While Goldman Sachs has found itself in plenty of hot investigative water over the years, the investment bank has also contributed significantly to the development of small businesses via community colleges. Goldman Sachs launched 10,000 Small Businesses, an initiative geared toward the creation and growth of small businesses across the country.
An Associated Press report published on Diverse Issues in Higher Education stated that Goldman Sachs teamed up with billionaire Warren Buffett to support small business owners in a variety of ways. The advisory council for the 10,000 Small Businesses initiative was co-chaired by Buffett, Goldman Sachs CEO Lloyd Blankfein and Harvard Business School Professor Michael Porter.
Overcoming Obstacles
According to the Goldman Sachs website, Goldman Sachs partnered with Warren Buffett, the Initiative for a Competitive Inner City and community college associations to provide for three factors that have been identified as primary barriers to the growth of small business in the United States:
- Access to Financial Capital, Goldman Sachs has invested in lending and support through Community Development Financial Institutions to increase the amount of growth capital available to small businesses.
- Business Education, additional education and training are available to business owners through partnerships between Goldman Sachs, local community colleges, universities, and other educational institutions.
- Networking and Mentoring Support, Goldman Sachs works with local and national organizations to provide access to networking, advice and technical training for small business owners to help them grow their companies.
While all three of these factors are equally significant in the Goldman Sachs model, the business education facet is particularly powerful, especially due to its implementation through community colleges.
Students interested in entrepreneurship may also find Community College Review’s article on Calling All Entrepreneurs: How Community Colleges Can Help You Start Your Business useful.
LaGuardia Community College: Helping Through Goldman Sachs
Since the launch of the 10,000 Small Businesses initiative, Goldman Sachs 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. LaGuardia was chosen in part because its high academic standards and knowledge of the local community enabled it to provide small businesses with a practical education that could help them grow.
LaGuardia President Gail Mellow said that the 10,000 Small Businesses initiative would give entrepreneurs the knowledge and tools they need to make their businesses stronger during challenging times.
The original program reviewed applications for 30 slots. Candidates were business owners who had at least four full-time employees and annual revenue between $150,000 and $4 million.
Participants in the LaGuardia program took business classes in accounting and finance, and they worked with mentors from Goldman Sachs to learn how to boost their sales. The cost of tuition and books was covered by Goldman Sachs.
Community College Review’s article on Business Owners: Train Your Employees for Free at Community College offers another example of how two-year colleges can support business growth.
Small Business and the Economy
The 10,000 Small Businesses initiative was developed in response to information about the significant role small businesses play in the health of the nation’s economy. Updated 2026 context from the U.S. Small Business Administration shows that small businesses continue to represent a major share of U.S. firms and employment.
Warren Buffett has agreed with the importance of small businesses to the national economy. He stated on the Goldman Sachs website, “Our recovery is dependent on hard-working business owners across America who will create the jobs that America needs.” Buffett added, “I am proud to be a part of this innovative program which provides greater access to know-how and capital, two ingredients critical to success.”
Once the program was established at LaGuardia Community College, Goldman Sachs set its sights on expanding the program to other community colleges and institutions as well. In 2026, the program remains active, with the Goldman Sachs 10,000 Small Businesses application site reporting more than 17,000 graduates across all 50 states, Washington, D.C., and Puerto Rico.
Community College Review’s coverage of How Community Colleges Are Adapting to Workforce Needs helps explain why these partnerships remain relevant. Its article on Community Colleges Are More Important Than Ever in 2026 also highlights the role of community colleges as economic engines.
Conclusion
The partnership between community colleges, small businesses, and Goldman Sachs remains synergistic indeed. By combining business education, access to capital, and mentoring, initiatives such as 10,000 Small Businesses continue to show how community colleges can help entrepreneurs strengthen both their companies and their local economies.
