Goldman Sachs announced $10 million in reserved capital for Chicago small businesses. The seed money will go towards Goldman Sachs 10,000 small business program, aimed at generating economic growth in multiple cities throughout America. The new money will ensure the program’s run well into 2020 for the city of Chicago.
Mayor Rahm Emanuel will tot the victory along with Goldman Sachs CEO Lloyd Blankfein at an upcoming “event at Harold Washington College, which teaches the business courses, marking the start of the 18th class of the program.”
Alumni of the Chicago program represent half a billion dollars in local revenue and support more than 8,000 jobs across the region, according to a news release from the mayor’s office. More than 70 percent of local alumni reported increases in business revenues six months after graduating, and 47 percent created new jobs in that time, according to the release.
It’s great to learn of Goldman Sachs continued commitment to small businesses in urban America. For those unaware, the Small business program helps organizations generating revenue of $100,000 expand their reach and growth potential. The Chicago program began in 2011 with $25 million from Goldman Sachs and now looks to continue its progress.