Goldman Sachs' Small Business Program Reaping Results
Written by Ken Gaebler
Goldman Sachs' 10,000 Small Businesses program is already showing results.
Despite being the source of much negative financial news for entrepreneurs during the financial crisis and resulting economic recession, Goldman Sachs has taken steps to help small businesses and is now reporting positive results.
In 2009, as the financial institution was facing harsh criticism for handing out billions of dollars in bonuses after receiving a federal bailout, Goldman established the 10,000 Small Businesses program and committed $500 million to the effort over the course of five years.
Now, a year later, more than 100 business owners in New York City and Los Angeles have completed the 20-week program that includes courses on accounting, marketing, negotiation and similar topics.
"The program and our business are well aligned," Dina Habib Powell, a former assistant secretary of state in the Bush administration who now runs the Goldman Sachs Foundation, told CNN Money. "In both, we are obviously focused on economic growth. And small businesses are one of the smartest investments to drive growth in communities in the U.S."
Most recently, Los Angeles Mayor Antonio Villaraigosa celebrated the first Los Angeles graduating class of the program, which consisted of 52 business owners.
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