Cross River, AACCNJ team to empower small, minority-owned businesses

$220,000 grant to boost enterprise, outreach; advance CDFI efforts

Jessica Perry//February 18, 2022//

$220,000 grant to boost enterprise, outreach; advance CDFI efforts

Jessica Perry//February 18, 2022//

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Amid, and in honor of, Black History Month, Cross River Bank and the African American Chamber of Commerce of New Jersey are teaming up to provide not just new capital, but education opportunities and business resources – using Cross River’s tech prowess – to underserved businesses and consumers in the Garden State.

The AACCNJ received a $220,000 grant from the Fort Lee-based, tech-driven financial services provider, which will help the chamber bolster its role to empower the communities it serves through direct outreach and fostering enterprise activity.

“Cross River was founded with the goal of breaking down barriers to create access to safe and affordable financial services,” Cross River Senior Vice President of Global Public Affairs Phil Goldfeder said in a statement accompanying the Feb. 17 announcement. “We are proud to launch this partnership with our friends at the AACCNJ as part of our longstanding commitment to find ways to provide individuals and communities with the resources they need.”

Cross River presents the African American Chamber of Commerce of New Jersey with a $220,000 grant in February 2022, as part of a partnering to expand economic empowerment in underserved communities. — Cross River presents the African American Chamber of Commerce of New Jersey with a $220,000 grant as part of an effort to expand economic empowerment in underserved communities.

According to the announcement, the grant will also help to fund efforts for the AACCNJ to become a Community Development Financial Institution. CFDIs provide credit and financial services to underserved markets and populations.

“Our partnership with Cross River will further leverage our capacity by providing pre-CDFI resources, for loan capital and much needed technical assistance to support the African American business community,” said AACCNJ founder, President and CEO John Harmon Sr. in a statement.

“In addition, we look forward to leveraging the technological expertise Cross River brings to the partnership as well,” he continued.

The new partnership is a continuation of Cross River’s efforts to provide access to capital for minority- and women-owned businesses. In October, it announced an expanded partnership with The Memorial Foundation, sponsoring the Martin Luther King Jr. Memorial Social Justice Fellowship Program for 50 distinguished fellows. The bank’s CEO and founder, Gilles Gade, was also honored with the Foundation’s King Legacy Award for Economic Empowerment.