11:15am | The financial giant Goldman Sachs has been raked over the coals in recent weeks for its apparent role in accelerating the recession with shady deals and possible fraud, but here in Southern California the firm announced yesterday a program to create jobs and assist small businesses.
The Goldman Sachs Group, Inc. will commit $20 million in lending capital – as well as philanthropic support – to help small businesses in underserved communities, while also creating partnerships between businesses and Business Management education programs at local community colleges. Professionals with the financial firm say they will also be lending their support with businesses advice, technical assistance and networking.
The 10,000 Small Businesses initiative is focused in South Los Angeles and includes partnerships with Long Beach City College and Los Angeles City College. A similar operation is already underway in New York and the California version is expected to begin this August.
“Los Angeles is home to many very talented small business owners,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “Working with local community development financial institutions and community colleges, we aim to give selected local businesses the resources they need to grow and create jobs.”
While it appears that the program is designed to help Los Angeles businesses, the partnership with Long Beach City College is a key aspect.
“The Long Beach Community College District is thrilled and honored to have been selected as a partner with the Goldman Sachs 10,000 Small Businesses Initiative,” said LBCC President Eloy Ortiz Oakley. “Our college is committed to economic development and we are ready through this new partnership to further assist our local small businesses.”
“The City of Long Beach is pleased that The Long Beach Community College District has been selected to host the 10,000 Small Businesses Initiative,” said Mayor Bob Foster. “It is critical that we do everything in our power to support and encourage small business growth in the region.”
A press release indicates that small businesses – at least four employees and at least two years operation – with limited financial resources, in underserved areas should apply for the program. Visit lbcc.edu/10000smallbusinesses to learn more.
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