A look at big companies that help out small ones
05/05/2014 4:48 PM
05/05/2014 4:49 PM
Big businesses are helping smaller ones, providing access to loans, mentorship and training to entrepreneurs.
A look at some of the programs:
GOLDMAN SACHS 10,000 SMALL BUSINESSES
The investment bank says it plans to help 10,000 small businesses and spend $500 million. It has helped over 3,000 businesses so far. Some of the money is given to small business lenders to administer loans. It also holds classes that aim to help businesses grow. To be eligible for the coursework, the program requires that applicants be the owner of a business that has been in operation for 2 years, has revenue between $150,000 and $4 million and a minimum of 4 employees.
SAMUEL ADAMS BREWING THE AMERICAN DREAM
Designed by Boston Beer, the maker of Samuel Adams, the program is for food and beverage companies looking for a loan under $25,000. Boston Beer donates money to Accion, a nonprofit that provides small loans to entrepreneurs, which then administers the loans. Boston Beer says the program has provided nearly $3 million in microloans to more than 300 small businesses. The company also holds speed coaching and other events around the country and has advised more than 4,000 entrepreneurs.
More info: http://btad.samueladams.com/
MARTHA STEWART AMERICAN MADE
The annual event aims to spotlight businesses that makes, or helps makes, handmade goods, such as quilts, candles and leather bags. Businesses can nominate themselves online to win a $10,000 prize. Readers vote and decide which will win the cash. The editors of Martha Stewart Living select businesses to highlight in the magazine.
More info: http://www.marthastewart.com/americanmade
THE TORY BURCH FOUNDATION
Started by high-end clothing and accessories company Tory Burch, the foundation helps women entrepreneurs get access to loans, training and mentoring programs. The company works with Goldman Sachs 10,000 Small Businesses to train women entrepreneurs in New York. It partners with Bank of America to provide loans in Boston, Charlotte, Las Vegas, New York, Philadelphia and San Francisco.
More info: http://www.toryburchfoundation.org/
THE WORKSHOP AT MACY'S
Designed by department store operator Macy’s Inc., the program teaches women and minority entrepreneurs how to get their products into major retail stores. Applicants have to make products that can be sold in department stores, including clothing, jewelry, cosmetics or candy.
Small businesses accepted into the program are not obligated to work with the retailer in the future, but a few have. The class is based in New York.
More info: http://workshop.macysinc.com/
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