10,000 Small Businesses is a philanthropic initiative launched by Goldman Sachs and the

Goldman Sachs Foundation The Goldman Sachs Foundation is a New York-based, not-for-profit private foundation that is a subsidiary of the financial services firm Goldman Sachs and has the goal of bettering humanity worldwide, especially regarding health and education. In ...

in November 2009 that pledges $500 million in various aid to small businesses in the United States, United Kingdom, and France. The initiative aims to provide 10,000 small businesses with assistance – ranging from business and management education and mentoring to access to capital and business support services. Goldman Sachs' CEO

Lloyd Blankfein Lloyd Craig Blankfein (born September 20, 1954) is an American investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive from 2006 until the end of 2018. Previous to leading Goldman Sachs, ...

, Berkshire Hathaway's

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...

and Harvard Business School professor

Michael Porter Michael Eugene Porter (born May 23, 1947) is an American academic known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and he was one of t ...

are the chairs of the program's advisory council. The program was launched in the face of mounting criticism over Goldman Sachs' large

bonus Bonus commonly means: * Bonus, a Commonwealth term for a distribution of profits to a with-profits insurance policy * Bonus payment, an extra payment received as a reward for doing one's job well or as an incentive Bonus may also refer to: Plac ...

payouts after repaying (with interest) $10 billion in TARP funds it received from the

U.S. Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

. According to the company, the small business initiative had been in development a year before the initial launch, and is modeled after its 10,000 Women Initiative, which has helped educate female entrepreneurs in 43 countries. According to a January 2013 report by Babson College, 63.7% of program participants in the United States reported an increase in revenue and 44.8% added new jobs following graduation.

Program Overview

Under the plan, Goldman will provide $200 million to pay for small-business owners to get business and management education at local community colleges – the first program being at

LaGuardia Community College LaGuardia Community College is a public community college in New York City. It is in the Long Island City neighborhood of Queens in and part of the City University of New York. LaGuardia is named after former congressman and New York City mayo ...

Queens Queens is a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...

, New York. Additionally, the program allocates $300 million in loans and grants to small businesses. As of September 2013, small business owners in all 50 states can apply to the program through an online curriculum or at one of 13 community college sites. Networking and mentoring will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs. Additionally, in 2010 Goldman Sachs launched 10,000 Small Businesses UK which is offered in Yorkshire, the North West, the Midlands and London and its partners include

Saïd Business School Saïd Business School (Oxford Saïd or SBS) is the business school of the University of Oxford. The School is a provider of management education and is consistently ranked as one of the world's top business schools. Oxford School of Management ...

(University of Oxford),

Leeds University Business School Leeds University Business School is a business school in the University of Leeds, in Leeds, West Yorkshire, England. The school is accredited by AACSB, AMBA and EQUIS. Location Leeds University Business School is housed in several buildings ...

Manchester Metropolitan University Business School Manchester Metropolitan University Business School (MMUBS) is a triple-accredited business school of Manchester Metropolitan University. It traces its roots as a provider of business education back to 1889, and has a rich history of supporting in ...

, Aston Business School and

University College London , mottoeng = Let all come who by merit deserve the most reward , established = , type = Public research university , endowment = £143 million (2020) , budget = ...

(UCL).

Selection criteria

The plan targets companies employing at least four full-time employees and with revenue of at least $150,000 in the most recent fiscal year. Eligible companies have to have been operating for at least two years and work "predominantly in under served markets."

Partners

The partner institutions and organizations include establishments in both academia and nonprofit sectors, as well as mission driven capital lenders.

Social media

In February 2014 the Twitter handle @GS10KSmallBiz was launched by Goldman Sachs. In December 2015 the account had over 18,000 followers. Profiles of the 10,000 Small Businesses graduates can be viewed on the Goldman Sachs YouTube playlist titled: Meet the Owners: 10,000 Small Businesses in the US.

References

External links

10,000 Small Businesses Website

Video 10,000 Small Businesses

Daily News Article
{{Goldman Sachs Goldman Sachs

Program Overview

Selection criteria

Partners

Social media

See also

College partners

Nonprofit partners

Other

References

External links