Fort Lee-based Cross River Bank and Operation HOPE recently shared the mid-year results from their partnership, HOPE Inside Cross River.

The two organizations have collaborated for the last few years to provide financial literacy resources for individuals and community partners. The HOPE Inside Cross River program was designed to provide life-changing financial literacy education and financial planning to empower local small business owners and individuals on their path to financial stability and freedom.

The financial coaching program works with hundreds of local New Jersey and New York small business owners and individuals – many of which are underbanked – to improve their financial health.

Some of the toplines from the mid-year results include:

• Reduced the revolving debt of 50% of clients (while national trends showed consumer credit and revolving credit increases during 2023’s second quarter)
• Increased the savings for 86% of clients
• Helped 81% improve their credit scores by 30 points

Cross River Head of Community Affairs Nicole Henderson said that more than ever, consumers need support in managing their financial wellness.

“We’re proud of the results we’ve achieved through our long-standing partnership with Operation HOPE,” said Henderson. “Together, we are making a profound impact on the lives of our community members by empowering them to take control of their finances for future financial success.”

“We applaud Cross River’s leadership for their commitment to the financial wellbeing of their clients,” said John Hope Bryant, Operation HOPE founder, chairman, and CEO. “Our shared goal is to grow the bottom line for every American’s personal business plan by reducing debt and increasing savings. Even in the face of rising debt and cost-of-living increases, this partnership demonstrates that our award-winning coaching model works.”

In a press release put out by the two organizations, participant Melissa D.W. shared her experience as a small business development client with the program.

“When I started on this journey to understand my financial health and become an entrepreneur, I did not understand the connection between my credit score and business plans,” she said. “These sessions have increased my credit score, my understanding of business and have provided me with the tools and resources to make my goals and dreams a reality. As a single mom and woman of color, thank you for helping me to build my confidence, so I no longer see barriers in business but new challenges that I have all I need to overcome!”

According to Arlen Gelbard, executive vice president and general counsel at Cross River and Northeastern board member of Operation HOPE, providing financial resources to business and consumers in need is central to its missions of advancing financial inclusion, whether through responsible access to credit, innovative payment solutions, or financial literacy program and support.

“Our partnership with Operation HOPE and sponsorship of two HOPE Inside locations (Teaneck and Brooklyn) allows us to put boots on the ground in making this mission a reality and transforming the lives of consumers and their financial health,” said Gelbard.