Goldman Sachs’ gift to 10,000 small biz
In late 2009, just as Goldman Sachs was being widely slammed for showering billions in bonuses on its employees after receiving a massive federal bailout during the financial crisis, the investment bank announced — coincidentally or not — that it was committing $500 million over five years to help small businesses in distressed urban and rural communities across America. Called “10,000 Small Businesses,” the program would combine practical business training with loans delivered through community lending institutions. Goldman assembled a distinguished advisory board led by Berkshire Hathaway chairman Warren Buffett, the bank’s biggest investor, and Harvard Business School professor Michael Porter, who is well-known for his research on inner city entrepreneurship. The program then dropped out of the news.
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