Goldman Sachs 10,000 Small Businesses is committing $20 million for loans to small businesses and nonprofits in Ohio through a partnership with Community Reinvestment Fund, USA (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country.
Loans will be made to small businesses and nonprofits pursuant to the Paycheck Protection Program (PPP) under the CARES Act. This builds on existing investments by Goldman Sachs that support small businesses through the 10,000 Small Businesses initiative.
This program provides urgent cash flow assistances to small businesses and nonprofits that have been negatively impacted by COVID-19. These loans can be partially or wholly forgiven for businesses that maintain or rehire their workforce and can be used for:
- Payroll costs;
- Interest on mortgages;
- Rent; and,
No collateral or personal guarantees are required. Neither the government, nor lenders, will charge small businesses any fees.