Goldman Sachs Group said it is providing $5 million to clean up and recovery efforts and another $5 million in loans to small businesses hurt by Hurricane Sandy.
The clean up funding will come from the Goldman Sachs Gives fund. The loans will be made through the New York Business Development Corporation.
The Goldman contribution matches the $5 million in New York City funding for small businesses previously announced by the city’s mayor, Michael Bloomberg earlier this week.
The funds will be loaned to businesses in areas affected by power outages and flooding. The loans will range in size from $5,000 to $25,000, for working capital, repairs and other purposes. Funds are supposed to flow within seven days after an applicationis made
“Fast access to capital will help them get back on their feet more quickly,” said Goldman chairman Lloyd C. Blankfein, chairman and CEO of Goldman Sachs
