An Associated Press report published on Diverse Issues in Higher Education last November stated that Goldman Sachs is teaming up with billionaire Warren Buffett to provide $5 million to support small business owners in a variety of ways. Of that amount, $3 million will go to increasing opportunities for financial capital, while $2 million will be earmarked for education and training. The advisory council for the 10,000 Small Businesses initiative will be co-chaired by Buffett, Goldman Sachs CEO Lloyd Blankfein and Harvard Business School Professor Michael Porter.
- Access to Financial Capital – Goldman Sachs will invest $300 million in a combination of lending and donations to Community Development Financial Institutions to increase the amount of growth capital available to small businesses.
- Business Education – Additional education and training will be available to business owners through a partnership between Goldman Sachs, local community colleges, universities and other educational institutions.
Most community colleges require that students take three placement tests prior to registering for classes. The placement tests include a basic math section, a reading comprehension section, and a writing composition section.