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
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