Billionaire Buffet Part of $500 Million Small Biz Program

Credit unions could be part of a new $500 million initiative to bolster small businesses through a program created by Goldman Sachs Group Inc. and co-chaired by billionaire Warren Buffet.

In a Nov. 17 statement, the company said its “10,000 Small Businesses” program will provide greater greater access to business education, mentors, networks, and financial capital. Credit unions could be a part of the effort as Goldman Sachs said it will invest $300 million through lending and philanthropic support to community development financial institutions. The investment will increase the amount of growth capital available to small businesses in underserved communities and expand the capacity of the CDFIs to deliver enhanced technical assistance to small businesses, according to the company.