Complementing its own COVID-19 response efforts, the New Jersey Economic Development Authority announced the addition of millions of dollars in funding for the state’s small businesses.
On Friday, NJEDA said Goldman Sachs, in partnership with lender Pursuit, committed $10 million to New Jersey companies as part of Goldman’s 10,000 Small Businesses initiative.
Pursuit, formerly the New York Business Development Corp., will offer loans directly to the state’s small business owners through the U.S. Small Business Administration’s Paycheck Protection Program, NJEDA said.
According to the NJEDA, the loans present a new opportunity for enterprises and nonprofits that were unable to submit PPP applications through other lending institutions. PPP loans, a facet of the $2.2 trillion federal Coronavirus Aid, Relief and Economic Security (CARES) Act, can be used for payroll costs and interest on mortgages, rent and utilities.
In a prepared statement, Gov. Phil Murphy said the funding would help thousands of the state’s businesses to keep “their doors open and continue supporting their employees.”
“Our firm is doing everything we can to support community small businesses, and New Jersey, where many of our colleagues live and work, will continue to be a focus of our relief efforts,” Goldman Sachs President and Chief Operating Officer John Waldron said in a prepared statement.
Goldman’s 10,000 Small Business initiative provides access to education, financial capital and other business-support services to help small enterprises grow. Nationwide, two-thirds of graduates report revenue growth within six months, while nearly half report job growth.
So far, 186 New Jersey business owners have graduated from the program, NJEDA said.
Applications for the Goldman Sachs-Pursuit program are available now at www.pursuitlending.com/pppapply.