HOUSTON & FORT LEE, N.J.–(Enterprise WIRE)–Unity National Lender of Houston, N.A. (“Unity”) the only African American owned banking establishment in Texas and one particular of only two African American owned banking institutions with a national financial institution charter, has been authorized by the Small Business Administration (SBA) as a specified loan provider in the following round of the Paycheck Defense Plan (“PPP Next Draw Program”). The SBA Paycheck Secure Program began April 3, 2020. On December 27, 2020, Congress prolonged the program to March 31, 2021, to ameliorate the economical stress put on tiny firms due to the COVID-19 pandemic.
“During spherical a single of the SBA Paycheck Protection Program, Unity Financial institution served virtually 500 small enterprises and saved about 4,000 positions. Our new partnership with Cross River will enable us to use engineering to increase our attain and serve even more compact enterprises in need to have,” claimed Laurie Vignaud, Unity Nationwide Bank’s President & CEO.
Just as it did for the duration of the 1st distribution, Unity is as soon as yet again prepared to provide a lifeline to minority-owned and compact company owners fiscally impacted by the COVID-19 pandemic. For the duration of the first spherical of the SBA Paycheck Protection Application, Unity served nearly 500 tiny corporations and saved about 4,000 employment. Now, Unity has partnered with Cross River Financial institution (“Cross River”) to arrive at even much more small corporations in the PPP Second Attract Software. Utilizing its streamlined engineering and comprehensive lending platform, Cross River originated approximately 200,000 PPP financial loans all through the first round of the SBA Paycheck Security Plan, conserving close to 1 million employment.
“We are celebrating the life and legacy of Dr. Martin Luther King Jr. by saying this historic partnership with Unity National Bank, to assist boost access to the Paycheck Security System,” explained Phil Goldfeder, SVP Community Affairs at Cross River. “Our ordinary personal loan sizing of $33,000 through the 1st round of PPP was the absolute cheapest among the foremost creditors and shown our need to assist the smallest businesses throughout the nation, and with this spherical we hope to do even far more.”
Cross River brings together the believe in and trustworthiness of a bank with the cutting-edge innovation of a engineering enterprise. Unity’s partnership with Cross River presents compact enterprises the banking and technological know-how solutions necessary to procure financial loans speedily and successfully underneath the PPP Second Attract Program.
As an additional response to the COVID-19 pandemic, Unity and Cross River will also spouse to give digital economic literacy programming about COVID-19 aid and restoration.
For much more info and to apply, be sure to stop by: www.crossriversba.com/unitynationalbank
About Unity National Lender
Unity, originally founded in 1963 and afterwards chartered in 1985, is the only African American owned banking institution in Texas and only just one of two African American owned banking companies with a national license. Banks like Unity popped up across the country throughout the 1960s civil legal rights motion. Unity’s management continues to be committed to the vision of delivering banking expert services to historically underserved businesses and people and producing the bank into a dynamic banking franchise, serving a assorted shopper foundation.
About Cross River
Cross River is a quickly-growing economical expert services corporation that merges the forward-pondering offerings of a engineering organization with the proven knowledge of a bank. Founded in 2008, Cross River is a New Jersey point out-chartered FDIC insured bank.