Goldman Sachs recently announced that it would provide $500 million in support for 10,000 small businesses, particularly those located in urban neighborhoods. A Who's Who of business leaders including the billionaire investor Warren Buffett and Harvard Business School professor Michael Porter have signed on the help.Find out how the money will be spent by reading an interview conducted by Inc.com editor Mike Hofman with Dina Powell, the executive in charge of the program here.
But the person who will be responsible for running the initiative day-to-day is Dina Powell (pictured), a former State Department official in the Bush administration who worked with Karen Hughes on education and cultural issues. Powell joined Goldman Sachs in 2007, as the global head of corporate engagement. Her first task was to set up a program called 10,000 Women--an initiative to foster entrepreneurship among women around the world. The small business outreach effort will be modeled on that program.
Hint of how you get on the list:
Our criteria are that a business must have between $150,000 and $4 million in revenue, four or more full-time employees, and that it has been in operation for two years at a minimum.