Two companies have formed a partnership to help small- and medium-sized businesses access solar financing.
Financial solutions provider Cross River Bank, headquartered in Fort Lee, and Sunstone Credit Inc., a solar loan finance platform based in Baltimore, on Feb. 24 announced a partnership that “will accelerate the transition to a clean energy future and add a new asset class to Cross River’s lending portfolio.”
Sunstone provides solar developers with accessible financing products for their SMB customers looking to go solar. Through the new partnership, Cross River will originate Sunstone loans and provide API connectivity to Sunstone’s platform.
According to the announcement, the companies formed the partnership in response to the growing number of small- and medium-sized businesses looking to cut costs and reduce their carbon footprint — but lack the ability to find financing resources.
“We are excited to partner with Sunstone to enter a market where there is an opportunity to leverage our technology-based lending platform to provide energy efficient products to commercial borrowers,” Adam Goller, executive vice president, head of fintech banking at Cross River, said in a prepared statement. “Their experience, track record of success and product knowledge, combined with our technology and innovative approach to banking will address this high-potential market at the scale that the market has come to expect from Cross River.”
Mike D’Andrade, co-founder and chief risk officer of Sunstone, added, “We have always been impressed with Cross River’s forward lean on matters of technology and sustainability, and it has been clear from the beginning that they understand and are just as motivated by our mission to democratize access to solar for businesses, which this partnership will enable us to do. In addition, we are excited that they have chosen to deepen their commitment to our company through the strategic investment made by Cross River Digital Ventures.”
Launched in June of 2021, Cross River Digital Ventures serves as a partner for early-stage startups and has also made a strategic investment in Sunstone, according to the announcement.