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Goldman Sachs Provides $20 Million In Small Business Loans For Los Angeles Area.

Written by Ken Gaebler
Published: 6/17/2010

A national program from Goldman Sachs will help fund business education and loans for entrepreneurs.

Goldman Sachs will commit $20 million in loan capital to community lenders in the Los Angeles area to help increase lending and job growth.

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"Not only will this investment set in motion job creation at the most grassroots level, but it will have a real impact on the lives of the 70% of Angelenos that are employed by small businesses by granting them the opportunity to expand their entrepreneurial enterprise through education, loans and networking," Mayor Antonio Villaraigosa said.

In addition to business advice and loans, the program also creates a number of partnerships with local colleges to give entrepreneurs access to business and management classes that will help them learn about the business world.

The program is part of the company's 10,000 Small Businesses Initiative - which was launched last year in New York.

Goldman Sachs says the program is aimed at small business owners with few resources - good news for entrepreneurs who may not otherwise be able to obtain a business education. Priority will also be given to businesses operating in underserved areas.

The Los Angeles area has been especially hard hit by the recession and unemployment troubles that have hit much of the country. The U.S. Bureau of Labor Statistics says that Los Angeles county has a 12.3 percent jobless rate - compared with the 9.5 percent national average.

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