Goldman Sachs has built a $300 million war chest to help small businesses and communities amid the coronavirus pandemic.
The effort includes a small business stimulus package, as well as a COVID-19 relief fund. Details on both fronts include...
1. A Small Business Stimulus Package of $275 million that spans:
- $250 million to provide emergency loans to small businesses across the United States.
- $25 million in grants to Community Development Financial Institutions (CDFIs) and other mission-driven lenders to ensure they can underwrite and deliver loans to small businesses as soon as possible.
Goldman Sachs has allocated funds in conjunction with two public-private partnerships with the cities of New York and Chicago, together with several corporate and non-profit partners, the firm says.
Also, Goldman Sachs is rolling out educational resources and business coaching to reach small businesses owners in the U.S. and U.K., as well as female entrepreneurs in emerging markets across the world, to help them navigate the pandemic and its impact on business.
2. A Goldman Sachs COVID-19 Relief Fund of $25 million to: Support communities in most urgent need globally, with the firm contributing to match employee donations up to an additional $5 million.
The Fund follows the $1 million donated to the CDC Foundation, the Chinese Red Cross and the International Medical Corps earlier this year, and will distribute grants across five specific priorities:
- Assisting health providers on the front lines
- Providing assistance to the most vulnerable populations
- Providing economic relief for reduced and lost work
- Supporting children and families in the wake of school closures
- Supporting medical research
Additionally, the firm has launched a Special Employee Matching Grants Program. All non-partner employees of the firm who make a donation to any COVID-19 relief effort will have their donation matched dollar-for-dollar, up to $5 million in total. For donations that are $25 or less, the firm will match the donations three to one, Goldman Sachs says.