Cross River Bank Creates Scholarship for Underserved College Students at NJIT

Cross River Bank has funded an annual scholarship that will support first-generation, low-income NJIT students majoring in FinTech — the Cross River Opportunity Scholarship.

Through its charitable organization, Foundation@ Cross River, the bank focuses its philanthropy in areas such as education to provide direct support to organizations and students, with the goal of empowering young people to be successful in finance-related fields.

“When our giving effectuates change in the lives of students, like it will at NJIT, we are succeeding in our mission to provide impactful philanthropy,” said Miriam L Wallach, Head of Social Responsibility at Cross River. “We’re thrilled to partner with New Jersey Institute of Technology to support their students in earning their degrees, and provide learning opportunities about the local technology community that can only be gained through mentor-mentee relationships.”

Headquartered in Fort Lee, New Jersey, Cross River was founded in 2008 in the wake of the global financial crises with a community-driven mission of providing services to small businesses and those most in need, with particular emphasis on startup and fintech companies.

Scholars will participate in experiential learning activities such as community service and development activities, training programs, workshops and conferences.

Cross River was again a national model in helping communities and small businesses survive throughout the pandemic, becoming one of the leading lenders in the country, providing 480,000 loans totaling more than $13 billion in aid. The success of their pandemic-based program launched their Making Waves campaign.

The community bank has turned to NJIT’s Martin Tuchman School of Management (MTSM) to further its mission of developing and providing tools for long term success for those most in need. The scholarship will target talented students from low-income or historically underrepresented groups.

In addition to providing tuition assistance, the scholarship will provide funding for Cross River Opportunity Scholars to participate in experiential learning activities such as community service and development activities, training programs, workshops and conferences.

“Driving societal change from within our community is a longstanding value of NJIT and the Martin Tuchman School of Management,” said Oya Tukel, dean of the school. “Partnering with a company that so closely shares these values will provide our students with the model of positive corporate action and community engagement.”

The partnership between Cross River and NJIT provides value beyond the scholarship benefitting all students from MTSM and the university community. Cross River leadership and employees will serve as guests lecturers, in addition to creating recruitment opportunities for internships, co-ops and jobs.

The Cross River Opportunity Scholars for Spring 2023, Ali Smithson ’25 and Dominick Gryzb ’26, were given a chance to meet representatives of their benefactor at a scholarship networking luncheon. At the lunch, Cross River’s Head of Social Responsibility, Miriam L. Wallach heard first-hand the incredible difference the Scholarship produces in the lives of these students by making education accessible.

“I am deeply grateful to Cross River for its generous investment in our talented students and in the university,” said NJIT President Teik C. Lim. “Our institutions clearly share many of the same values, commitments, and aspirations, from expanding the pipeline of future, career-ready tech talent to promoting diversity and inclusion in the STEM and STEM-adjacent fields. The partnership we have initiated will bring together our distinctive assets and resources, and that combination will benefit not only Cross River and NJIT but also the larger community. This is the very definition of a mutually beneficial university-industry partnership.”