Gilead Sciences, Walmart, and Wells Fargo are the most charitable companies in the Fortune 500.
Roy Castro never finished high school. But earlier this month, he gave the graduation speech for his class of 33 participants in 10,000 Small Businesses, an intensive entrepreneurship program funded by Goldman Sachs GS 1.11% .
Behind a lectern at LaGuardia Community College in the borough of Queens in New York City, Castro told the crowd that he was on track to grow his $6 million ice cream distribution business by 20% and add another five employees before year’s end. He credited the curriculum’s lessons in financial modeling, growth plans, and business negotiations. Goldman’s advisors for the program, CEO Lloyd Blankfein, former New York City mayor Michael Bloomberg, and Berkshire Hathaway BRK.A 0.65% CEO Warren Buffett, looked on. “I’ll never approach business the same way again,” said Castro, who spent a decade in prison before he was able to reroute his life and buy D&M Ice Cream. “Look at some of my new friends. Wassup Warren.”
The program pays dividends for Goldman, too. Unveiled in 2009 amid blowback over big bonuses for bankers, 10,000 Small Businesses has brought reputational rewards. The bank, a symbol of Wall Street greed, now has boosters—some 6,300 graduates to date—on main street. (Dina Powell, who leads the firm’s philanthropy initiatives, says programs like 10,000 Small Businesses build upon Goldman’s 145-year legacy of giving). The company’s employees provide coaching to entrepreneurs enrolled in the program, helping to improve job satisfaction. And, Powell says, Goldman is producing a measurable impact on small business development, which is key to U.S. economic growth (and to the financial success of big banks). According to a study commissioned by the firm, 69% of participants reported increasing their revenues within six months of graduation.
