Goldman Sachs $10M loan program hits capacity hours after launch

PROVIDENCE – A new program announced on Monday offering $10 million in payroll relief loans to Rhode Island small businesses and nonprofits has stopped accepting applications, according to R.I. Commerce Corp. spokesman Matt Sheaff.

Applications to the new funding stream, offered through a partnership between Goldman Sachs, CommerceRI and the Community Reinvestment Fund, hit capacity around 3:30 p.m. Monday, just hours after its 10 a.m. launch, Sheaff said.

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The exact number of applications was not immediately available but prospective borrowers sought over the $10 million allocation. Sheaff did not anticipate the program reopening to more applicants, unless those who already applied were deemed ineligible during the submission process.

The program, which mimicked the U.S. Small Business Administration’s Paycheck Protection Program, offered up to $250,000 in forgivable loans to help small small businesses and nonprofits cover their payroll and some operating expenses. While the same terms as the SBA program apply, this funding was specifically designated for applicants who were not able to seek funding through other SBA lenders – a problem for many smaller companies and nonprofits that do not have existing relationships with banks or credit unions.

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Community Reinvestment Fund, a national community development financial institution, began processing applications Monday. The timing for approved applicants to start receiving funds was not immediately available.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.