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Old 11-18-2009, 08:45 AM
Franc Tireur Franc Tireur is offline
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Goldman, Buffett launch $500 million small biz initiative

The bank is teaming with the legendary investor to boost financing and lending programs for underserved business owners.

Goldman Sachs earned an eye-popping $3.2 billion last quarter. Now it's decided to share some of that with the little guys.

The bank said Tuesday that it is launching a $500 million initiative called "10,000 Small Businesses," aimed at unlocking the job creation and economic growth potential of America's small companies. The project's advisory council features an array of business luminaries, including Warren Buffett, Goldman Sachs' largest shareholder. Goldman CEO Lloyd Blankfein and Harvard professor Michael Porter will join Buffett in co-chairing the group.

"Our recovery is dependent on hard-working small business owners across America who will create the jobs that America needs," Buffett said in a prepared statement. "I'm proud to be a part of this innovative program which provides greater access to know-how and capital -- two ingredients critical to success."

Goldman Sachs (GS, Fortune 500) said it will contribute $200 million for scholarships to community colleges and universities around the country. The money is intended to fund training and educational opportunities for underserved business owners.

http://money.cnn.com/2009/11/17/smal...ness/index.htm

That's a good start, but frankly $500 millions is nothing compared on what the small businesses need.
 
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