A program offering education services and loans to small businesses in Southern California received a $5 million infusion today from Goldman Sachs, executives with the investment firm announced Monday.
Los Angeles Mayor Eric Garcetti and Long Beach Mayor Robert Garcia were also on hand during a panel discussion to give the news that the program, begun locally in 2010 by Goldman Sachs, will be getting the money.
The program, 10,000 Small Businesses, offers business education services through Los Angeles City College, Long Beach City College and Babson College, as well as loans administered by the Valley Economic Development Center
“It’s clear that 10,000 Small Businesses is giving small business owners the tools they need to grow and create jobs,” Goldman Sachs President Gary Cohn said.
The program, which has received $20 million from Goldman Sachs, has assisted about 560 businesses in Los Angeles region and has a goal of helping 10,000 businesses nationwide, executive said.
Garcetti said the program “is enabling small business owners to create jobs and take their businesses to the next level, benefiting our communities and our economy as a whole.”
“The Goldman Sachs 10,000 Small Businesses program is providing small business owners in Southern California the education and capital that will help them grow and hire more employees,” Garcia said.
“These businesses are the backbone of our local economy, and the growth of the small business sector is critical to the economic vitality of the region.”
Goldman Sachs has begun the program in about a dozen cities, including Chicago, Cleveland, Dallas, Detroit, New Orleans and Houston, and offers access to capital to small businesses in several states, including Kentucky, Maine, Montana and Oregon.
Businesses can apply to take part in the 10,000 Small Businesses education program by visiting www.10KSBapply.com.
