Goldman Sachs adds Chicago to small business loan program

Goldman Sachs offers small businesses both funds and knowledge to endure the recession with their $25 million program, The Sun Times reports.

The 10,000 Small Businesses program initiated by Goldman Sachs is offered in New York, Los Angeles, Houston, New Orleans, Long Beach and most recently Chicago, the new source states.

For Chicago, the initiative gives $20 million in loans to small businesses that have struggled to acquire capital.

"Capital for growth is critical. But, if you don’t know how to use that capital, and you don’t have that knowledge and the growth plan along with it," Dina Powell, president of Goldman Sachs Foundation, told the news source.

To increase that knowledge, the remaining $5 million will be dedicated to the Chicago City Colleges, where small business owners will have the opportunity to gain training in areas such as marketing, negotiations and government contracts, the news source states.

According to CNN, Chicago is one of the best places to start a small business, and through the Goldman Sachs program, maintaining a business is made easier.