Houston, TX- February 24, 2011 – Mayor Annise Parker announced Thursday, February 24 that Houston has been selected to join the Goldman Sachs 10,000 Small Businesses initiative. The initiative, already in place in several other cities, comes with a $25 million commitment to provide loans to help local small businesses.  Additional grants will be provided to subsidize business education, provided by Houston Community College, for current small business owners.

“Small businesses play a vital role in job creation for our city’s economy,” said Mayor Parker. “However, due to the lack of a support network, they often struggle more than their larger competitors and lose out on opportunities to grow and create more jobs. The Goldman Sachs 10,000 Small Businesses initiative will have a real effect on the owners of these businesses, the working Houstonians whose livelihoods depend on them and our overall economy. It can help keep more of our local dollars here at home.”

“Houston plays a vital economic role in the United States,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “At its heart is a community of thousands of small business owners who, through 10,000 Small Businesses, will be able to access new resources from local and national experts to help them grow.”

Small business owners will have access to a practical business education developed in partnership with Babson College, one of the nation’s leading schools for entrepreneurs, and delivered by HCC, one of the nation’s largest community colleges. Small business owners will develop a business growth plan to help them increase revenues and new employees. Classes are free to business owners accepted through a competitive application process. Applications are currently available online. Classes will begin on May 13.

“Houston Community College has a history of partnering with the local business community and promoting entrepreneurship and we are proud to continue this by participating in the 10,000 Small Businesses initiative,” said HCC Chancellor Mary Spangler. “The participants of the program will receive an education that will help them access resources and grow their businesses.”