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. Goldman Sachs has pledged $2 million for education efforts to be given to community colleges and other institutions committed to helping small businesses thrive in America through appropriate training and education.
- Networking and Mentoring Support – Goldman Sachs will work with local and national organizations to provide access to networking, advice and technical training for small business owners to help them grow their companies.
LaGuardia Community College: Helping Through Goldman Sachs
Since the launch of the 10,000 Small Businesses initiative, Goldman Sachs has selected LaGuardia Community College in Long Island City to be the first institution to receive a portion of its funding and launch its pilot program. The NY Daily News reports that LaGuardia was chosen in part because its "high academic standards and knowledge of the local community enable it to provide small businesses with a practical education that will help them grow."