10,000 Small Businesses

10,000 Small Businesses is a philanthropic initiative launched by Goldman Sachs and the Goldman Sachs Foundation in November 2009 that pledged $500 million in various aid to small businesses in the United States, United Kingdom, and France. The initiative aims to provide 10,000 small businesses with assistance – ranging from business and management education and mentoring to access to capital and business support services. Goldman Sachs' CEO Lloyd Blankfein, Berkshire Hathaway's Warren Buffett and Harvard Business School professor Michael Porter are the chairs of the program's advisory council. The program was launched in the face of mounting criticism over Goldman Sachs' large bonus payouts after repaying (with interest) $10 billion in TARP funds it received from the U.S. Treasury. According to the company, the small business initiative had been in development a year before the initial launch, and is modeled after its 10,000 Women Initiative, which has helped educate female entrepreneurs in 43 countries. According to a January 2013 report by Babson College, 63.7% of program participants in the United States reported an increase in revenue and 44.8% added new jobs following graduation.