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10,000 Small Businesses
10,0000 Small Businesses is a $500 million initiative by the Wall Street Bank Goldman Sachs intended to provide education, mentoring and access to capital for 10,000 small businesses across the United States.[1] Goldman Sachs's largest shareholder, investor Warren E. Buffett, is an advisor to the project.[2] Goldman Sachs global head of corporate engagement Dina Powell directs the program.[3]
Focus of the program
Business and Management Education
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 $200 million to these partners to provide scholarships predominantly to underserved small business owners and build educational capacity.
Mentoring and Networking
Advice, technical assistance, and networking will be offered to participating small business owners through partnerships with national and local business organizations, as well as the people of Goldman Sachs.
Access to Capital
As a part of the program, Goldman Sachs will invest $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions (CDFIs). The investment is intended to add to available growth capital for small businesses in underserved communities and to expand the capacity of the CDFIs to deliver enhanced technical assistance to small businesses.
How to obtain assistance from the program
Funding for small businesses will not be administered by Goldman Sachs, but through such organizations and programs as Community Development Financial Institutions (CDFIs), community colleges and universities, the Urban League, the Hispanic Chamber of Commerce, local chambers of commerce and others.[4]
Criteria for receiving support from the program
To receive funding, companies must employ at least four full-time employees and must have had revenue from $150,000 and $4 million in the most recent fiscal year. Eligible companies have to have been operating for at least two years and work predominantly in underserved markets.[5] According to Dina Powell, director of the program, "We want people who have shown vision and passion already and are eager to use the access to skills and networking and contacts that we can provide them with. Our bottom-line objective is to aid entrepreneurial small businesses so they can go out and create jobs and grow."[6]
References
- ↑ GoldmanSachs.com press release
- ↑ A Goldman Plan for Small Businesses and Its Image, NYTimes.com
- ↑ Inside Goldman’s $500 Million Small Business Initiative
- ↑ Inside Goldman’s $500 Million Small Business Initiative
- ↑ Small Businesses Turn to Goldman, WSJ.com
- ↑ Inside Goldman’s $500 Million Small Business Initiative
