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Goldman Sachs and Warren Buffett are working together in order help small businesses gain access to capital. The partnership also provides small business owners with college scholarships. Goldman Sachs will provide the monetary resources. Warren Buffett is not planning to use any of his own money towards the program. He plans on mentoring small business owners.
An additional $300 million dollars will be given to small businesses though a blend of lending and charitable support. Goldman Sachs executives will also mentor small business owners with advice, technical help, and through networking.
Warren Buffett will serve as a co-chair for an advisory council along with Goldman Sachs CEO Lloyd Blankfein, and Harvard Business School Professor Michael Porter.
Mr. Buffett highlighted how important small businesses are to the country's overall economic well being. ABC News quoted his statement which read, "Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs. I'm proud to be a part of this innovative program which provides greater access to know-how and capital -- two ingredients critical to success." Mr. Buffett plans on giving advice to small business owners.
There are some critics who claim that this is Goldman's ploy to deflect criticism about its recently questionable practices. One of the reasons for this criticism has been CEO Lloyd Blankfein's recent statement during a conference in New York where he said: "We participated in things that were clearly wrong and have reason to regret. We apologize."
Whatever critics want to say, this is a bright spot in what seems like a bleak economy. If you are interested in the program, their website is here. An email where you can send questions about the program is 10000SmallBusinesses@gs.com.