In September of 2021, coming off the success of its 2020-2021 Paycheck Protection Program (PPP) Cross River launched Making Waves with Cross River, a campaign dedicated to small businesses and entrepreneurs. The campaign is specifically focused on supporting diverse small businesses who are serving their communities and creating jobs and encompasses a number of initiatives in conjunction with community partners including grant programs and small business support.
To learn more, and to get involved, please visit www.crossriver.com/making-waves.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
TechUnited:NJ (techunited.co) is a membership-driven, non-profit organization with over 500,000 innovator members that offers opportunities for tech-enabled companies and entrepreneurs to propel the future of New Jersey and beyond through events, mentorship, content creation, and more. Founded in 1996 as the NJ Technology Council (NJTC), the organization has established itself as the premiere advocate for the technology community in the region. In 2005, the NJTC helped start a successful venture fund in Tech Council Ventures. In 2019, the NJTC acquired the Propelify Innovation Festival to cast a wider net in the region’s startup community. In 2020, the organization rebranded as TechUnited:NJ and redefined its mission to empower innovators and entrepreneurs who build a better future for all.