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SMALL BUSINESS NEWS

28 May  2011

 

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10,000 Small Businesses (Goldman Sachs)

The 10,000 Small Business Program is a $500 million investment made by Goldman Sachs to help create jobs and economic opportunity in the U.S.  by helping existing small businesses to grow.  The program works by giving small business owners greater access to education, mentors, networks and financial assistance.

Education is provided through local community colleges, colleges, universities and other institutions.  Goldman Sachs provide funding to these institutions to provide scholarships to underserved small business owners and build educational capacity. Students will receive a practical education that focuses on skills that can immediately be applied by business owners, including accounting, marketing and human resources management.  Academic institutions include the following:

        American Association of Community Colleges
        Association of Community College Trustees
        LaGuardia Community College
         (Long Island City, NY)
        Los Angeles City College (Los Angeles, CA)
        Long Beach Community College District
         (Long Beach, CA)
        Los Angeles Southwest College
         (South Los Angeles, CA)
        Delgado Community College (New Orleans, LA) 
        Cornell University
        Tuck School of Business Administration
          at Dartmouth College
        UCLA Anderson School of Management
        Wharton School of the University of Pennsylvania

Mentorship and networking and technical assistance is offered to participating small business owners through partnerships with national and local business organizations, professional services firms and the people of Goldman Sachs

Financial Assistance can be obtained through community Development Financial Institutions (CDIs).  Goldman Sachs provided over $300 million in funding to these institutions to support small businesses.  Loans may be applied for through Community Development Financial Institutions in keeping with their existing loan practices. Financial institutions include the following:

        National Development Council (NDC).
        Seedco Financial, Inc.
        Valley Economic Development Center, Inc.
        Hope Enterprise Corporation (HOPE)

Currently the program is being offered in the following locations:

 

        Los Angeles, CA

        Long Beach, CA

        New York, NY

        New Orleans, LA

        Houston, TX

The requirements to get into the program include the following: 

 

         The business must be in operation for
          at least two years
         Business revenues between $150,000
          and $4.0 million in the most recent fiscal
          year
         The Business must have a minimum of 
           four employees
         Have limited access to a business and
          management education program
         Have limited financial resources to obtain
          a similar level of education
         Have limited access to capital
         Have a desire and the motivation to grow
          the business and create jobs

To participate in the program you must apply at the participating educational institutions.

 


By Owen Daniels

 

 

 

 

 

 
 

 

  
 

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