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  • Entrepreneurial Training From Goldman Sachs

    A $500 million Goldman Sachs initiative intends to reach 10,000 low-income and minority small business owners within five years.

    Upstart: Startup/Entrepreneur

    $500 million Goldman initiative intends to reach 10,000 low-income and minority small business owners within five years. Here, a few of the program’s 75 graduates report what they learned

    Jessica Johnson did not have time to mourn her father’s death in 2008. “He passed on a Saturday, the funeral was the next Thursday, and Friday was payday,” she recalls. “We had 16 families depending on us and five clients who needed our services. We had to figure out a way to make it work.”

    The unexpected death left Johnson, 36, and her brother in charge of their third-generation family business, Johnson Security Bureau in the Bronx. Although neither had prepared for succession, both left jobs to work in the company their grandparents had founded in 1952. “I went to business school, but that really prepared me to go to work for somebody else,” says Johnson, who had worked in pharmaceutical sales.

    Knowing she needed more training, Johnson last year jumped at the chance to participate in 10,000 Small Businesses, a $500 million initiative established by Goldman Sachs (GS) in November 2009 to provide entrepreneurial training, mentoring, and capital to low-income and minority business owners. So far 75 entrepreneurs have graduated from three sessions in New York and Southern California and a fourth is in progress with 30 participants in New York.Goldman has committed $60 million to community development financial institutions that lend to small businesses, including Seedco Financial, Valley Economic Development Center, National Development Council, and Hope Enterprise. As the program’s name implies, Goldman’s goal is to reach 10,000 small businesses in urban and rural areas across the country over five years, with training, mentoring, capital, or all three.

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    Filed Under: Startup/Entrepreneur


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    1. Its hard to find good help…

      I am constantnly saying that its difficult to get quality help, but here is…

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