Banking Fintech News

Divvy Launches All-Digital Payment Protection Program Loan Applications With Cross River Bank

Divvy Launches All-Digital Payment Protection Program Loan Applications With Cross River Bank

Divvy, the leader in spend and expense management,  announced the immediate availability of its 100%-digital application for SBA-backed Paycheck Protection Program (PPP) loans, through its partnership with Cross River Bank (CRB).

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“This is the fastest, easiest solution for PPP applications available , because it all takes place online,” said Sterling Snow, Senior Vice President of Revenue at Divvy. “We’re seeing customers take their applications from start to finish in 15 minutes.”

Divvy partnered with Cross River Bank due to CRB’s tech-first approach—many other banks have been processing applications on paper.

In the first five hours of accepting applications, Divvy processed over $800 million of loan requests. For small businesses struggling to keep the lights on or retain employees during the COVID-19 crisis, speed to funding is the top priority.

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“Cross River Bank has been an incredible partner,” said Snow. “Since the PPP program is first come, first serve, we knew we’d need a banking partner who could process lots of loans quickly, without applications getting stuck. And CRB has done just that.”

Read More: Invoia Re-Brands, Focuses on Small Businesses With Recurring Revenue

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