10,000 Small Businesses
Encyclopedia
10,000 Small Businesses is a philanthropic initiative launched by Goldman Sachs
in November 2009 that pledges $500 million in various aid to small businesses. The initiative aims to provide 10,000 small businesses with assistance — ranging from business and management education and mentoring, to lending and philanthropic support. The program was launched in the face of mounting criticism over Goldman Sachs' large bonus
payouts after repaying (with interest) $10 billion in TARP funds it received from the U.S. Treasury. According to the company, the small business initiative had been in development a year before the initial launch, and is modeled after its 10,000 Women
Initiative, which helps educate female entrepreneurs in 18 countries.
in Queens, New York. Additionally, the program allocates $300 million in loans and grants to small businesses.
Networking and mentoring will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs.
In addition to Goldman CEO Lloyd Blankfein
, Berkshire Hathaway
's Warren Buffet and Harvard Business School
professor Michael Porter
will chair the program's advisory council.
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
in November 2009 that pledges $500 million in various aid to small businesses. The initiative aims to provide 10,000 small businesses with assistance — ranging from business and management education and mentoring, to lending and philanthropic support. The program was launched in the face of mounting criticism over Goldman Sachs' large bonus
Performance Linked Incentives
A Performance Linked Incentive is a form of payment from an employer to an employee, which is directly related to the performance output of an employee and which may be specified in an employment contract...
payouts after repaying (with interest) $10 billion in TARP funds it received from the U.S. Treasury. According to the company, the small business initiative had been in development a year before the initial launch, and is modeled after its 10,000 Women
10,000 Women
10,000 Women is a five year program organised by Goldman Sachs with the goal of training 10,000 women from predominantly developing countries in business and management. The program was announced on March 5, 2008 at Columbia University...
Initiative, which helps educate female entrepreneurs in 18 countries.
Assistance plan
Under the plan, Goldman will provide $200 million to pay for small-business owners to get business and management education at local community colleges and elsewhere — the first program being at LaGuardia Community CollegeLaGuardia Community College
LaGuardia Community College is a two-year community college located in the Hunter's Point section of Long Island City in the New York City borough of Queens, and is a component of the City University of New York. LaGuardia is named after former Congressman and New York mayor Fiorello H. LaGuardia...
in Queens, New York. Additionally, the program allocates $300 million in loans and grants to small businesses.
Networking and mentoring will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs.
In addition to Goldman CEO Lloyd Blankfein
Lloyd Blankfein
Lloyd Craig Blankfein is an American business executive. He is currently the CEO and Chairman of Goldman Sachs. He has been in this position since the May 31, 2006 nomination of former CEO Henry Paulson as Secretary of the Treasury under George W...
, Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
's Warren Buffet and Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
professor Michael Porter
Michael Porter
Michael Eugene Porter is the Bishop William Lawrence University Professor at Harvard Business School. He is a leading authority on company strategy and the competitiveness of nations and regions. Michael Porter’s work is recognized in many governments, corporations and academic circles globally...
will chair the program's advisory council.
Selection criteria
The plan would target companies employing at least four full-time employees and with revenue between $150,000 and $4 million in the most recent fiscal year. Eligible companies have to have been operating for at least two years and work "predominantly in underserved markets."Partners
The initial partner institutions and organizations include establishments in both academia and nonprofit sectors.Community colleges
- American Association of Community CollegesAmerican Association of Community CollegesThe American Association of Community Colleges , headquartered in the National Center for Higher Education in Washington, D.C., is the primary advocacy organization for community colleges at the national level and works closely with directors of state offices to inform and affect state policy...
- Association of Community College TrusteesAssociation of Community College TrusteesThe Association of Community College Trustees is a non-profit educational organization of governing boards, representing more than 6,500 elected and appointed trustees who govern over 1,200 community colleges in the United States....
- LaGuardia Community CollegeLaGuardia Community CollegeLaGuardia Community College is a two-year community college located in the Hunter's Point section of Long Island City in the New York City borough of Queens, and is a component of the City University of New York. LaGuardia is named after former Congressman and New York mayor Fiorello H. LaGuardia...
- Long Beach City CollegeLong Beach City CollegeLong Beach City College, established in 1927, is a community college located in Long Beach, California. It is divided into two campuses. The Liberal Arts Campus, known as LAC, is located in the residential community of the Lakewood Village section of Long Beach, on Carson Street west of Clark Avenue...
- Los Angeles City CollegeLos Angeles City CollegeLos Angeles City College, known as LACC, is a public community college in the East Hollywood section of Los Angeles, California. A part of the Los Angeles Community College District, it is located on Vermont Avenue south of Santa Monica Boulevard...
Universities and business schools
- Babson CollegeBabson CollegeBabson College is a private business school located in Wellesley, Massachusetts near Boston.- History :Babson College was founded by Roger Babson on September 3, 1919, as the Babson Institute. It was renamed "Babson College" in 1969...
- Cornell UniversityCornell UniversityCornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
- Tuck School of BusinessTuck School of BusinessThe Amos Tuck School of Business Administration is the graduate business school of Dartmouth College in Hanover, New Hampshire, in the United States...
at Dartmouth CollegeDartmouth CollegeDartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences... - UCLA Anderson School of Management
- Wharton School of the University of PennsylvaniaWharton School of the University of PennsylvaniaThe Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States...
Nonprofit partners
- Initiative for a Competitive Inner City
- National Federation of Independent BusinessNational Federation of Independent BusinessThe National Federation of Independent Business is a lobbying organization with its headquarters in Nashville, Tennessee and offices in Washington, D.C. USA, and in all 50 state capitals...
- National Urban LeagueNational Urban LeagueThe National Urban League , formerly known as the National League on Urban Conditions Among Negroes, is a nonpartisan civil rights organization based in New York City that advocates on behalf of African Americans and against racial discrimination in the United States. It is the oldest and largest...
- United States Hispanic Chamber of Commerce