The Office of the Mayor of the City of New York has announced a public-private partnership with Goldman Sachs in support of safety-net hospitals in the face of a surge in COVID-19 cases.

The partnership has secured an additional $33 million for the COVID-19 Hospital Loan Fund, making a total of $45 million available to safety-net hospitals, the not-for-profit facilities that typically serve the most vulnerable New Yorkers. Established and operated by the New York City Economic Development Corporation, the fund provides loans to cover pandemic response costs while hospitals apply for FEMA reimbursements and has already funded more than twenty-four hundred safety-net hospital staff members.

“The NYC COVID-19 Hospital Loan Fund was one of our first investments as part of our One Million Black Women initiative, a $10 billion commitment to narrow opportunity gaps for Black women over the next decade,” saidMargaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management. “We are proud to double down on this effort alongside Mayor [Eric] Adams as COVID-19 continues to have a disproportionate impact on many of the Black communities served by these safety-net hospitals. The fund’s holistic approach will not only provide the resources to hospitals to hire additional healthcare professionals but will also support those essential workers with funding for desperately needed child care.”

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