Goldman Sachs Pledges $ 15 Million in Detroit Small Business Loans
DETROIT – Goldman Sachs CEO David M. Solomon joined Detroit Mayor Mike Duggan by video at a press conference Friday to announce a new initiative to help small businesses.
The company is pledging $ 15 million in loans to the city’s small businesses through its 10,000 Small Business program. Since the onset of the coronavirus pandemic, businesses across the country have struggled to stay open.
In 2013, the same program helped small businesses in Detroit. Since then, more than 500 companies have completed the program, according to Solomon.
Solomon says that seven years later, small businesses have never been more at risk.
“No business, city or state will be able to meet this challenge. Dealing with a crisis of this magnitude is the intersection of the public and private sectors that is so critical, ”Solomon said.
The loans will provide emergency cash flow assistance to small businesses.
Solomon noted that the initiative is in conjunction with a national commitment of $ 550 million that Goldman Sachs announced to help small businesses during the pandemic.
“Small businesses are really our economic base,” Solomon added.
He noted that the program has begun to promote small businesses as part of the U.S. economy and provide business owners with the opportunity to learn and implement financial best practices.
Number of confirmed cases of the coronavirus (COVID-19) in Michigan rose to 36,641 on Friday, including 3,085 deaths, state officials report.
To find out more about the program or to apply, Click here.
Copyright 2020 by WDIV ClickOnDetroit – All rights reserved.