September 21, 2016 The Skanner MINORITY BUSINESS ENTERPRISE EDITION Page 3 MBE 2016 Special Business Edition Goldman Sachs’ ‘10,000 Small Businesses’ Program Spurs Economic Growth Program ofers practical, hands-on business education and partners with NAACP and Urban League I n 2010, Goldman Sachs launched the “10,000 Small Businesses” pro- gram to help business owners unlock their po- tential for growth and job creation by providing greater access to busi- ness education, inancial capital and support ser- vices. Six years later, the $500 million initiative contin- ues to empower small business owners – from startups to seasoned companies – with the tools they need to achieve higher levels of success. In December, NAACP National President and CEO Cornell William Brooks announced that his organization would join the initiative and utilize the NAACP’s network of 2,200 local chapters and state con- ferences to help inform “ The program is based on the broadly held view of leading experts that greater access to this combination of educa- tion, capital and support services is the best way to address barriers to growth. “The easiest way to describe the program is that it’s a practical hands- on business education on your business,” said Sonia Moin, program manager at Boston-based Initiative for a Competi- tive Inner City – or ICIC, which has partnered with Goldman Sachs on the “10,000 Small Busi- nesses” program. “In the room, the small business owners learn from other business owners who are facing similar challenges in- cluding growth opportu- nities, access to capital and [hiring practices].” Moin said that the program curriculum, work togeth- er to support small busi- nesses, which comprise 99 percent of all U.S. employ- er irms and which account for more than half of the pri- vate sector’s net new jobs over the past two decades.” More than 1,800 busi- nesses across the United States were surveyed for the report. GS1 Alumni from the Goldman Sachs “10,000 Small Businesses” gather at a recent program in Philadelphia with city Most were oicials and a top Goldman Sachs executive. “10,000 Small Businesses” can have on their busi- es within 18 months of enabling her business to participants, add 110 new jobs. who reported that ob- ness,” Moin said. “Many graduation. Ideal candidates are Another small busi- taining capital remains a small business owners say they don’t have the small business owners ness owner who recent- big hurdle. The study also found time to dedicate to a pro- with more than $150,000 ly graduated from the that small businesses are gram such as this, but we in revenue and have program saw a 120 per- four times more likely to try to convince them why been in operation for at cent increase in revenue, the return on investment least two years. helping to add 17 new is important, if they want Qualifying businesses jobs. their business to grow. also must demonstrate “We’re getting the re- It’s important to step that they employ four or sults we want,” Moin said. away from the business more workers and have “On average, when our in order to work on the a scalable business mod- alumni graduate, in six business.” el and a commitment to months, approximately To date, over 6,500 grow and hire locally. 69 percent of them re- small businesses have The initiative has a port growing revenue been served across 31 wealth of success sto- and 48 percent of them sites. More than 99 per- ries with Moin pointing report that they’ve added cent of participants grad- out how one of the small jobs.” uate and more than half business owners who For more information go to a bank for capital of the businesses report- graduated from the pro- or to apply for the pro- needs. Looking across ed increased revenues gram saw her revenue gram, visit www.10KS- all sources of capital, and expanded work forc- increase by 658 percent, BApply.com. survey respondents ap- ply for a median amount of $100,000, but receive only 40 percent of what they seek. Business own- ers say that they need more lexible loan terms. Further, business own- ers ind regulation both diicult and time-con- suming. On average, four hours per week is spent dealing with govern- ment regulations and tax compliance, which totals over 200 hours per year. With the launch of ”10,000 Small Busi- nesses” at Babson Col- lege, which is the pro- gram’s national cohort, business owners from all 50 states now have the opportunity to partici- pate, Moin said. This model of the program is delivered through a blend of on- line and in-person ses- sions and is intended for business owners located beyond the reasonable driving distance of a lo- cally delivered program. “The program helps to address the challenges faced by all small busi- ness owners, and our goal and the goal of all of our partners is to make them aware this resource exists and the impact it GOLDMAN SACHS By Stacy M. Brown NNPA News Wire ‘It’s important to partner with these organiza- tions…they are the community ambassadors. I can show up in a market and the small busi- ness owners are not going to know me, but they may know someone from the NAACP or the Urban League’ and recruit small busi- ness owners to join the program, which provides intensive specialized business management courses for applicants and opportunities to ac- cess capital. “Small businesses are the lifeblood of every neighborhood and com- munity,” Brooks said in a news release. “Sup- porting their growth and ability to thrive will only strengthen the com- munities in which those businesses call home and provide much-needed economic opportunity to the existing and future employees of those busi- nesses.” In getting the word out about the program to local communities, Moin said they always partner with local and national entities like the NAACP and the National Urban League, particu- larly where the member- ship is primarily Afri- can-American. “It’s important to part- ner with these organiza- tions…they are the com- munity ambassadors,” she said. “I can show up in a market and the small business owners are not going to know me, but they may know someone from the NAACP or the Urban League.” designed by Babson Col- lege, one of the top entre- preneurship colleges in the country, enables par- ticipants to immediately apply the lessons they’ve learned that day in a real world business environ- ment. The “10,000 Small Businesses” program is currently operating in Cleveland, Chicago, Dal- las, Detroit, Houston, Long Beach, Los Ange- les, Miami, New Orleans, New York City, Philadel- phia, Rhode Island, and Salt Lake City. Approximately 62 per- cent of small businesses in the United States have four or fewer employ- ees and the Goldman Sachs initiative ofers enormous and largely untapped potential in creating new jobs and generating economic development, according to a recent report titled “The State of Small Busi- ness in America” by Bab- son College. “We all beneit if we are able to foster a vi- brant entrepreneur- ial ecosystem that best supports ongoing small business growth and job creation in America,” Babson College Presi- dent Kerry Healey said in a statement. “Public and private sectors must Thank you to our advertisers in this special edition City of Portland ................................................................................ 7 Energy Trust ..................................................................................... 6 Hofman Construction ...................................................................12 Home Forward ................................................................................. 4 Metro ................................................................................................. 6 Mulnomah County ..........................................................................10 Pierce County ................................................................................... 8 Port of Portland .............................................................................. 11 Portland Public Schools .................................................................. 5 Trimet ...............................................................................................10 Turner Construction ........................................................................ 5 Washington State Oice of Minority & Women’s Enterprises .................................................. 9 Washington State Convention Center .......................................... 8