Cross River Bank leverages Ocrolus technology to become a top four PPP lender
By leaning into the PPP challenge and teaming up with leading fintechs like Ocrolus, Cross River Bank stayed agile through a time of crisis and helped over 198,000 small businesses gain access to more than $6.5B+ in funding.
Cross River is a community bank in New Jersey with assets around $2.5 billion (for perspective, the ten largest banks in the country average over $1 trillion in assets.) Yet for sheer small business loan volume, Cross River is among the top four banks, having issued over 198,000 PPP loans (as of July 31), averaging less than $35,000 each, and delivering more than $6.5 billion in much-needed assistance to the neediest businesses throughout the U.S.
“The challenge was identifying how to use our own technology, develop strong partnerships and most importantly, making the integration with leading technologies as easy and simple as possible.”
– Phil Goldfeder, SVP of Public Affairs
While many lenders of all sizes were ill-prepared to realign resources in a short time span, Cross River built its PPP lending program in just eight days, using a combination of its own technology and working with partners like Ocrolus to create a system to accept applications and handle the underwriting of those applications.
When the program went live on April 3, Cross River was open for applications.
Cross River Key Results
- Ocrolus powered Cross River’s payroll verification and fraud detection functions, helping to accelerate legacy processes and eliminating many of their manual processes.
- Cross River automated its PPP loan application process in less than 10 days and was open for applications when the program went live.
- By partnering with Ocrolus, Cross River issued over 198,000 PPP loans and represented more than $6.5B in SBA assistance
“We look at Ocrolus’ technology as one of the pillars of how we can introduce efficiencies and add additional compensating controls that are critical to scaling this platform.”
– Jesse Honigberg, Technology Chief of Staff, Cross River