Updated: Monday, November 23rd, 2009

Seedco Financial Services and Goldman Sachs have announced they will collaborate to help underserved small businesses in the New York City area.

Through Seedco's NYC Small Business Support Initiative, the two companies will offer financial and advisory support to entrepreneurs throughout the city.

Goldman Sachs's Urban Investment Group has committed $20 million, which Seedco will use to fund two new programs.

The financial services firm will expand its small business lending options to help businesses that operate in low- to moderate-income communities, including those that were started by women and minorities. Seedco's new Business Expansion Loan program will benefit businesses that have been in operation for at least three years, have a minimum of five employees and show $300,000 or more in annual revenues.

Additionally, the company will develop loan deployment strategies for commercial and retail businesses with demonstrable need, even if such businesses would not usually qualify for similar benefits.

The new programs are intended to "ensure that small businesses have access to financing and also professional expertise to recover from the recession and adjust to the new economic environment," said New York Congressman Gregory Meeks.

Individuals who study business in associates, bachelors or masters programs may increase their chances of starting successful entrepreneurial ventures.

PayScale.com, a research company, says that average salaries for holders of MBA degrees ranged from $73,510 to $171,583 in 2008, depending on the field, position and years of experience.

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