New small business entrepreneurs don’t always have a mentor or expert in their corner to help them wade through the rough road of starting a new business. However, you could get the help from financial investment giant Goldman Sachs through their 10,000 Small Business initiative.
The initiative is a $500 million program that is intended to help the American economy by aiding small business growth and job creation in disadvantaged communities. Small business owners can get education, advice, and even capital through the program. Goldman Sachs says it realizes that small business growth is a key factor in the American economic growth and stability, and they are committed to address the key barriers for small business growth.
How Goldman Plans to Help
Here is a look at the program highlights:
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Education – Entrepreneurs can get business savvy through educational programs at community colleges, universities, and other educational institutions. Business education may include practical business administration, management, finance, accounting, and marketing. Goldman Sachs will be donating $200 million to educational partners who will provide scholarships to qualified individuals.
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Advice and Support – Small business owners can get sound and expert advice from partnering community business organizations and even straight from professionals at Goldman Sachs. Volunteers will give their time and expertise through a variety of ways, including mentoring, guest lectures, post-loan support services, and even just offering one-on-one advice.
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Capital – Small business owners have felt the crunch of the economy by witnessing the many “No Loans Here” signs on banks. With the help of a $300 million investment from Goldman Sachs, small business owners will have better access to financial capital through a combination of lending support from banks and community development organizations.
Who is Eligible?
The selection criteria for small business owners will be tailored to specific communities in which the initiative operates. A general range of targeted business owners are:
- Those with $150,00 to $4 million in annual revenues in the most recent fiscal year
- Those with at least 4 employees
- Owners in business for at least two years
- Owners in underserved markets
- Those whose business model supports additional hiring
If you fit the general qualifications, visit online to Goldman Sachs and inquire how you can participate.
