The New Jersey Economic Development Authority (NJEDA) announced 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 application sign-up page is currently available at www.pursuitlending.com/pppapply.
“Small businesses are the backbone of our state economy and central to our vision of a stronger, fairer New Jersey. It is vital that we help them overcome the unprecedented challenges COVID-19 poses,” said Governor Phil Murphy. “This commitment from Goldman Sachs and Pursuit will provide crucial resources that thousands of businesses need to keep their doors open and continue supporting their employees.”
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.
“This small business relief effort is only the most recent example of the leadership that Governor Murphy, along with Senator Bob Menendez and Senator Cory Booker, have shown in helping New Jersey navigate this crisis,” said John Waldron, president and chief operating officer of Goldman Sachs. “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 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.
“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.”
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.
“Supporting small businesses is central to the NJEDA’s COVID-19 response. Helping these businesses and their employees during this challenging time is vital to keeping our communities strong and preparing for recovery when that becomes possible,” said NJEDA Chief Executive Officer Tim Sullivan. “The resources Goldman Sachs and Pursuit are bringing to New Jersey will be a vital complement to our existing small business relief programs that will allow us to support more businesses and begin laying the foundation for a strong recovery.”
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/.
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