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Goldman Sachs committing $15M in loans for Detroit small businesses

Mayor Mike Duggan
Posted at 2:19 PM, Apr 24, 2020
and last updated 2020-04-24 15:24:28-04

DETROIT (WXYZ) — Detroit Mayor Mike Duggan announced a partnership with Goldman Sachs to get Detroit small business access to federal Paycheck Protection Program funds.

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Goldman Sachs will commit $15 million in loans for Detroit small businesses that couldn't get approved in round one.

CEO David Solomon said the emergency loans are being made as part of the Paycheck Protection Program under the federal CARES Act and will provide urgent cash flow assistance.

Goldman Sachs will work with the Detroit Community Reinvestment Fund.

Duggan said businesses can apply for the program right now on the city website.

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