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Goldman Sachs increases capital commitment to small businesses

Goldman Sachs Group Inc. increased its capital commitment to small businesses negatively impacted by the novel coronavirus pandemic to $500 million, Chairman and CEO David Solomon said April 7 in a White House video conference with President Donald Trump, administration officials and other financial services industry executives.

The investment banking giant said in an April 2 news release that it will spend $300 million to assist small businesses and communities impacted by the pandemic, of which $275 million will be spent to create a small-business stimulus package of low-interest emergency loans to small businesses in the U.S. and grants to community development financial institutions and other lenders.

Solomon also said in his prepared remarks that with the increase in capital commitment to small businesses, Goldman has increased its novel coronavirus pandemic relief efforts to $550 million.

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