Baltimore small businesses affected by the coronavirus pandemic can apply for loans through a new partnership between the city and Goldman Sachs.
Mayor Bernard C. “Jack” Young joined business executives Tuesday to announce the plan, supported by federal coronavirus relief legislation and Goldman Sachs’ small business stimulus package.
The $10 million program will help connect some of Baltimore’s more than 12,000 small businesses with potentially forgivable Paycheck Protection Program loans. It’s designed to help businesses — including those without an existing banking relationship to depend on — get support in a time of severe economic uncertainty.
“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,” Young said.
The program will follow guidelines established by the Small Business Administration, and target underserved businesses in particular. It will help businesses’ keep their employees on payroll and stay up-to-date with bills.
Dominick Davis, who owns an apparel shop in Mount Vernon, said his revenue dropped to zero in March because of the coronavirus-related shutdowns. The shop has since switched up their business model, and DifferentRegard now produces protective masks and gowns.
But his company’s future “remains unclear,” he said, as he questions when retail sales will return to normal.
“Baltimore businesses need support now more than ever,” Davis said, adding that he’s excited to work on his loan application.
Lendistry, which helps small businesses with financing, will begin accepting applications for the program immediately.