Founded in the wake of the Great Recession, a North Jersey-based fintech banking service provider is taking steps to curtail COVID-19’s impacts.
In addition to addressing the potential for financial hardship among its customers, Cross River Bank on Wednesday announced a suite of services it is offering to its more than 300 employees while they work remotely.
Each bank employee was provided with a $500 stipend, Cross River said, to be used toward resources to facilitate a transition to working from home. Team members are also being afforded additional benefits, like access to telehealth, or virtual medical care services; expanded coverage; assurances that in the event a medical insurer delays or denies claims related to the disease caused by the coronavirus, Cross River will cover it; and flexibility in schedules.
Outwardly, Cross River is offering up short-term loan products for qualifying commercial real estate and small business borrowers in addition to working with its marketplace lending platforms to provide flexibility to affected borrowers. According to the bank, though branch operations have been adjusted, its support systems are fully operational.
“No one knows what challenges tomorrow may bring, but in times of need, it’s important to know you have a community partner to lean on,” Senior Vice President Public Affiars Phil Goldfeder said in a prepared release. “We have been in constant contact with our partners, elected officials, industry leaders, peers and the community-at-large to continue to be a resource to those impacted in every possible way.”