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PRESS RELEASE
Mayor Young, Goldman Sachs, and Lendistry Announce Multi-Million Dollar Stimulus Program for Local Businesses
$10 million Small Business Stimulus Program Fund to provide emergency forgivable loans to help Baltimore’s small businesses endure COVID-19 economic crisis
BALTIMORE, MD. — Today, the City of Baltimore announced a partnership with Goldman Sachs and Lendistry to provide $10 million in potentially forgivable SBA Paycheck Protection Program loans to help vulnerable Baltimore City small businesses, including non-profit organizations, weather the economic impact of COVID-19. Baltimore City is home to more than 12,000 small businesses that collectively account for more than 150,000 local jobs, employing mostly city residents. This program is made possible through the federal government’s C.A.R.E.S. Act and Goldman Sachs’ recently announced Small Business Stimulus Package.
“It is important that we help our small businesses stabilize, reopen, and return to operating at full capacity to get Baltimore City residents back to work and restart our local economy,” says Baltimore’s Mayor Young. “Our immediate economic outlook depends on responding to this challenge, creating the right partnerships with organizations like Goldman Sachs and Lendistry, and delivering resources and information in a fast, efficient, and equitable manner.”
“Small businesses are the backbone of our economy and work tirelessly to serve their communities and care for their employees,” said Goldman Sachs Chairman and Chief Executive Officer David Solomon. “In this critical time, we are doing as much as we can as fast as we can to get capital to small businesses, including those least likely to have a banking relationship to depend on.”
“We are in the midst of an unprecedented crisis. Helping Baltimore small businesses and their workers get through it requires unprecedented cooperation between the public and private sectors,” U.S. Senator Ben Cardin said. “This investment from Goldman Sachs will give many Baltimore small businesses access to new, forgivable, Paycheck Protection loans so they can keep their employees on payroll and stay current on their bills. ”
“Helping our small businesses weather the storm has been one of our top priorities in addressing the economic impacts of the coronavirus. This investment will go a long way in the Baltimore Community, and I’m glad to join the Mayor and others in announcing this partnership. In Congress, we will continue pushing for increased funding for CDFIs and improved legislation to keep small businesses afloat,” U.S. Senator Van Hollen said.
Seeded with $10 million from the Goldman Sachs 10,000 Small Businesses initiative, the Small Business Emergency Stimulus Program is deploying rapid response capital and expertise in accordance with the guidelines established by the Small Business Administration’s (SBA) Payroll Protection Program. This fund targets underserved businesses, including those which do not currently have a relationship with a traditional bank.
In partnership with Goldman Sachs, Lendistry, a Community Development Financial Institution (CDFI) and an SBA authorized PPP lender, will begin accepting applications immediately. To apply, click here. This service is coupled with online technical assistance to applicants, including their PPP Resource Guide, Payroll Resource Guide, and online application portal, which can all be easily found on their homepage.
“Lendistry is excited to expand our SBA lending capabilities to help the small businesses of Charm City. We appreciate the support of Mayor Young and the partnership with Goldman Sachs to reach our aligned goals of helping small businesses remain open and keep their employees on payroll,” said Everett K. Sands, CEO of Lendistry.
Small business owners and nonprofits can also access additional PPP resource information, lenders authorized by the SBA, like Lendistry, and a link to the PPP application through the Baltimore Development Corporation, the City of Baltimore's economic development agency, by visiting here .
To get ready, applicants should have the following documents on hand before applying:
- 12 months of payroll documentation, including wages, health and retirement benefits and state taxes paid
- Primary owner’s photo ID
- 2019 Tax Return, or 2018 Tax Return & 2019 Year-End Financial Statement, or 2019 1099
- Corporate Documents (varies by entity type: Articles of Inc., By Laws, Operating Agreement, Fictitious Business Name, Partnership Agreement)
- Download the SBA PPP Application here.
About Goldman Sachs
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.
About Lendistry
Since 2014, Lendistry has provided economic opportunities and progressive growth for small business owners and their underserved communities as a source of financing and financial education.
About the Baltimore Development Corporation
The Baltimore Development Corporation (BDC) is a non-profit organization which serves as the economic development agency for the City of Baltimore. Its mission is to retain and expand existing businesses, support cultural resources, and attract new opportunities that spur economic growth and help create jobs. BDC serves as a one-stop shop for anyone interested in opening, expanding or relocating a business in Baltimore City.
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