CROSS RIVER BANK

CROSS RIVER BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 478,866 PPP loans totaling $12.89B, representing approximately 4.18% of all loans nationwide.

CROSS RIVER BANK served borrowers across 56 states. The largest concentration of activity was in California, where the lender originated 74,060 loans totaling $2.29B. Other states with significant activity included Florida, New York, Illinois.

The average loan size for this lender was $26,928. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.

Among the largest named borrowers that received loans through CROSS RIVER BANK were: UNION OF ORTHODOX JEWISH CONGREGATIONS OF AMERICA (NY) — $10,000,000; SAMUEL FIELD YM & YWHA INC (NY) — $5,536,965; SALANTER AKIVA RIVERDALE ACADEMY (NY) — $5,460,735; and UPSTART NETWORK, INC. (CA) — $5,287,810.

PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.

Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.