BhamStrong, Goldman Sachs, Hope Credit Union Partner to Expand Access to PPP Loans

By Alabama NewsCenter Staff

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 that previously could not apply because they had no relationship with a lender. Small businesses and nonprofits in Birmingham could be eligible for up to $5 million in PPP loans administered by HOPE.

“Small businesses are the backbone of Birmingham’s economy,” said Birmingham Mayor Randall Woodfin. “We are going to do everything we can to establish partnerships that assist them in this time of need. 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 with $60 billion reserved to expedite lending by small- and medium-sized banks or community development financial institutions. The U.S. House still must approve it.

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