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Economy

NYC, Goldman Sachs Launch Effort to Give Struggling Small Businesses a Lift

  • The $75 million fund is city’s largest public-private program
  • Loans to be offered at fixed below-market interest rate of 4%
New York City Mayor Eric Adams
New York City Mayor Eric AdamsPhotographer: Jeenah Moon/Bloomberg

New York City Mayor Eric Adams on Monday will announce a new partnership with Goldman Sachs Group Inc. and Mastercard Inc. that will create the largest public-private loan fund for small businesses in the city’s history. 

The $75 million NYC Small Business Opportunity Fund will offer businesses loans ranging from $2,000 to $250,000 at a fixed below-market interest rate of 4%, regardless of the loan size. The program comes as many small businesses that struggled to stay open during the pandemic are still fighting to bounce back.