Part of the investment bank's 10,000 Small Businesses initiative — which is focused on helping entrepreneurs grow and create jobs by providing them with access to education, capital, and support services — the loans will be targeted to small businesses that have been unable to submit an application for a U.S. Small Business Administration Paycheck Protection Program loan through another lending institution. To that end, Goldman Sachs will partner with Pursuit, a mission-driven lender formerly known as the New York Business Development Corporation, which will offer the loans directly to small business owners in New Jersey. Loans made through the program can be partially or wholly forgiven if the organizations that receive them keep or rehire their employees after the COVID-19 outbreak has been contained.
"At a time when small businesses are facing unique and unprecedented challenges, mission-driven lenders that can provide flexible financing options and support are crucial," said Pursuit president and CEO Pat MacKrell. "Pursuit is proud to partner with Goldman Sachs to provide the resources New Jersey small businesses need to remain open and prepare for recovery from the COVID-19 outbreak."
"Small businesses are the backbone of our state economy and central to our vision of a stronger, fairer New Jersey," said New Jersey governor Phil Murphy. "It is vital that we help them overcome the unprecedented challenges COVID-19 poses."