MARKETING AND NETWORKING

Cross River Teams Up with Brooklyn Chamber Again to Distribute Grants to Further Support Women and Minority Owned Businesses

Cross River | November 28, 2022 | Read time : 02:38 min

Cross River Teams Up with Brooklyn Chamber Again to
Cross River Bank (Cross River), a technology infrastructure provider that offers embedded financial solutions, today announced that along with the Brooklyn Chamber of Commerce, it has distributed $1,000-$5,000 grants to support the revitalization and recovery of local small businesses who have experienced post-pandemic challenges.

“Partnering with the Chamber has provided Cross River the opportunity to bring truly impactful philanthropy to the Brooklyn community and directly effectuate the expansion of financial inclusion among diverse communities,We are proud of the difference these funds make in the survival of these businesses and look forward to providing many more minority and women-owned small businesses with the financial support they need and deserve.”

Eugene Shvartsman, Head of Government Affairs at Cross River and Brooklyn Alliance Capital Board Member.

The grants are part of the Small Business Grant Program, a collaboration between Cross River and the Chamber, that provides financial support to minority and women-owned businesses. The program is funded by Cross River and applications are processed through the Chamber’s economic development arm, Brooklyn Alliance Capital. The Brooklyn Chamber’s partnership with Cross River on the small business grant program is truly one of the most impactful initiatives we have undertaken to help our businesses recover,” said Randy Peers, President and CEO of the Brooklyn Chamber of Commerce. “These grants go to small businesses that couldn’t access other means of support, the majority of which are minority or women-owned. On November 14th, representatives from Cross River were joined by Stevenson Joseph, Director of the Brooklyn Alliance Capital Lending Program, Matt Caserta, VP of Small Business Support at the Brooklyn Chamber of Commerce, and Luc Saint-Preux, Director of Neighborhood Outreach at the Brooklyn Chamber of Commerce for the grant distribution. Made in advance of Small Business Saturday, the most recent round of funding illustrates Cross River’s commitment to supporting small businesses and expanding financial inclusion. The Brooklyn Chamber Orchestra is committed bringing music to this generation of classical music lovers and the development of the next,” said Phil Nuzzo, Artistic Director of the Brooklyn Chamber Orchestra. “Partnering with Cross River and the Brooklyn Chamber of Commerce helps us to further our children's programming to bring classical music to future generations in underserved communities.Funds of $5,000 were distributed to the Brooklyn Chamber Orchestra in Brooklyn Heights, an organization created to enrich and inspire through music, community engagement and education, and Rash nightclub in Bushwick, a LGBTQ+-friendly establishment that was the site of an arson attack only months after opening, while patrons were inside. Top Tech Electronics in Ridgewood Heights, a store for purchasing or repairing electronic devices, received a $1,000 grant as part of an effort to serve more businesses located on Knickerbocker Ave. As a business that was only 6 months old when we had to shut our doors after a targeted arson attack, we’ve spent the rest of the year scrambling to find financing to reopen,” said Jake Sillen Owner of Rash. “Many of the traditional channels of grants and loans in the city weren’t available to us because we didn’t have years of tax returns to refer to. The money will go towards replacing our service equipment that was damaged in the fire. As a lifelong resident of NYC and first-time business owner, I’m so grateful to groups like Cross River who are providing capital to entrepreneurs in tough situations like ours.”

About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC.

Spotlight

Despite their spread and reach, these firms are often underserved by segments of the financial services sector. And in the post pandemic era of unprecedented and unrelenting shocks, this matters. Because good financial management - from cash flow to access to credit - means the difference between success or failure.

Spotlight

Despite their spread and reach, these firms are often underserved by segments of the financial services sector. And in the post pandemic era of unprecedented and unrelenting shocks, this matters. Because good financial management - from cash flow to access to credit - means the difference between success or failure.

Related News

FINANCE

Merchants & Marine Bancorp, Inc. Introduces Voyager Lending

Merchants & Marine Bank | January 17, 2023

Merchants & Marine Bancorp, Inc., a century-old banking institution established in Mississippi, has introduced Voyager Lending, a division focused on providing small business owners with lending solutions. Voyager Lending is led and staffed by industry professionals. The staff cares about the community and tries to give borrowers knowledgeable and personalized service. It makes lending easy and gives people access to money they wouldn't have otherwise! President and CEO of Merchants & Marine Bancorp, Clayton Legear, said, “Our company’s commitment to small business owners reaches beyond standard banking services and has been a priority for us for more than 100 years.” He added, “You achieve a legacy of that nature by creating partnerships with leaders who are committed to growing the local economy by investing in the communities we serve. Voyager Lending’s mission to secure financing for entrepreneurs and small business owners is exactly that. This lending division is a direct reflection of our philosophy, and we’re very proud to offer financial expertise to partners who are working towards the same vision.” (Source – Business Wire) Voyager Lending is excited to provide a diverse range of small business owners with competitive products that the United States government backs via the Small Business Administration and the United States Department of Agriculture. The company offers loans to pay for buying a business or a piece of real estate, buying out a partner, buying equipment, getting a business started, and paying bills. It is committed to growing communities and enhancing the local economy by aiding small business owners that need funding. About Merchants & Marine Bancorp, Inc. Merchants & Marine Bancorp, Inc., is a Mississippi-chartered community bank serving the Gulf South region. Initially formed in 1899, the bank was revived in 1932 during the Great Depression, the most significant economic disaster in the history of the United States. In over eight decades, the bank has grown from $25,000 to over $700 million in assets and from 2 offices to 16 offices servicing Mississippi & Alabama Gulf Coast and Mississippi Pine Belt.

Read More

TECHNOLOGY

Grasshopper Bank Partners with MANTL to Better Serve Its SMB Clients

MANTL | January 30, 2023

Grasshopper Bank, the leading digital bank serving the business and innovation economy, recently announced a new partnership with MANTL, a renowned provider of account origination solutions, to achieve efficiencies that will better serve its SMB clients. Grasshopper Bank will utilize Commercial Deposit Origination by MANTL to enhance its digital deposit origination platform for businesses and provide a better client experience. The bank will also work with MANTL to establish an entirely automated online business loan origination solution, which is currently in development. MANTL was chosen by Grasshopper Bank to improve and streamline its existing online business account opening process, enabling the bank to access new revenue streams and efficiently scale while providing best-in-class digital banking experiences to the SMB market. The MANTL solution is entirely digital and automates up to 97% of application decisions, including customer and enhanced due diligence (EDD), to provide organizations with an intuitive, straightforward, and speedy digital onboarding experience. In addition, this collaboration will streamline Grasshopper Bank's document collection by eliminating manual processes and enabling business applicants to upload and examine documents digitally. After assessing the available loan solutions on the market, including technology vendors that offer both loan and deposit origination, Grasshopper Bank decided to join MANTL to develop a brand-new digital business loan origination solution. This solution, which is expected to launch in the second half of 2023, will extend MANTL's product line and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, filling a crucial technology gap in the loans market. Key MANTL features for Grasshopper Bank include the ability to personalize the underwriting, intuitively manage risk thresholds and KYC, enhanced back-end data processing, and an industry-leading time to market. About MANTL Founded in 2016, MANTL is an enterprise SaaS firm that assists traditional financial institutions in modernizing and growing. The company's Commercial Deposit Origination is a first-of-its-kind solution that automates up to 97% of application decisions, reimagining account creation for businesses of all sizes. Its Consumer Deposit Origination is one of the market's fastest and most efficient solutions, allowing net-new prospects to open accounts in just 2 minutes and 37 seconds, enabling existing account holders to open additional accounts with a single click, and reducing fraud by up to 67%. In addition, its software transforms the cost structures of banks and credit unions, facilitating expansion that is up to ten times more cost-effective than opening a brick-and-mortar branch.

Read More

MARKETING AND NETWORKING

Tailwind Announces the Launch of Copilot, a Personalized Marketing Plan Tool for Small Businesses

Tailwind | December 08, 2022

Tailwind has announced the launch of Copilot, a personalized marketing plan creation tool that marks the latest step in the company's evolution to an automated full-suite marketing platform. Copilot marketing plans integrate with the social content generation, scheduling and email management tools currently available on all new Tailwind subscriptions plans, including the free plan. "For the past few years, Tailwind has been building solutions for marketing automation across multiple platforms. Copilot's marketing plan is an important unifying feature to create end-to-end workflows for very small businesses," Edward Angstadt, Chief Growth Officer at Tailwind. Copilot solves a pressing and expensive problem for small businesses, eliminating the costly overhead of coming up with a marketing strategy and replacing it with high ROI plans that are relevant to small businesses. By lowering the lift on the marketing side, we enable businesses to reinvest that time they would have spent planning and executing a marketing strategy into growing their business. Tailwind's users will now be able to generate a personalized marketing plan based on their business type, time available and other factors specific to their business to create campaign workflows across their email and social media marketing. Tailwind Copilot goes far beyond the marketing plans you find floating around the web," says Alex Topiler, Tailwind Cofounder and Head of Product. Copilot combines a customized marketing strategy with the tools needed to create and publish content. It makes great marketing easy to execute in timeframes that are realistic for small businesses.Having this laid out to where you can just sit down, it's like having your brain on the screen," says Tara Velasquez, Co-founder of Juicy Hemp and Tailwind subscriber. "You don't have to think about it, you just throw it in there, plug and schedule. It tells you exactly what you need to do, so it takes away the communication risk with our team. About Tailwind: Launched in 2015, Tailwind is a leading small business marketing platform that helps entrepreneurs, creators, sellers and marketers plan, create and execute world-class marketing campaigns across digital marketing platforms including Email marketing, Facebook, Instagram and Pinterest.

Read More