Goldman Sachs Funds Small-Business Program In New Orleans

New Orleans, La. – The investment banking firm is pledging $20 million dollars to help small companies expand in the city and to subsidize a small-business education program at Delgado Community College. Similar programs are funded in Los Angeles and New York. Mayor Landrieu says the Urban League of New Orleans and Hope Enterprise Corporation are part of the program.

"All of these organizations together will identify the small businesses, help build capacity within their organizations, help give them access to capital. And as a result of doing so, give them the opportunity to grow jobs -- one job, two jobs, three jobs, four jobs at a time. This is called economic growth."

Goldman Sachs spokeswoman Dina Powell says New Orleans is a prime market.

"The most recent Census number shows that small businesses are growing at a more rapid rate in New Orleans - 3.2 percent. That is six times higher than the national average, and that's a remarkable statistic."

Details on how to get market-rate loans averaging $200,000 through the program will be discussed at tomorrow's summit at the Marriott Hotel.
For WWNO, I'm Eileen Fleming.