ATLANTA—Mayor Keisha Lance Bottoms announced that Goldman Sachs has committed $10 million as part of its 10,000 Small Businesses initiative to loans for small businesses in Atlanta, in a partnership with Lendistry, a Community Development Financial Institution (CDFI) and SBA-authorized PPP lender. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), are an option for small businesses and non-profits that have been unable to submit a PPP application through another lending institution.
“This contribution will help further stabilize small businesses in Atlanta that are being adversely affected by the current pandemic,” said Mayor Bottoms. “Thank you to Goldman Sachs and Lendistry for your thoughtfulness and generosity toward our small business community. Your support will help local entrepreneurs and businesses continue to thrive and strengthen our ability to remain ATLStrong.”
“During these trying times, small businesses are desperate for increased access to capital to keep their doors open and workers gainfully employed,” said Congressman John Lewis. “Through partnerships like this with Mayor Bottoms, Goldman Sachs and Lendistry, small businesses are a step closer to weathering this pandemic and hopefully emerging stronger than ever.”
“I applaud this partnership as a critical step to ensure that our smallest businesses have access to payroll support,” said Rep. David Scott. “I deeply appreciate Goldman Sachs and Mayor Keisha Lance Bottoms for this extraordinary and much-needed financial partnership. Now more than ever, we must ensure that we have robust systems in place to support the people and businesses of metro Atlanta.”
“In this challenging time, we are grateful to have the opportunity to expand our efforts to support Atlanta small businesses with the help of Mayor Bottoms, as well as Congressman John Lewis and Congressman David Scott,” said David M. Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “We are honored to continue our support for these inspiring entrepreneurs in Atlanta to ensure that every business can access the capital needed to help weather this crisis.”
“Knowing that small businesses are the backbone of our communities, a major focus of ours at Lendistry is continuously seeking out connections and partnerships to bring small businesses the support they need,” said Everett Sands, CEO of Lendistry. “We are excited to launch this partnership with Goldman Sachs and Mayor Bottoms in the midst of unprecedented challenges facing small businesses.”
Lendistry will offer these loans directly to small business owners in Atlanta, who will be eligible for these loans to be partially or wholly forgiven if they maintain or rehire their workforce. The loans can be used for:
• Payroll costs;
• Interest on mortgages;
• Rent; and,
This capital commitment builds on existing investments by Goldman Sachs that support small businesses in Atlanta 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. Nationally, two-thirds of graduates of the program report revenue growth within six months and nearly half report job growth.
Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, which includes $500 million in capital to fund these loans, as well as a $25 million grant to support CDFIs nationally in this effort and $25 million in grants to first responders and other relief organizations.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.