Mayor Duggan along with Goldman Sachs CEO David Solomon announced Goldman Sachs is investing $15 million in loans for Detroit small businesses under its 10,000 Small Businesses initiative.
The Michigan Chronicle previously reported how due to the impact of COVID-19, Congress passed the Payment Protection Program under the CARES Act which provided $349 billion in federal relief. In under two weeks, that money ran out and was surprisingly accessible to larger companies such as Shake Shack and Ruth’s Chris Steakhouse.
Congress recently passed an additional $300 billion for the Payment Protection Program and Goldman Sachs is taking the lead to make sure that Detroit small business that missed initial funding gets assistance this time around.
“Detroit has long represented the uniquely American combination of resilience, hope, and determination, and its small business owners are testaments to this spirit,” said David Solomon Chairman and Chief Executive Officer of Goldman Sachs.
Goldman Sachs is making the $15 million of loans accessible through a partnership with Community Reinvestment Fund, the nation’s largest non-profit non-bank SBA lender.
Detroit small businesses can apply today at https://crfusa.com/ppp/detroit-ppp-application/
Loans can be partially or fully forgiven for businesses that maintain or rehire their workforce. Funds can be used for payroll costs, utilities, and interest on mortgages. There are no collateral or personal guarantee requirements.
“This crisis has served to underscore just how important small businesses are to the economy, both on a local and national level. Small businesses truly are our economic foundation, employing half of the American workforce,” said Solomon.
Detroit businesses can find additional support and resources at https://detroitmi.gov/departments/civil-rights-inclusion-opportunity-department/covid-19-business-support-and-resources.
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