Coronavirus Resources: Baltimore City Partners With Goldman Sachs, Lendistry For $10M Stimulus Program For Local Businesses
BALTIMORE (WJZ) -- Mayor Jack Young announced Tuesday a multi-million dollar new program to help the city's small businesses.
"Goldman Sachs is committing ten million dollars for loans to Baltimore's small businesses through Lendistry," David Solomon, CEO of Goldman Sachs said during a virtual press conference.
The ten million dollars will be distributed through Lendistry, a lender specializing in working with small businesses.
Baltimore city has over 13,000 small businesses that collectively account for more than 150,000 local jobs.
"This will provide urgent cash flow assistance and are disunited to be partially or wholly forgiven," Solomon added.
Mayor Young said the program will provide businesses with the lifeline they need.
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And Urban Deli owner, Laura McCormack, says she desperately needs it.
"I've applied for some of the grants, the loans and haven't heard anything," she added.
McCormack has had to let go of all five of her employees. She is currently running her business by herself. She had shortened her hours of operation but is still open seven days a week.
When she heard of the Mayor's new program, she was skeptical.
"Until we see something I find it hard to believe that anything is being done," she told WJZ Tuesday.
The program is made possible through the federal government's C.A.R.E.S. Act and Goldman Sach's recently announced Small Business Stimulus Package.
Applicants should have these documents ready 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.
For the latest information on coronavirus go to the Maryland Health Department's website or call 211. You can find all of WJZ's coverage on coronavirus in Maryland here.
