Goldman Sachs small biz program gets off to slow start

5/17/2011

Two years ago, when access to commercial loans was still extremely limited, Goldman Sachs Group announced a new initiative that would benefit small business owners across the country. The firm promised to donate more than $500 million to help develop small companies - the company's single largest charitable contribution, The Wall Street Journal notes.

However, only a few hundred companies have received assistance from the program thus far. From the onset, the Goldman Sachs Groups committed to helping 10,000 small businesses, but only 300 have received training or credit from the initiative thus far.

"It’s a slow start, but that’s just because the program is still rolling out in urban and rural areas," the source explains. "The firm still anticipates meeting its goal of helping 10,000 small businesses in five years by offering college courses, funding or both."

If gaining access to credit is an issue, small businesses should look into a number of solutions. While banks and lenders are an obvious source, nonprofit programs are another potential route to take.