HOUSTON & FORT LEE, NJ – (BUSINESS WIRE) – Unity National Bank of Houston, NA (“Unity”), the only African-American banking institution in Texas and one of only two African-American banking institutions with a national banking charter, has been authorized by the Small Business Administration (SBA). ) as designated lender in the next phase of the Paycheck Protection Program (“PPP Second Draw Program”). The SBA’s paycheck protection program began on April 3, 2020. On December 27, 2020, Congress extended the program to March 31, 2021 to ease the financial burden on small businesses due to the COVID-19 pandemic.
“In the first round of the SBA’s Paycheck Protection Program, Unity Bank served nearly 500 small businesses and saved about 4,000 jobs. Our new partnership with Cross River will allow us to use technology to expand our reach and serve even more small businesses in need, ”said Laurie Vignaud, President and CEO of Unity Banque Nationale.
Much like it did in the first distribution, Unity is once again poised to provide a lifeline for minority-owned small business owners financially affected by the COVID-19 pandemic. During the initial phase of the SBA’s Paycheck Protection Program, Unity served nearly 500 small businesses and saved about 4,000 jobs. Now Unity has partnered with Cross River Bank (“Cross River”) to reach even more small businesses through the PPP Second Draw program. Using its streamlined technology and comprehensive lending platform, Cross River made nearly 200,000 P3 loans during the initial phase of the SBA’s Paycheck Protection Program, saving nearly $ 1 million. jobs.
“We are celebrating the life and legacy of Dr. Martin Luther King Jr. by announcing this historic partnership with Unity National Bank, to help increase access to the Paycheck Protection Program,” said Phil Goldfeder, vice Senior President of Cross River Public Affairs. “Our average loan amount of $ 33,000 during the first round of PPP was the absolute lowest among major lenders and demonstrated our willingness to help smaller businesses across the country, and with this round we hope to do even more.”
Cross River combines the trust and reliability of a bank with the cutting edge innovation of a technology company. Unity’s partnership with Cross River provides small businesses with the banking and technology services needed to get loans quickly and efficiently through the PPP Second Draw program.
As an additional response to the COVID-19 pandemic, Unity and Cross River will also partner to provide virtual financial literacy programs around COVID-19 relief and recovery.
For more information and to apply, please visit: www.crossriversba.com/unitynationalbank
About Unity National Bank
Unity, originally founded in 1963 and later licensed in 1985, is the only African-American banking institution in Texas and one of two African-American banks with a national license. Banks like Unity emerged across the country during the civil rights movement of the 1960s. Unity’s leadership remains committed to the vision of providing banking services to historically underserved businesses and individuals and of developing banking as a dynamic banking franchise, serving a diverse clientele.
About Cross River
Cross River is a fast growing financial services organization that merges the cutting edge offerings of a technology company with the established expertise of a bank. Founded in 2008, Cross River is a state-chartered FDIC-insured bank in New Jersey.