PROVIDENCE (Providence Journal) — Goldman Sachs and Gov. Gina Raimondo announced Mondy that the financial giant will will provide $10 million to help small businesses and non-profits in Rhode Island stay afloat.
In a joint announcement with Sen. Jack Reed, U.S. Rep. David Cicilline and others, Goldman Sachs said the loans will be targeted at small businesses that don’t have a solid relationship with a bank or lender, and have had a tough time getting a small business loan through existing programs.
“If you are a small business and unable to apply for the paycheck protection program, this is for you,” said John Rogers, executive vice-president of Goldman Sachs. “You can start applying today for loans that will provide liquidity to cover rent … utilities and interest on mortgage payments.”
“I want to thank Goldman Sachs for making this incredible commitment to Rhode Island,” said Raimondo. “The decisions we’ve had to make to keep Rhode Islanders safe through this crisis have had an overwhelming impact on our economy, particularly our small businesses. It’s urgent that we offer swift solutions that bring needed resources to our small businesses. I hope this announcement provides additional relief to our dedicated small business owners.”
“Within Rhode Island’s economy, the coronavirus crisis has hit small businesses the hardest,” said Rhode Island Commerce Secretary Stefan Pryor. “This partnership will enable us to provide additional resources to our state’s small businesses at a crucial time.”