Gov. Greg Abbott announced that Goldman Sachs and the 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 affected by COVID-19. These loans will be made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program.                                                                                  

“Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” Gov. Abbott said. “These loans will help us revitalize our economy and restore Texans’ livelihoods as we respond to COVID-19. I thank Goldman Sachs and the LiftFund for providing this lifeline to Texas small businesses and their employees by providing them with the support they need to overcome the challenges posed by COVID-19. This partnership is an important first step in our journey to economic recovery in the state of Texas.”

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 businesses can have their loans forgiven in full by the SBA. Business owners can apply for a PPP loan and find more information about the program on the LiftFund website.