April 13, 2020 | ClubReady, the leading provider of full-suite studio fitness and wellness club management software, and Cross River Bank, a leading innovator and provider of banking services for technology companies, today announced a new partnership to offer quick access to Paycheck Protection Program (PPP) loans to its fitness studio customers.
This program offers a fully integrated online application, underwriting approval and funding process that is 100% electronically enabled, expediting the fund flow from the bank to the studio, improving the chance of getting approved before the funds are depleted.
The $94 billion fitness industry has taken a brutal hit in a matter of weeks. Across the United States, virtually all studios have been mandated to close their doors. While some studios are pivoting to live streaming classes, the financial impact is still palpable.
“This has been a devastating period for so many businesses, especially those in the fitness industry”, says Darol Lain, ClubReady President. “We know this is a temporary setback and we want to partner with our customers to provide them with every resource possible to weather this storm and reopen with the financial and emotional momentum needed to be successful.”
Cross River Bank recognizes the importance of community service and providing financial resources to consumers in need, whether that be responsible access to credit, innovative financial solutions or financial literacy programming and support.
“Cross River was founded in the wake of the great recession with a singular focus on community service and we continue to be deeply committed to supporting companies in times of need,” said Gilles Gade, Founder, President, and CEO of Cross River.
"The PPP loan application process can be cumbersome and overwhelming for many small business owners who don’t have access to sophisticated legal and financial resources," said Randy Eckels, the CEO of ClubReady parent Clubessential Holdings. Eckels is also the owner of a Goddard School franchise and relates to what many of these ClubReady customers are experiencing.
“Having just completed the Paycheck Protection Program application process this past weekend for our small business, what impresses me about the Cross River online application is the robust user experience that guides the small business owner seamlessly through every step of the process,” said Eckels. “Cross River has provided a very valuable tool for small business owners to accelerate the application, underwriting and fast funding of approved SBA PPP loans at a time when these critical funds can make the most difference.”
Information about this program and partnership, including the link to the online application, FAQs, and additional SBA resources can be found here on the ClubReady Quickstart PPP Resource Center.
Cross River Bank
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. They combine a compliant and comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and fintech companies enabling them to focus on their own growth without hindering innovation. In December 2018, the company secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.
ClubReady
ClubReady is the leading provider of full-suite studio fitness and wellness club management software and services. Founded in 2009, ClubReady has been committed to building the studio fitness business of the future. The ClubReady Fitness Management Platform provides clients a full membership management and engagement experience to attract, retain and better serve their members. ClubReady’s Performance IQ enhances this platform with fitness tracking software that delivers high quality, real-time, individual and group fitness results leading to higher member engagement, retention, and loyalty. ClubReady’s GYM HQ supports the mission by providing bundled club services, like customer service agents, payroll, accounting, and operations support.
Clubessential Holdings LLC
Clubessential Holdings is a Battery Ventures company, fulfilling their global mission of investing in and creating cutting-edge, category-defining businesses by providing a full suite of membership and club management Software as a Service solutions to private clubs, health & fitness clubs, military organizations, municipalities, and college athletic programs. Across four brands – Clubessential, ClubReady, PrestoSports and Vermont Systems – the company offers a variety of forward-thinking technology and services which help more than 8,000 customers attract, engage, and retain club and community members and fans for life. For more information, visit the following websites: Clubessential http://www.clubessential.com; ClubReady http://www.clubready.com; PrestoSports http://www.prestosports.com; Vermont Systems: http://www.vermontsystems.com.
Media Contacts
Marilyn Cox
Phone: (513) 322-4194
Email: [email protected]