Goldman Sachs commits $15M to loans for Detroit’s small business

Detroit Mayor Mike Duggan talks Goldman Sachs stepping up to give help for city businesses

The city of Detroit announced Friday a new partnership with Goldman Sachs to help small businesses survive the economic impact of COVID-19.

DETROIT (FOX 2) - The city of Detroit announced Friday a new partnership with Goldman Sachs to help small businesses survive the economic impact of COVID-19.

Goldman Sachs has committed $15 million in loans for Detroit’s small businesses as part of its 10,000 Small Businesses initiative.

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This will help get Detroit's small businesses access to federal Paycheck Protection Program funds approved Thursday by Congress.

The loans provide urgent cash flow that can be used for payroll costs, utilities, interest on mortgages, and more.

Click here for the application.

“Small businesses truly are our economic foundation, employing half of the american workforce and serving as the backdrop of our community,” said CEO David Solomon, who joined the city’s daily presser via video conference.

Collateral or personal guarantees are not required. Small businesses will not be charged any fees.