Goldman Sachs, Pursuit to give $10M to small businesses in N.J.

Goldman Sachs in partnership with Pursuit will provide $10 million in loans to New Jersey-based small businesses, the New Jersey Economic Development Authority announced on Friday.

“Small businesses are the backbone of our state economy and central to our vision of a stronger, fairer New Jersey. It is vital that we help them overcome the unprecedented challenges COVID-19 poses,” Gov. Phil Murphy said. “This commitment from Goldman Sachs and Pursuit will provide crucial resources that thousands of businesses need to keep their doors open and continue supporting their employees.”

The loans will be provided through the U.S. Small Business Administration’s Paycheck Protection Program. They can be used for payroll, mortgages, rent and utilities and can be partially or wholly forgiven if a business maintains or rehires their workforce after the pandemic is controlled.

“At a time when small businesses are facing unique and unprecedented challenges, mission-driven lenders that can provide flexible financing options and support are crucial,” Pursuit CEO and president Pat MacKrell said. “Pursuit is proud to partner with Goldman Sachs to provide the resources New Jersey small businesses need to remain open and prepare for recovery from the COVID-19 outbreak.”

The additional resources, the EDA said, will complement its existing coronavirus response efforts, which include a grant program for small businesses, a zero-interest loan program for mid-sized companies, support for private lenders and CDFIs, entrepreneur backing and more.

“Supporting small businesses is central to the NJEDA’s COVID-19 response. Helping these businesses and their employees during this challenging time is vital to keeping our communities strong and preparing for recovery when that becomes possible,” said NJEDA Chief Executive Officer Tim Sullivan. “The resources Goldman Sachs and Pursuit are bringing to New Jersey will be a vital complement to our existing small business relief programs that will allow us to support more businesses and begin laying the foundation for a strong recovery.”