Goldman Sachs, the too-big-too-fail Wall Street bank that crashed the American economy in 2008, has funded two state employees through its partnership with Governor Gina Raimondo on its 10,000 Small Businesses RI program. They share an office at CCRI’s Knight Campus in Warwick.

Goldman’s 10,000 Small Businesses program offers classes, coaching and loans to small businesses. The investment bank has offered the program in other parts of the country but this is the first time is has partnered with a state government.

The office is in the Center for Workforce and Community Engagement on the 4th floor, with the high school equivalency test, English as Second Language offices. Contrary to a GoLocalProv report, the Goldman program will not move into space on the first floor being vacated by a Providence Center daycare program, according to Alix Ogden, chief of staff to new CCRI President Meghan Hughes. But Ogden did say 10,000 Small Businesses will soon expand on the fourth floor.

The employees work for the state – they have “@ccri.edu” email addresses and receive state paychecks. But the money for their paychecks is funded from a grant from the Goldman Sachs Foundation, Ogden said.

Executive Director Karina Holyoak Wood declined to comment. She initially agreed to be interviewed on Monday but didn’t keep the appointment. She formally declined to comment on Thursday after stalling for several days. Holyoak Wood, who previously worked for Tobacco Free RI, was hired in March and is paid $85,000 a year. A second employee was hired in April for $45,000 annually. Three more employees are expected to be hired this year and will earn approximately $50,000 each, Ogden said.

The five employees are responsible for organizing and administering the program that will serve up to 40 small business owners. Ogden said participants are referred to as “scholars.” The first class – or “cohort” as t is called – starts in September. Ogden said 100 people have applied. There are additional classes slated for 2017. Rhode Island School of Design will be involved in some way, said Ogden, but the program is not sure exactly how yet.

“We’re talking to RISD about how they will be included,” Ogden said. “They will have a role.”

The 10,000 Small Businesses RI program is funded by a grant from the Goldman Sachs Foundation, Ogden said. It is a one year $1 million grant that can be renewed four times, Ogden said. She anticipates Goldman Sachs will fund the program for all five years. Ogden said she did not have a detailed breakdown of how the $1 million grant will be spent.

“I’m focused on that I think this will be such a good thing for Rhode Island,” she said.

Goldman Sachs will be welcomed by Governor Gina Raimondo, Senator Jack Reed and Providence Mayor Jorge Elorza (11am at NBX Bicycle in Providence) where they will announce the big banks’ 10,000 Small Businesses program is coming to Rhode Island – the first time it has been used “in an entire state,” according to Providence Business News.

The 10,000 Small Businesses program offers business training and loans to small businesses.

“This is a great program with real results across the country,” said Raimondo spokeswoman Marie Aberger. “It is a huge opportunity to bring a significant investment to Rhode Island’s small businesses and entrepreneurs to help them create jobs. To date, Goldman Sachs 10,000 Small Businesses has reached 30 sites across the U.S. and UK, helping entrepreneurs break down barriers to growth.”

But Goldman is not best known for its altruism.

In January, Goldman agreed to pay $5 billion for its role in the financial crisis of 2008. It didn’t simply make risky investments in risky mortgage loans. It made billions of dollars betting against the same subprime mortgages that were bundled together and sold to clients as a sound investment, then hid their massive profits offshore to avoid paying taxes.

A year after getting caught, Goldman launched its 10,000 Small Businesses program, which some surmised is a public relations attempt to whitewash the investment banks’ poor public perception. “In late 2009, just as Goldman Sachs was being widely slammed for showering billions in bonuses on its employees after receiving a massive federal bailout during the financial crisis, the investment bank announced — coincidentally or not — that it was committing $500 million over five years to help small businesses in distressed urban and rural communities across America,” according to Fortune in 2011.

Give Goldman credit for knowing which which way the economic headwinds are blowing in the American economy. A spokeswoman told the Fortune reporter, “…we are obviously focused on economic growth. And small businesses are one of the smartest investments to drive growth in communities in the U.S.”

Rhode Island businesses should take any free money or advice Goldman Sachs is offering. But I would advise them to read the fine print extremely carefully. And to remember the immortal words of Mark Twain, who once said, “I learned something from everyone I’ve ever met, most of the time it’s what not to do.”