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Goldman Sachs, Pursuit to Provide $10 Million for New Jersey Small Business Loans – TrentonDaily News

Impact team
Written by Impact team

Goldman Sachs, Pursuit to Provide $10 Million for New Jersey Small Business Loans  TrentonDaily News

The New Jersey Economic Development Authority (NJEDA) announced on Friday, April 24, that Goldman Sachs, in partnership with Pursuit, has committed $10 million to loans for small businesses in New Jersey. The commitment is part of Goldman Sachs’s 10,000 Small Businesses initiative. Loan applications are currently available at www.pursuitlending.com/pppapply.

The loans will be made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). They provide a new opportunity for small businesses and nonprofits that have been unable to submit a PPP application through another lending institution. Loans made through this program can be used for payroll costs, interest on mortgages, rent, and utilities. Businesses that receive financing through the program can have their loans partially or wholly forgiven if they maintain or rehire their workforce after the COVID-19 outbreak is controlled.

Goldman Sachs will provide these loans via a partnership with Pursuit, a leading mission-driven lender formerly known as New York Business Development Corporation. Pursuit will offer these loans directly to small business owners in New Jersey.

These additional resources will complement the NJEDA’s existing COVID-19 response efforts, which include a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and CDFIs, funding for entrepreneurs, and a variety of resources providing technical support and marketplace information.

The commitment builds on existing investments by Goldman Sachs that support small businesses in New Jersey through the 10,000 Small Businesses initiative, which helps small businesses grow and create jobs by providing them with greater access to education, financial capital, and business-support services. To date, more than 186 business owners in New Jersey have graduated from the program. Nationally, two-thirds of graduates of the program report revenue growth within six months and nearly half report job growth.

Additional information on resources for New Jersey businesses impacted by COVID-19 is available at https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

Source: trentondaily.com

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