Goldman Sachs’ 10,000 Small Businesses Initiative will funnel $20 million to community-based financial institutions to help increase lending to entrepreneurs.
The company will also partner with a number of area colleges to give lower-income entrepreneurs and small business owners the business education and resources they need to create a corporation. The program will give entrepreneurs assistance in creating a business plan and allow them access to business advice, technical assistance and networking opportunities.
The Los Angeles program is part of a nationwide $500-million project to help unlock the growth potential from 10,000 small businesses.
“Los Angeles is home to many very talented small business owners,” said Lloyd C. Blankfein, chairman and CEO of Goldman Sachs. “Working with local community development financial institutions and community colleges, we aim to give selected local businesses the resources they need to grow and create jobs.”
The program is also modeled on the company’s successful 10,000 women program, which works to give women in 20 countries better access to business and management education resources.
The Los Angeles Business Journal reports the company launched the original program last November, at the same time as it was being publicly criticized for its bonus program – which would have paid out $17 million to its top executives one year after a $10-billion government bailout.