Goldman Sachs announces initiative to grow small business in Los Angeles area

The Goldman Sachs Group Inc. announced today a three-pronged initiative designed to grow small businesses in the Los Angeles area.

Starting in August, the investment banking firm will start providing access to about $20 million in lending support, offering educational opportunities and providing business support services as part of its 10,000 Small Businesses Initiative.

Goldman Sachs also will provide philanthropic support to Community Development Financial Institutions in Los Angeles County. The Valley Economic Development Center will be the first such group to get financing from Goldman Sachs

Educational opportunities will be offered via Los Angeles City College and The Long Beach Community College District. The education will be free to accepted business owners selected through a competitive application process administered by the Initiative for a Competitive Inner City in partnership with City College and The Long Beach Community College District.

The initiative also will partner with Los Angeles Southwest College to support the needs of small businesses with a particular focus on minority and low-income business owners in South Los Angeles.

Mayor Antonio Villaraigosa welcomed the effort.

"Not only will this investment set in motion job creation at the most grassroots level, but it will have a real impact on the lives of the 70 percent of Angelenos that are employed by small businesses by granting them the opportunity to expand their entrepreneurial enterprise through education, loans, and networking," Villaraigosa said.