10,000 Small Businesses

Last updated
Goldman Sachs 10,000 Small Businesses Logo.jpg

10,000 Small Businesses is a philanthropic initiative launched by Goldman Sachs and the Goldman Sachs Foundation in November 2009 that pledged $500 million in various aid to small businesses in the United States, United Kingdom, and France. The initiative aims to provide 10,000 small businesses with assistance – ranging from business and management education and mentoring to access to capital and business support services. Goldman Sachs' CEO Lloyd Blankfein, Berkshire Hathaway's Warren Buffett and Harvard Business School professor Michael Porter are the chairs of the program's advisory council. [1] [2] 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. [3] 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 has helped educate female entrepreneurs in 43 countries. [4] According to a January 2013 report by Babson College, 63.7% of program participants in the United States reported an increase in revenue and 44.8% added new jobs following graduation. [5]

Contents

Program Overview

Under the plan, Goldman will provide $200 million to pay for small-business owners to get business and management education at local community colleges – the first program being at LaGuardia Community College in Queens, New York. Additionally, the program allocates $300 million in loans and grants to small businesses. [6] [7]

As of September 2013, small business owners in all 50 states can apply to the program through an online curriculum or at one of 13 community college sites. [8] Networking and mentoring will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs. [9]

Additionally, in 2010 Goldman Sachs launched 10,000 Small Businesses UK which was originally offered in Yorkshire, the North West, the Midlands and London, with partners including Saïd Business School (University of Oxford), Leeds University Business School, Manchester Metropolitan University Business School, Aston Business School and University College London (UCL). [10] [11] The programme is now delivered nationally in partnership with Saïd Business School (University of Oxford) and Aston Business School.

Selection criteria

In the US, the plan targets companies employing at least four full-time employees and with revenue of at least $150,000 in the most recent fiscal year. [2] Eligible companies have to have been operating for at least two years and work "predominantly in under served markets". [1] In the UK, the programme targets businesses employing at least five full-time employees with revenue of at least £250,000, and a maximum of £15 million. Eligible companies in the UK need to have been operating for at least three years and be high growth. The applicant must be the most senior decision maker and, in most cases, the majority shareholder with majority control.

Partners

The partner institutions and organizations include establishments in both academia and nonprofit sectors, [12] as well as mission driven capital lenders.

Social media

In February 2014 the Twitter handle @GS10KSmallBiz was launched by Goldman Sachs. [13] In December 2015 the account had over 18,000 followers. Profiles of the 10,000 Small Businesses graduates of the programme in the US can be viewed on the Goldman Sachs YouTube playlist titled: Meet the Owners: 10,000 Small Businesses in the US. In the UK, more information about alumni of the programme and the application process can be found here: 10,000 Small Businesses website

See also

College partners

Nonprofit partners

Other

Related Research Articles

<span class="mw-page-title-main">Warren Buffett</span> American investor and philanthropist (born 1930)

Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the co-founder, chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of April 2024, he had a net worth of $139 billion, making him the ninth-richest person in the world.

<span class="mw-page-title-main">Berkshire Hathaway</span> American multinational conglomerate holding company

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Founded in 1839 as a textile manufacturer, it underwent a drastic restructuring into a conglomerate starting in 1965 under the leadership of chairman and CEO Warren Buffett and vice chairman Charlie Munger. Today, the company's earning power is diversified across a broad portfolio of subsidiaries, equity positions and other securities. Insurance is a major area of operations and the float generated serves as an important source of capital. Buffett and Munger are known for their advocacy of value investing principles and under their direction, the company's book value has grown at an average rate of 20%, compared to about 10% from the S&P 500 index with dividends included over the same period, while employing large amounts of capital and minimal debt.

<span class="mw-page-title-main">Goldman Sachs</span> American investment bank proprietario De Rosa Cesare , Vasto 66054 Italia

The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. In Forbes Global 2000 2023, Goldman Sachs ranked 34th. It is considered a systemically important financial institution by the Financial Stability Board.

<span class="mw-page-title-main">Dina Powell</span> American financial & political advisor (born 1973)

Dina Powell, also known as Dina Powell McCormick is an American financial executive, philanthropist, and political advisor, best known for having been the United States Deputy National Security Advisor for Strategy to President Donald Trump.

Mir Ibrahim Rahman is a Pakistani media proprietor who is the chief executive officer of the Geo Television Network.

<span class="mw-page-title-main">Harold Washington College</span> Community college in Chicago, Illinois, United States

Harold Washington College is a community college, part of the City Colleges of Chicago system of the City of Chicago, in Illinois, United States. It is located in the downtown "Loop" area of the city, near the series of parks along the lakefront of Lake Michigan, centered at 30 East Lake Street. Founded in 1962 as Loop College, the college was renamed for the first African American to be elected Mayor of Chicago, Harold Washington, (1922–1987), after his sudden death in office in November 1987.

<span class="mw-page-title-main">Howard Graham Buffett</span> American businessman (born 1954)

Howard Graham Buffett is an American businessman, former politician, philanthropist, photographer, farmer, and conservationist. He is the middle child of billionaire investor Warren Buffett. He is named after Howard Buffett, his grandfather, and Benjamin Graham, Warren Buffett's favorite professor.

John Lawson Thornton is an American businessman and professor and director of the Global Leadership Program at Tsinghua University in Beijing. He is also executive chairman of Barrick Gold Corporation and non-executive chairman of PineBridge Investments. Thornton stepped down as co-president of Goldman Sachs in 2003.

Aston Business School (ABS), part of Aston University in Birmingham, England, is an international business school.

<span class="mw-page-title-main">10,000 Women</span>

10,000 Women is a program organized by Goldman Sachs and the Goldman Sachs Foundation with the goal of helping to grow local economies by providing business education, mentoring and networking, and access to capital to underserved women entrepreneurs globally. The program was announced on March 5, 2008, at Columbia University. The initiative is one of the largest philanthropic projects the bank has been involved with. The program was in its initial years run by Dina Habib Powell, a managing director at Goldman Sachs.

<span class="mw-page-title-main">Byron Trott</span> American merchant banker

Byron David Trott is the founder, chairman and co-CEO of BDT & MSD Partners, a merchant bank that provides advice and capital to family and founder-led companies. Formerly, Trott was vice chairman of Investment Banking at Goldman Sachs.

Trish Costello is a Silicon Valley-based entrepreneur and investor. She is the Founder and CEO of Portfolia, a collaborative equity investing platform. She was named as one of the 100 Most Intriguing Entrepreneurs of 2014 by Goldman Sachs and Top Ten Women to Watch in Tech in 2015 by Inc magazine. She is recognized internationally for her pioneering work in educating and preparing venture capital investment partners, through the Kauffman Fellows Program. As the founding CEO and CEO Emeritus of the Center for Venture Education, she led the Kauffman Fellows Program for its first ten years. Costello was on the start-up team of the Kauffman Foundation's entrepreneurship center, where for eight years she directed its efforts in venture capital, angel investing, entrepreneur support programs, and programming to accelerate high potential women entrepreneurs. She played a leading role nationally in obtaining greater financial equity investments in women's businesses and in funding initiatives supporting high-growth women entrepreneurs.

Global Citizen Year is a non-profit organization based in San Francisco, which equips young people with the intellectual and emotional toolkit to develop empathy to connect with people of all backgrounds, define their own path and develop the confidence to choose it, and create meaningful impact on global issues. Founded by Harvard Business School graduate Abby Falik in 2009, based on the blueprint that she presented and won first place in the 2008 Pitch for Change, the organization has launched over 1500 leaders from 85 countries since 2010.

The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) is a 501(c)3 not-for-profit organization in the Philadelphia region focused on Hispanic businesses and professionals. The GPHCC serves three major constituents: (1) minority owned businesses, (2) minority professionals, and (3) large mainstream businesses.

<span class="mw-page-title-main">Ingrid Vanderveldt</span> American businesswoman, media personality and investor.

Ingrid Vanderveldt is an American businesswoman, media personality, and investor. She was the first Entrepreneur-in-Residence for Dell and is the founder and current CEO of the Empowering a Billion Women by 2020 movement. Vanderveldt was the creator and manager of the Dell $100 million credit fund, and a member of the 2013 United Nations' Global Entrepreneurship Council.

<span class="mw-page-title-main">Anthony Chiasson</span> American hedge fund manager

Anthony R. Chiasson is an American hedge fund manager and co-founder of Level Global Investors LP, a Greenwich, Connecticut-based hedge fund management firm. Level Global was launched in 2003 with about $500 million in assets under management, and grew to $4.2 billion in assets and 75 employees before closing in early 2011.

Muneer A. Satter is an American investor and philanthropist. Satter is the founder and chairman of Satter Investment Management, a private investment firm and family office.

The Goldman Sachs Foundation is a New York–based, not-for-profit private foundation that is a subsidiary of the financial services firm Goldman Sachs and has the goal of bettering humanity worldwide, especially regarding health and education. In recent years its principal philanthropic projects have been: 10,000 Women, and 10,000 Small Businesses.

Livspace, is a home interior and renovation company headquartered in Singapore. It provides interior design and renovation services in Singapore and India. The company was founded in 2014 by Anuj Srivastava and Ramakant Sharma and has raised funding of $450 million.

Carla Walker-Miller is an American businesswoman and entrepreneur, and Detroit booster. She is the founder and CEO of Walker-Miller Energy Services.

References

  1. 1 2 Schmidt, Robert; Christine Harper (11 July 2009). "Goldman, Buffett Establish $500 Million Small-Business Program". Bloomberg.com. Retrieved 18 November 2009.
  2. 1 2 Spector, Mike (19 November 2009). "Small Businesses Turn to Goldman". The Wall Street Journal. Retrieved 19 November 2009.
  3. ↑ Tozzi, John (17 November 2009). "Goldman Sachs Announces $500M in Aid to Small Business". Business Week. Archived from the original on 20 November 2009. Retrieved 19 November 2009.
  4. ↑ Wilhelm, Ian (17 November 2009). "Goldman Sachs Pledges $500-Million to Help Small-Business Owners" . Retrieved 19 November 2009.
  5. ↑ Greene, Patti. "What Do Small Businesses Really Need To Grow?" . Retrieved 27 April 2014.
  6. ↑ Bowley, Graham (17 November 2009). "$500 Million and An Apology from Goldman". The New York Times. Retrieved 19 November 2009.
  7. ↑ Cowley, Stacy (17 November 2009). "Goldman, Buffett launch $500 million small biz initiative". CNN Money. Retrieved 19 November 2009.
  8. ↑ Karol, Gabrielle (19 September 2013). "Goldman Sachs Expands 10,000 Small Businesses Program". FoxBusiness. Retrieved 27 April 2014.
  9. ↑ van Praag, Lucas (17 November 2009). "Goldman Sachs Launches 10,000 Small Businesses Initiative" (PDF). Goldman Sachs. Retrieved 18 November 2009.
  10. ↑ "Give Your Business the Edge". Aston Business School. 10 April 2014. Archived from the original on 27 April 2014. Retrieved 27 April 2014.
  11. ↑ "Goldman Sachs 10000 small businesses" (PDF). Goldman Sachs. Retrieved 9 August 2015.
  12. ↑ "10,000 Small Businesses Partner Institutions and Organizations". Goldman Sachs. 17 November 2009. Archived from the original on 21 November 2009. Retrieved 18 November 2009.
  13. ↑ 10,000 Small Businesses on Twitter
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.