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Goldman Sachs Brings 10,000 Small Businesses Initiative To Detroit

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Detroit's Midtown area, near Cass and Willis. (WWJ Photo/Marie Osborne, File)

Detroit’s Midtown area, near Cass and Willis. (WWJ Photo/Marie Osborne, File)

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DETROIT (WWJ/AP) – Small businesses in Detroit are expected to get additional access to loans as part of an effort involving Goldman Sachs.

Goldman Sachs CEO Lloyd Blankfein and billionaire investor Warren Buffet will join Governor Rick Snyder and Detroit Mayor Dave Bing at Ford Field Tuesday to announce a half billion dollar partnership to bring the 10,000 Small Businesses initiative to the Motor City.

The program helps small businesses create jobs and economic growth by providing entrepreneurs with a practical business education, access to capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth.

The program is designed for business owners with limited resources who have a business that’s poised for growth. Applicants must demonstrate a commitment to growing their businesses and creating jobs within their communities.

The 10,000 Small Businesses program is active in both urban and rural communities across the U.S., including New York, Los Angeles, Chicago, Cleveland, Houston, Long Beach, Miami and Salt Lake City. The $500 million program is funded by Goldman Sachs and The Goldman Sachs Foundation.

To learn more about the program, visit www.gs.com/10000smallbusinesses.

TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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