10,000 Small Businesses

10,000 Small Businesses is a philanthropic initiative launched by Goldman Sachs in November 2009 that pledges $500 million in various aid to small businesses. The initiative aims to provide 10,000 small businesses with assistance — ranging from business and management education and mentoring, to lending and philanthropic support. The program was launched in the face of mounting criticism over Goldman Sachs' large bonus payouts after repaying (with interest) $10 billion in TARP funds it received from the U.S. Treasury.[1] According to the company, the small business initiative had been in development a year before the initial launch, and is modeled after its 10,000 Women Initiative, which helps educate female entrepreneurs in 18 countries.[2]

Contents

Assistance plan

Under the plan, Goldman will provide $200 million to pay for small-business owners to get business and management education at local community colleges and elsewhere — the first program being at LaGuardia Community College in Queens, New York. Additionally, the program allocates $300 million in loans and grants to small businesses.[3][4]

Networking and mentoring will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs.[5] In addition to Goldman CEO Lloyd Blankfein, Berkshire Hathaway's Warren Buffet and Harvard Business School professor Michael Porter will chair the program's advisory council.[6][7]

Selection criteria

The plan would target companies employing at least four full-time employees and with revenue between $150,000 and $4 million in the most recent fiscal year.[7] Eligible companies have to have been operating for at least two years and work "predominantly in underserved markets."[6]

Partners

The initial partner institutions and organizations include establishments in both academia and nonprofit sectors.[8]

Community colleges

Universities and business schools

Nonprofit partners

See also

References

  1. ^ Tozzi, John (11-17-2009). "Goldman Sachs Announces $500M in Aid to Small Business". Business Week. http://www.businessweek.com/smallbiz/running_small_business/archives/2009/11/goldman_sachs_t.html. Retrieved 19 November 2009. 
  2. ^ Wilhelm, Ian (11-17-2009). "Goldman Sachs Pledges $500-Million to Help Small-Business Owners". http://philanthropy.com/news/updates/index.php?id=10199. Retrieved 19 November 2009. 
  3. ^ Bowley, Graham (11-17-2009). "$500 Million and An Apology from Goldman". The New York Times. http://www.nytimes.com/2009/11/18/business/18goldman.html. Retrieved 19 November 2009. 
  4. ^ Cowley, Stacy (11-17-2009). "Goldman, Buffett launch $500 million small biz initiative". CNN Money. http://money.cnn.com/2009/11/17/smallbusiness/goldman_sachs_warren_buffet_small_business/. Retrieved 19 November 2009. 
  5. ^ van Praag, Lucas (11-17-2009). "Goldman Sachs Launches 10,000 Small Businesses Initiative". Goldman Sachs. http://www2.goldmansachs.com/citizenship/10000-small-businesses/news/press-releases/launch-doc.pdf. Retrieved 2009-11-18. 
  6. ^ a b Schmidt, Robert; Christine Harper (11-07-2009). "Goldman, Buffett Establish $500 Million Small-Business Program". Bloomberg.com. http://www.bloomberg.com/apps/news?pid=20601087&sid=aQWV0pN.Y1LQ&pos=1. Retrieved 2009-11-18. 
  7. ^ a b Spector, Mike (11-19-2009). "Small Businesses Turn to Goldman" (in English). The Wall Street Journal. http://online.wsj.com/article/SB10001424052748704533904574544202372453482.html. Retrieved 19 November 2009. 
  8. ^ "10,000 Small Businesses Partner Institutions and Organizations". Goldman Sachs. 11-17-2009. http://www2.goldmansachs.com/citizenship/10000-small-businesses/about/partner-list.html. Retrieved 2009-11-18. 

External links