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Mayor Young announces new $10M protection program loans for small businesses

Small business
Posted at 12:56 PM, Apr 14, 2020
and last updated 2020-04-14 12:56:22-04

BALTIMORE — On Tuesday, Mayor Jack Young and Goldman Sachs CEO David M. Solomon announce a partnership with the City of Baltimore, Goldman Sachs, and Lendistry to provide $10 million in potentially forgivable SBA Paycheck Protection Program loans to help small businesses weather the economic impact of COVID-19.

According to Everett Sands, the CEO of Lendistry, it is his company's "motto" to make things like this happen for small businesses.

"Small businesses employ more people than national chains do," said Sands. "They are the backbone of our communities."

U.S. Senator Chris Van Hollen seemed to agree with that motion because he and Senator Ben Cardin have proposed that the government expand the amount of funds that are currently going through PPIs.

There are 13,000 small businesses in Baltimore City and with those businesses representing over 150,000 jobs, it's important for the government to help keep their doors open.

"Small businesses are vital to our economy," said Senator Van Hollen. "And small businesses are taking a huge hit right now."

Dominique Davis, a Baltimore native who owns a small business in Mt. Vernon, is a Goldman Sachs 10,000 Small Business Baltimore Program alum. He mentioned that when COVID-19 first struck his business took at huge hit. His revenue dropped to zero and he didn't know if they would be able to stay open. However, with the help of Goldman Sachs, his company now produces medical-grade personal protective equipment (PPE).

Davis is very appreciative of what Goldman Sachs, Lendistry and Mayor Young are doing for Baltimore City because even though his company is currently doing fine, he and his fellow business owners still fear what could happen in the coming months.

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.