Goldman Sachs has announced the launch of its 10,000 Small Businesses initiative in Detroit.

In partnership with Macomb Community College, Oakland Community College, Wayne State University, and a variety of community-based organizations, the global investment bank will commit $20 million to provide small business owners with business and management education, capital, and business support services. A total of $15 million in lending capital will be provided through the Invest Detroit Foundation, which will focus its lending to businesses in downtown Detroit, and the Detroit Development Fund, which will direct its lending to small businesses throughout the city. Other local organizations, including Midtown Detroit, the Michigan Minority Supplier Development Council, the Detroit Economic Growth Corporation, TechTown Detroit, and the Detroit Eastern Market, will be key partners in helping to recruit small business owners and entrepreneurs and providing outreach and business support services.

The lending component of the initiative is scheduled to begin in March 2014, while applications for the business education component currently are being accepted.

Launched in 2009, 10,000 Small Businesses is a $500 million initiative that aims to unlock the growth and job-creation potential of at least ten thousand small businesses across the United States. The initiative currently supports programs in Chicago, Cleveland, Houston, Long Beach, Los Angeles, Miami, New Orleans, New York, Philadelphia, and Salt Lake City.

"Small business owners are a critical part of Detroit’s comeback," said Detroit mayor Dave Bing. "Our city is quickly becoming the home base for a number of innovative and cutting-edge companies that are bringing jobs and people to Detroit. This new initiative will provide significant financial and technical assistance for these businesses. And once again, it's proof of how partnerships are playing a major role in the transformation of Detroit."