10,000 Small Businesses
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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 ...
in
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.


See also


College partners

*
American Association of Community Colleges The American Association of Community Colleges (AACC), headquartered in the National Center for Higher Education building in Washington, D.C., is the primary advocacy organization for community colleges at the national level and works closely wit ...
*
Association of Community College Trustees The Association of Community College Trustees (ACCT) is a non-profit educational organization representing more than 6,500 elected and appointed trustees who govern more than 1,200 community colleges in the United States. ACCT provides members wi ...
* Babson College * City Colleges of Chicago *
Community College of Philadelphia The Community College of Philadelphia (CCP) is a public community college with campuses throughout Philadelphia, Pennsylvania. The college was founded in 1965 and is accredited by the Middle States Commission on Higher Education. It offers over ...
*
Cuyahoga Community College Cuyahoga Community College (Tri-C) is a public community college in Cuyahoga County, Ohio. Founded in 1963, it is the oldest and largest public community college within the state. Tri-C schedules on the semester basis, and offers over 1,000 co ...
*
Delgado Community College Delgado Community College (DCC) is a public community college in Louisiana with campuses throughout the New Orleans metropolitan area. Its current campuses are in New Orleans (Orleans Parish) and in Jefferson Parish. The original main campus—Ci ...
* Oakland Community College *
Houston Community College Houston Community College (HCC), also known as Houston Community College System (HCCS) is a public community college system that operates community colleges in Houston, Missouri City, Greater Katy, and Stafford in Texas. It is notable for active ...
* Lagos Business School *
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 ...
*
Long Beach City College Long Beach City College (LBCC) is a public community college in Long Beach, California. It was established in 1927 and is divided into two campuses, the Liberal Arts Campus in Lakewood Village and the Pacific Coast Campus in central Long Beach ...
*
Los Angeles City College Los Angeles City College (LACC) is a public community college in East Hollywood, Los Angeles, California. A part of the Los Angeles Community College District, it is located on Vermont Avenue south of Santa Monica Boulevard on the former campu ...
*
Miami Dade College Miami Dade College (Miami Dade, MDC or Dade) is a public college in Miami, Florida. Founded in 1959, it has a total of eight campuses and twenty-one outreach centers throughout Miami-Dade County. It is the largest college in the Florida College S ...
*
Macomb Community College Macomb Community College is a multi-campus community college in Macomb County, Michigan. The college is accredited by the Higher Learning Commission. The college's offerings include university transfer, early college, professional certification ...
*
Wayne State University Wayne State University (WSU) is a public research university in Detroit, Michigan. It is Michigan's third-largest university. Founded in 1868, Wayne State consists of 13 schools and colleges offering approximately 350 programs to nearly 25,000 ...


Nonprofit partners

* Initiative for a Competitive Inner City *
National Federation of Independent Business The National Federation of Independent Business (NFIB) is an association of small businesses in the United States. It is headquartered in Nashville, Tennessee, with offices in Washington, D.C., and all 50 state capitals. The goal of NFIB is to a ...
*
National Urban League The National Urban League, formerly known as the National League on Urban Conditions Among Negroes, is a nonpartisan historic civil rights organization based in New York City that advocates on behalf of economic and social justice for African Am ...
*
United States Hispanic Chamber of Commerce The United States Hispanic Chamber of Commerce (USHCC) is the largest Hispanic business organization in the United States. It was founded in 1979 and is headquartered in Washington, DC. The chamber promotes the economic growth and development o ...
*
Greater Philadelphia Hispanic Chamber of Commerce The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) is a 501(c)3 not-for-profit organization in the Philadelphia region focused on Hispanic businesses and professionals. The GPHCC serves three major constituents: (1) minority owned bu ...


Other

* 10,000 Women


References


External links


10,000 Small Businesses Website

Video 10,000 Small Businesses

Daily News Article
{{Goldman Sachs Goldman Sachs