On April 24, New Jersey Economic Development Authority (NJEDA) announced that Goldman Sachs, in partnership with Pursuit, has committed $10 million to loans for small businesses in New Jersey. The commitment is part of Goldman Sachs’s 10,000 Small Businesses initiative. Loan applications are currently available at www.pursuitlending.com/pppapply.

The loans will be made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). They provide a new opportunity for small businesses and nonprofits that have been unable to submit a PPP application through another lending institution. Loans made through this program can be used for payroll costs, interest on mortgages, rent, and utilities. Businesses that receive financing through the program can have their loans partially or wholly forgiven if they maintain or rehire their workforce after the COVID-19 outbreak is controlled. 

To read the EDA press release, click here.

If you have any questions or comments about the above, please feel free to reach out to Hilary Beckett, Manager, Government Affairs, at hbeckett@chambersnj.com.