Cross River Bank, Sunstone Credit partner on solar loans for small and medium-sized businesses
Cross River Bank, an infrastructure provider that offers embedded financial solutions and Sunstone Credit, a solar loan finance platform for small and medium-sized businesses (SMBs), announced a partnership to further Sunstone’s mission of democratizing access to solar for businesses. This partnership will accelerate the transition to a clean energy future and add a new asset class to Cross River’s lending portfolio. Cross River Digital Ventures has also made a strategic investment in Sunstone.
Sunstone has built a technology platform that provides solar developers with affordable, easy-to-understand financing products for their SMB customers looking to go solar. Through the partnership, Cross River will originate Sunstone loans and provide API connectivity to Sunstone’s platform, providing a streamlined, highly scalable solution that delivers an optimal customer experience for both borrowers and developers and supports Sunstone’s growth.
As energy costs rise and climate change discourse becomes increasingly prevalent, growing numbers of SMBs have identified solar as a great way to save money and reduce their carbon footprint. However, the lack of simple commercial solar finance alternatives is currently limiting the SMB solar market’s full growth potential. Through its partnership with Cross River, Sunstone will be able to serve a largely untapped market, and offer its solar lending products to the millions of SMBs nationwide that are projected to go solar in the coming years.
“We are excited to partner with Sunstone to enter a market where there is an opportunity to leverage our technology-based lending platform to provide energy efficient products to commercial borrowers,” said Adam Goller, EVP, head of fintech banking at Cross River. “Their experience, track record of success and product knowledge, combined with our technology and innovative approach to banking will address this high-potential market at the scale that the market has come to expect from Cross River.”
News item from Cross River