If you are a small business owner that is excited about jumping on Goldman's bandwagon and bagging a few millions for your business during these tough times, just hold your horses! A good chunk of the money is going to educational institutions for training purposes. However, some of the funds will be funneled to small businesses through community lending channels.
Your best bet is to contact your local SBA office to determine the rules for applying for the funding and for guidance on how you may qualify for funding. We will post information on this blog as we learn more so please sign up to follow the blog. Read more below.
WSJ Small Business
Your best bet is to contact your local SBA office to determine the rules for applying for the funding and for guidance on how you may qualify for funding. We will post information on this blog as we learn more so please sign up to follow the blog. Read more below.
WSJ Small Business
November 19, 2009
By Mike Spector
When Jay Richardson heard that Goldman Sachs Group Inc. and Warren Buffett were teaming to funnel millions to small businesses, he started making phone calls to see how he could get his share.Mr. Richardson, 49 years old, runs Master Model Craft Inc., a 24-employee company in Bristol, Tenn., that makes tools for manufacturers, including conveyor belts and robots.
Sales are down 30% from last year's $2.3 million clip. That has left him stretched for cash to get the new specialized saw and testing equipment he needs to expand and avoid further layoffs. "Just a little bit of stimulus would help us," he said.
Tennessee businessowner Jay Richardson, at his office Wednesday, says a Goldman loan 'would help us.'
The reality is that none will receive a check from Goldman Sachs. Rather, Goldman will spend $200 million on education and training programs, while funneling $300 million to so-called community-development financial institutions, which largely serve historically disadvantaged communities that have had trouble accessing capital.
Read more: http://online.wsj.com/article/SB10001424052748704533904574544202372453482.html?mod=googlenews_wsj
The reality is that none will receive a check from Goldman Sachs. Rather, Goldman will spend $200 million on education and training programs, while funneling $300 million to so-called community-development financial institutions, which largely serve historically disadvantaged communities that have had trouble accessing capital.
Read more: http://online.wsj.com/article/SB10001424052748704533904574544202372453482.html?mod=googlenews_wsj
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