BhamStrong, the City of Birmingham, Hope Credit Union (HOPE) and Goldman Sachs have partnered to expand access to Paycheck Protection Program (PPP) loans for small businesses and nonprofits who previously could not apply because they did not have a relationship with a bank or lender. Small businesses and nonprofits in Birmingham could be eligible for up to $5 million in Paycheck Protection Program loans administered by HOPE.
“Small businesses are the backbone of Birmingham’s economy. We are going to do everything we can to establish partnerships that assist them in this time of need,” said Birmingham Mayor Randall L. Woodfin. “We know that these funds are competitive and that not every business will receive an SBA loan, but this partnership with BhamStrong, Hope Credit Union and Goldman Sachs puts Birmingham businesses in a better position to compete.”
The U.S. Senate approved a $484 billion bill on April 21, $60 billion of which is reserved to expedite lending by small- and medium-sized banks or community development financial institutions. The U.S. House still must vote to approve it. HOPE is supporting small businesses and nonprofit organizations in applying for Paycheck Protection Program loans. HOPE and BhamStrong will collaborate to assist businesses and nonprofit organizations to complete applications and access the popular loans before federal funding is depleted.
“For 25 years, HOPE has targeted its financial services to meet the needs of those who lack full access to a banking relationship” said Kendra Key, HOPE senior vice president. “We are proud to work with the City of Birmingham, BhamStrong and Goldman Sachs to support local employers and service providers during this critical time.”
Previously, many businesses could not access the program due to high demand and limited access to banking relationships. Goldman Sachs’ 10,000 Small Businesses is acting as this initiative’s liquidity sponsor, enabling HOPE to leverage their local network to make available over $5 million in loans to local businesses.
“Small businesses across Birmingham work tirelessly to serve their neighborhood and care for their employees,” said Margaret Anadu, Goldman Sachs’ managing director and head of the Urban Investment Group. “In this critical time, we are doing as much as we can, as fast as we can, to get urgently needed funds to small businesses, especially minority-owned businesses who often face greater challenges accessing capital.”
BhamStrong will support HOPE by enlisting Birmingham Service Corps members to provide administrative support for the program. BhamStrong has previously worked to make local business owners aware of SBA funding opportunities through the Birmingham Service Corps call center.
If you own a small business or operate a nonprofit and are interested in applying for a Paycheck Protection Program loan, go to https://bhamstrong.com/ppp-hope to begin the application process with HOPE