Goldman Sachs Group has launched 10,000 Small Businesses, a $500m initiative. Goldman aims to unlock the growth and job-creation potential of 10,000 small businesses across the US through greater access to business education, mentors and networks, and financial capital. It is based on the broadly held view of leading experts that a combination of education, capital and support services best addresses the barriers to growth for small businesses.
As part of the initiative small business owners will receive practical business education delivered through partnerships between local community colleges, universities and other institutions. 10,000 small businesses will contribute $200m to these partners to provide scholarships predominantly to underserved small business owners and build educational capacity.
The participating small business owners will be offered advice, technical assistance and networking through partnerships with national and local business organizations, as well as the people of Goldman Sachs. Goldman Sachs will also invest $300m through a combination of lending and philanthropic support to community development financial institutions (CDFIs).
They will be guided by an advisory council co-chaired by Lloyd Blankfein, CEO of Goldman, Warren Buffett, CEO of Berkshire Hathaway and Michael Porter of Harvard Business School. The advisory council will assist in the development, execution and evaluation of the program.
Mr Blankfein said: “Small businesses play a vital role in creating jobs and growth in America’s economy. We are pleased to work with our partners in this initiative to support small business owners, particularly those in underserved communities.”
Mr Buffett said: “Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs. I’m proud to be a part of this innovative program which provides greater access to know-how and capital – two ingredients critical to success.”
