Goldman Sachs brings 10,000 Small Businesses program to Detroit

Nov. 26, 2013 at 2:59 PM
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DETROIT, Nov. 26 (UPI) -- Investment bank Goldman Sachs says it is bringing its 10,000 Small Businesses program to the Detroit area, with loans and educational programs available.

The program started in New York in 2010 as a follow-up to the bank's 10,000 Women program, a global initiative that began in 2008 to help businesswomen.

The Detroit Free Press reported Tuesday the program has support from Gov. Rick Snyder, Detroit Mayor-elect Mike Duggan and billionaire investor Warren Buffett, who owns 2.8 percent of Goldman Sachs after providing the bank with a $5 billion cash infusion in 2008 in the midst of the financial crisis.

"You've got a lot of able people in small businesses, but they often have one or two aspects of it that they don't understand so well. One of our most popular classes in the curriculum is negotiations. A lot of us had no experience with that when we started out," Buffett said in support of the classes the program provides for entrepreneurs.

The program, which has already been started in Chicago, Cleveland, Houston, Long Beach, Los Angeles, Miami, New Orleans, Philadelphia and Salt Lake City, will included classes offered in Detroit and loans for businesses in southeastern Michigan, the newspaper said.

The practical business courses will be held at Wayne State University, Macomb Community College and Oakland Community College, the Free Press said. The investment capital totaling about $15 million will be handled through the InvestDetroit Foundation.

"There's no one tool that will be the answer to all the needs of a growing business, but the idea is to build a pretty good toolkit of options and make it easy for people to find help," Snyder said.

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