Goldman Sachs committing $15 million in loans to Detroit small businesses

Loans to be distributed through company’s 10,000 Small Businesses program

Banking leader expects federal small business loan program to be reloaded
Banking leader expects federal small business loan program to be reloaded (WSLS)

DETROIT – Goldman Sachs CEO David M. Solomon joined Detroit Mayor Mike Duggan by video at a press conference Friday to announce a new initiative aimed at helping small businesses.

The company is committing $15 million in loans to small businesses in the city as part of its 10,000 Small Businesses program. Since the coronavirus pandemic started businesses nationwide have struggled to stay open.

In 2013 the same program helped small businesses in Detroit. Since then more than 500 businesses have completed the program, according to Solomon.

Solomon says seven years later small businesses have never been at greater risk.

“No one company, city or state will be able to overcome this challenge. Dealing with a crisis of this magnitude is the intersection of the public and private sectors that is so critical,” said Solomon.

The loans will provide urgent cash flow assistance to small businesses.

Solomon noted that the initiative is in conjunction with a $550 million national commitment that Goldman Sachs announced to help small businesses during the pandemic.

“Small businesses are truly our economic foundation," added Solomon.

He noted that the program started to promote small businesses as part of the American economy and provide opportunity to business owners to learn and implement financial best practices.

The number of confirmed cases of the coronavirus (COVID-19) in Michigan has risen to 36,641 as of Friday, including 3,085 deaths, state officials report.

To learn more about the program or apply, click here.

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