January 18, 2021
Unity National Bank Partners with Cross River Under PPP
Paycheck Protection Program loans will be made available online at www.crossriversba.com/unitynationalbank
HOUSTON, TEXAS & FORT LEE, N.J. - Unity National Bank of Houston, N.A. (“Unity”) the only African American owned banking institution in Texas and one of only two African American owned banking institutions with a national bank charter, has been authorized by the Small Business Administration (SBA) as a designated lender in the next round of the Paycheck Protection Program (“PPP Second Draw Program”). The SBA Paycheck Protection Program began April 3, 2020. On December 27, 2020, Congress extended the program to March 31, 2021, to ameliorate the financial burden put on small businesses due to the COVID-19 pandemic.
“During round one of the SBA Paycheck Protection Program, Unity Bank served nearly 500 small businesses and saved about 4,000 jobs. Our new partnership with Cross River will enable us to utilize technology to expand our reach and serve even more small businesses in need,” said Laurie Vignaud, Unity National Bank's President & CEO.
Just as it did during the first distribution, Unity is once again ready to provide a lifeline to minority-owned and small business owners financially impacted by the COVID-19 pandemic. During the initial round of the SBA 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 in the PPP Second Draw Program. Utilizing its streamlined technology and comprehensive lending platform, Cross River originated nearly 200,000 PPP loans during the initial round of the SBA Paycheck Protection Program, saving close to 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, SVP Public Affairs at Cross River. “Our average loan size of $33,000 during the first round of PPP was the absolute lowest among leading lenders and demonstrated our desire to help the smallest businesses across the country, and with this round we hope to do even more.”
Read more here