Small businesses across the borough have been hammered by restrictions due to the coronavirus pandemic and the city announced Friday that loans are available to provide economic relief.
The Small Business Continuity Fund offers financial assistance to small businesses across the five boroughs as they deal with various challenges in response to the COVID-19 crisis.
“Our small businesses are the bedrock of our neighborhoods, they make New York City what it is. That is why we are doing everything possible to help them through this difficult time,” Mayor Bill de Blasio said. “New Yorkers will always stick together in times of crisis, and this partnership exemplifies just that.”
The investment is a public-private partnership between Goldman Sachs 10,000 Small Businesses, Tapestry, Inc.’s Coach Foundation, and Pursuit to provide loans to New York City’s small businesses affected by the emergency. Goldman Sachs Foundation will provide a grant to support technical assistance and capacity building for the Small Business Continuity Fund.
“The city is committed to making sure small businesses have the resources they need to stay open during this time,” Department of Small Business Services Commissioner Gregg Bishop said. “As the situation continues to evolve, we will hear from our small businesses and make the necessary changes to address the challenges that they are facing. This partnership represents a step in the right direction as city and private companies come together to assist this community.”
Small businesses have begun applying for relief and can access the application here.
“This is an incredibly challenging time for small businesses across the city and it’s critical that the public and private sectors come together to provide meaningful support,” NYCEDC President and CEO James Patchett said. “This investment will help assist numerous small businesses who have been impacted by COVID-19. It is an important first step to help this community and the city to recover.”
Goldman Sach has a proven track record supporting entrepreneurs through its 10,000 Small Businesses program, an investment to help small business owners create jobs and economic opportunity.
“Goldman Sachs is acutely aware of the responsibility small business owners feel to their employees, communities and families,” Goldman Sachs Chairman and CEO David M. Solomon said. “Nowhere is that more true than the City of New York, whose small businesses are the lifeblood of our communities, they are our child care centers, our bakeries, our corner stores. We are proud that the Mayor is taking this immediate action and gratified we can offer our experience and expertise to help New York City businesses during this unprecedented crisis.”