Recently Goldman Sachs, who is the head of a well known investment group, will create a program in Los Angeles through what is known as the 10,000 Small Businesses Initiative. This initiative gives small business owners a chance to improve their business by offering them business and management education courses and by helping them financially.
Sachs, through this program, is starting business and management education classes at Los Angeles City College and in the Long Beach Community College District. According to the Los Angeles Times, tuition will be paid, business support services will be provided, and the possibility of cash will all be offered through this program.
The 10,000 Small Businesses program includes 80 hours of business education, financial advice, and business support services. This will include technical support and business advice.
The Los Angeles Times states in the article, “Small businesses in the Los Angeles Area get boost from Goldman Sachs,” Both colleges are getting an enormous amount of responses from small businesses.
Applicants for these new business courses include owners of cleaning businesses, travel, food service, apparel, and many other businesses.
Business owners who have been selected for this program are those who have operated a business for two or more years. Other requirements to be in this program is the business must earn between $150,000 and $4 million annually, must employ at least four full-time employees,including the owner, and must show that it will be a growing company.
Both colleges are extremely happy that they have been chosen to be partners with the Goldman Sachs 10,000 Small Business Initiative.
When taking these classes, business owners, who have enrolled, are required to spend six to eight hours a week on assignments, attend networking events, and go to meetings with individual business advisors.
Through this program, besides providing education and business support, 20 million dollars will be set aside as a loan from various financial institutions. These institutions will be banks, credit unions, and venture capital funds that provide loans for small business owners in underserved communities.
Goldman Sachs hopes to continue the 10,000 Small Businesses program for five years. It is believed that it will be a successful program if new jobs are created, if the companies grow, which includes more employees having been added to the job, expansion of the business, and a positive impact on the people where the business is located.
Source: Los Angeles Times