A town hall on small business was held yesterday at Long Beach City College with the influential CEO of Goldman Sachs, Lloyd Blankfein and Mayor Bob Foster speaking to graduates of the Goldman Sachs 10,000 Small Business Initiative.
The head of the country’s fifth-largest bank and mayor met with 150 graduates of the Goldman Sachs initiative, a $500 million, five-year investment—the largest charitable contribution in the bank’s history—to help foster and grow small businesses throughout the country. So far, about 900 businesses have participated in the program, with 70% of graduates claiming an increase in revenue.
In the greater Los Angeles Area, the program is mainly delivered through a partnership between LBCC and Los Angeles City College. In its two years, 250 businesses throughout the region have benefited from practical business education and capital access.
Blankfein was full of praise for small business owners at the town hall meeting, noting not only that small businesses stimulate economic grown, create “more vibrant communities” and require courage to start, but that his 30,000-employee bank differs drastically.
“I don’t just do a bigger version of what they do,” he said at LBCC Monday. “I do a different thing and they have challenges that I don’t have.”
Despite criticism of the initiative, where some felt more was spent on training and little on loans while simultaneously serving only 3 percent of its estimated goal within a year and a half, Blankfein was overall defensive of the program. His appearance at LBCC marks his third in two weeks for the typically shy CEO, in what some claim to be an effort to defend not only the company’s program but the company’s image itself. He is set to present an award later today in Laguna Beach to honor Fortune‘s Most Powerful Women.
“Today’s Town Hall was a great opportunity for thoughtful discussion among leaders of local government, big business and our Long Beach community on how we can collectively support small businesses growth,” said Mayor Foster in a press release. “Goldman Sachs had many choices and Long Beach is fortunate to have been selected among those cities selected to host this initiative. This has been a tremendous opportunity to invest in and develop our local small business talent.”
Applications for the initative are received on a rolling basis. For information about the business and management education program at LBCC please go to http://www.socal10ksb.com.