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Goldman Sachs Provides $20 Million Loans For Chicago Small Businesses

Goldman Sachs

(Credit: AP)

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CHICAGO (CBS) — Mayor Rahm Emanuel says Goldman Sachs is funneling millions in loans to Chicago’s small businesses as part of a broader program across the country.

As WBBM Newsradio Political Editor Craig Dellimore reports, Goldman Sachs is providing the leading capital and training expertise, with colleges providing the setting.

LISTEN: WBBM Newsradio Political Editor Craig Dellimore reports

The loans to the city from Goldman Sachs are worth $20 million, plus another $5 million to fund small business education programs at the City Colleges. The mayor plans to work with local organizations including the Chicagoland Chamber of Commerce, the Chicago Urban League, the Women’s Business Development Center, and the Illinois Chamber of Commerce, to execute the loans to small businesses.

Meanwhile, the City Colleges of Chicago will provide the training for business owners.

Mayor Emanuel says owners of small businesses will learn how to make business plans, market themselves, find capital and get loans.

“There was – I couldn’t say this about 10 months ago – a major injection of funds into the Small Business Administration lending authority. The major challenges for small business are both on the lending side, but also on the demand side, so it’s not one or the other, it’s both,” he said.

Chicago is the sixth big city to become part of Goldman Sachs’ 10,000 Small Businesses Initiative.