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Launch News Briefs

Cross River Bank and TechUnited Launch Mentorship Cohort for Underrepresented Entrepreneurs

Cross River Bank and Tech:United NJ recently announced a groundbreaking partnership to propel the future of New Jersey by increasing support for small businesses and entrepreneurs in the state, particularly by providing additional resources to women and minority business owners. Cross River Bank is a technology-driven financial services organization that provides core infrastructure and embedded financial solutions. Tech:United is a membership-driven, non-profit organization that offers opportunities for tech-enabled companies and entrepreneurs to collaborate.

“Our success at Cross River is emblematic of the growth of the New Jersey technology ecosystem, and we are humbled to play a part in cultivating, hiring and investing in our backyard,” said Phil Goldfeder, SVP of Global Public Affairs at Cross River. “As one of the largest lenders in the Paycheck Protection Program (PPP), we safely and securely supported the smallest businesses who needed access to capital and this partnership with TechUnited demonstrates our continued commitment to our mission of serving the smallest businesses and entrepreneurs leading the next generation.”

New Jersey Governor Phil Murphy said in his welcome remarks at Propelify Innovation Festival: “This event reflects and amplifies the innovative spirit to which New Jersey is responding to a multitude of major challenges. As entrepreneurs and innovators, you continue to reinvent the industry and are critical to the New Jersey economy. Supporting women and minority small businesses through mentorship programs with Cross River… will both transform our state and maintain our commitment to creating a stronger and fairer New Jersey for every family.”

What Cross River Bank and TechUnited have to offer

Cross River merges the forward-thinking offerings of a technology company with the established expertise of a bank. It does this while maintaining a strong focus on regulatory compliance and consumer protection. Cross River is a New Jersey state-chartered community bank. It has demonstrated firsthand how the state’s structure and support has played an integral role in propelling economic advancement, innovation and increased investment opportunities. Cross River and TechUnited have spent years as community partners, but this partnership is the first of its kind. It encompasses a Women & Minority Business Owners Mentorship Cohort, resources for startups and emerging investors, community events and thought leadership. These are just some of the offerings that propel the greater New Jersey technology and business ecosystems.

The specialized mentorship cohort focuses on providing underrepresented founders and owners with new advantages, resources and information. The cohort will provide mentorship from executives at Cross River, Amazon, RSM, Deloitte, EY and more. Within the business community, startups and small businesses face immeasurable challenges. Mentorship, guidance and community visibility are crucial to provide lasting support. Beyond the 1:1 mentorship, the program also provided four cohort members with grants, subsidized by Cross River. These grants enabled them to present at the Propelify Innovation Festival, on October 6, 2021 in Hoboken, New Jersey.

Making waves across New Jersey

“Leveraging the TechUnited community and board, as well as our massive annual festival, Propelify, to truly support women and minority founders via this mentorship cohort is critical to the region’s success,” said Aaron Price, CEO of TechUnited. “For entrepreneurs who want to build their companies faster and smarter, this program is for you. We encourage anyone looking for guidance to ensure their business thrives to apply.”

In September of 2021, coming off the success of its 2020-2021 Paycheck Protection Program (PPP) Cross River launched Making Waves with Cross River. Making Waves is a campaign that aims to help small businesses and entrepreneurs. The campaign specifically focuses on supporting diverse small businesses who are serving their communities and creating jobs and encompasses a number of initiatives in conjunction with community partners including grant programs and small business support.

To learn more, please visit www.crossriver.com/making-waves.

About Cross River Bank

Cross River is a fast-growing financial services organization. It merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers. It has maintained a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.

About TechUnited

TechUnited:NJ (techunited.co) is a membership-driven, non-profit organization with over 500,000 innovator members. It offers opportunities for tech-enabled companies and entrepreneurs to propel the future of New Jersey and beyond through events, mentorship, content creation, and more. It began in 1996 as the NJ Technology Council (NJTC). The organization has established itself as the premiere advocate for the technology community in the region. In 2005, the NJTC helped start a successful venture fund in Tech Council Ventures. In 2019, the NJTC acquired the Propelify Innovation Festival to cast a wider net in the region’s startup community. The organization rebranded as TechUnited:NJ in 2020. As a result, it redefined its mission to empower innovators and entrepreneurs who build a better future for all.

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