Goldman Sachs, LiftFund Lead Initiative to Provide $50M in SBA Loans For Small Businesses in Texas

AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Monday that Goldman Sachs and LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been negatively affected by COVID-19. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees. Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA.