Goldman Sachs 10,000 Small Businesses
BAMS was chosen in January 2012 to participate in "Goldman Sachs 10,000 Small Businesses". With LaGuardia College as the host school, the initiative brought together the vast educational resources of The Wharton School and Babson College, the business expertise of Goldman Sachs and the real life experiences of small business owners in the New York Metropolitan area.
The main goal of the program is to eliminate the barriers to growth by offering a combination of education, capital and support. Warren Buffett, Chairman and CEO of Berkshire Hathaway, is quoted as saying: "When you get people with ideas and energy, with some people helping them along the line, just think of what can be achieved."Upon graduation from the program, participant's businesses are tracked to monitor growth and job creation. Tracking provides accountability and monitors whether the program has been successful in driving economic growth.
Of the initiative's $500 million investment, $200 million nationally is designated towards business and management education. Local program partners, primarily community colleges, are tasked with offering courses that can be immediately applied by business owners including the following topics: accounting, human resources management, marketing and negotiating. The remainder of the investment, $300 million, is allocated to providing capital to help businesses grow. Loans and special financing is made available to businesses which cannot access traditional sources of capital.
Participating small businesses become connected to a team that ensures they will no longer feel that they are fending for themselves while participating in everyday commerce.