Goldman Sachs 2009 Annual Report Download - page 31

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29
Small businesses in the U.S. are responsible for nearly two-thirds
of the jobs created in the last decade. But to thrive, owners
often need capital, business education and mentoring. Creating
a climate for entrepreneurship to  ourish is the goal of the
10,000 Small Businesses initiative.
10,000 Small Businesses will invest $200 million in community
colleges and universities to provide scholarships predominantly
to underserved small business owners and build educational
capacity. Access to advice, technical assistance and networking
will be provided via partnerships with national and local business
organizations, as well as by the people of Goldman Sachs.
An additional $300 million will be invested in a combination of
lending and philanthropic support to Community Development
Financial Institutions (CDFIs), mission-focused  nancial services
companies certi ed by the U.S. Treasury Department. The
investment will increase the amount of growth capital available
to small businesses in underserved communities and expand
the capacity of the CDFIs to deliver enhanced technical assistance
to small businesses. CDFIs are highly accessible to the
10,000 Small Businesses target market,  nancing businesses
and creating or maintaining jobs in underserved communities.
10,000 Small Businesses represents the largest single-source
pool of capital dedicated to CDFI small business  nancing,
which is particularly important to help sustain and grow small
companies in a challenging economic environment.
New York City is the  rst city in the program, and our  rst
educational partner is LaGuardia Community College in Queens,
New York, which houses a Small Business Development
Center. The rst CDFI partner is New York-based Seedco Financial
Services, Inc.
An Advisory Council, co-chaired by Goldman Sachs’ Chairman
and CEO Lloyd Blankfein, Warren Buffett and Dr. Michael Porter
of Harvard Business School, will guide the development and
progress of the initiative.
LAGUARDIA COMMUNITY COLLEGE’S
NY DESIGNS SUPPORTS DESIGN ENTREPRENEURS
THROUGH ITS SMALL BUSINESS INCUBATOR
Our Work Enables Growth