Bloomberg, Goldman Sachs Pledge $10 Million for Baltimore Businesses

Bloomberg, Goldman Sachs Pledge $10 Million for Baltimore Businesses

Bloomberg Philanthropies and Goldman Sachs have announced a joint $10 million commitment in support of job creation and economic growth in Baltimore.

The first-ever co-investment in Goldman Sachs' 10,000 Small Businesses program will support ongoing efforts to provide business education, access to capital, and support services to small business owners in the city. The Community College of Baltimore County, Johns Hopkins University, and Morgan State University will deliver the program, which will be hosted on the Johns Hopkins campus. The announcement follows the recent completion of back-to-back sessions of the program in which fifty-nine local business owners received more than a hundred hours of free in-class training as well as business advice and networking opportunities. The program also is partnering with the Annie E. Casey Foundation to strengthen the capacity of local mission-driven lenders, with the goal of providing better access to capital for new and existing small business owners in the city.

"The success of the initial classes of 10,000 Small Businesses in Baltimore demonstrates that small business owners here are eager to get access to tools that will help their businesses grow," said Goldman Sachs chair and CEO Lloyd C. Blankfein. "Thanks to the support of [Baltimore] mayor [Catherine E.] Pugh and [Maryland] governor [Larry] Hogan, this co-investment with Bloomberg Philanthropies will enable even more small businesses to create jobs and contribute further to the local economy."

"Small businesses make up the majority of American jobs. They're engines of innovation and new ideas, and they form the backbone of successful cities," said Bloomberg Philanthropies founder Michael R. Bloomberg. "We should do everything we can to help them grow, which is why we are extending our support for the 10,000 Small Business program here in Baltimore."