The Goldman Sachs Group has announced that it will donate $5 million for clean-up and recovery efforts in the wake of Superstorm Sandy and provide $5 million in loans to small businesses affected by the storm.
The small business loans will match the $5 million in funding from the City of New York announced last week by Mayor Michael Bloomberg. Loans ranging from $5,000 to $25,000 will be made available through the New York Business Development Corporation to small businesses in areas where there have been power outages and severe flooding. Funds for working capital, repairs, and business recovery will be expedited and are expected to reach qualified borrowers five to seven days after application.
The small business loans from Goldman Sachs will be provided through the firm's Urban Investment Group, while the funds for clean up and recovery efforts will come from the firm and its donor-advised fund, Goldman Sachs Gives. In addition, Goldman Sachs employees are volunteering with a number of frontline service providers in the region, including New York Cares, the Salvation Army, and Team Rubicon.
"Many small businesses in our communities have been devastated by this disaster, and fast access to capital will help them get back on their feet more quickly," said Goldman Sachs chairman and CEO Lloyd C. Blankfein. "This funding will reinforce our ongoing initiative, 10,000 Small Businesses, which supports small business owners in the New York metro area and other cities across the country."