Goldman Sachs 10,000 Small Businesses Expands Nationwide
Small businesses in every community in the United States now eligible for innovative small business growth program
New York, September 19, 2013 – Today, Goldman Sachs announced that its 10,000 Small Businesses initiative will now be offered to small businesses nationally, enabling small business owners from across the country to participate in the program. Small business owners in all 50 states can now apply to 10,000 Small Businesses, and accepted small business owners will receive intensive training and advice from business experts and peers at Babson College in Massachusetts. To date, the program had been open to businesses in 15 markets across the United States.
10,000 Small Businesses offers qualified business owners:
- The opportunity to create a customized growth plan that includes financial management, people management, negotiations and marketing.
- One-on-one business counseling and a network of support from other small business owners as well as leaders in the business world.
The national program will be delivered through two, four-day sessions held at Babson College, the leading entrepreneurial school in the country for the last 17 years according to U.S. News and World Report, and 8 hours of coursework and interactive sessions per week delivered online for a total of 10 weeks. The costs will be covered by 10,000 Small Businesses.
“When you give small businesses owners the tools they need to grow their businesses, they create jobs and strengthen both the local and national economy,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “We are pleased to be able to expand the reach of this program to help small businesses grow in every community in the country.”
Goldman Sachs 10,000 Small Businesses is a $500 million program that aims to unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth for small businesses. 10,000 Small Businesses is guided by an Advisory Council co-chaired by Goldman Sachs CEO Lloyd C. Blankfein, Warren Buffett, and Dr. Michael Porter of Harvard Business School. The National Urban League, U.S. Hispanic Chamber of Commerce and Babson College are also represented on the Advisory Council, among other groups.
"Babson is proud to extend the innovative entrepreneurship curriculum we designed for 10,000 Small Businesses to small businesses across the country," said Babson President Kerry Healey. "The model we have created brings together Babson's unique methodology, our experience working around the world with people growing businesses and our knowledge of how best to deliver effective blended learning programs. This educational experience is tailor-made for small businesses seeking to grow and create much needed jobs."
The program is designed for small business owners with limited resources who have a business poised for growth. Business owners interested in applying must demonstrate a commitment to growing their business and creating jobs in their community. Businesses must be in operation for at least two years, have revenues of at least $150,000 in the most recent fiscal year and have a minimum of four employees.
Across the United States, initial results have seen that just six months after graduation approximately 63% of participants reported an increase in revenues, 47% have reported creating net new jobs and 76% are doing business with each other. The program also has a 99% completion rate.
Identification and selection of qualified businesses is led by the Initiative for a Competitive Inner City (ICIC).
"The Goldman Sachs 10,000 Small Businesses program provides the training, tools, and relationships to help local entrepreneurs and their businesses grow and create a self-reinforcing cycle of economic opportunity," said Michael E. Porter, founder of ICIC and Bishop William Lawrence University Professor at Harvard Business School.
The program currently offers education and capital in nine sites including Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York, Philadelphia and Salt Lake City. Business owners based in, or near, one of these cities may be referred to the local program. Capital is also provided by local nonprofit lenders to businesses in six additional sites: Kentucky, Montana, Oregon, Tennessee, Virginia, and Washington.
Applications to participate in 10,000 Small Businesses at Babson College are due October 18, 2013 and can be found at www.10KSBapply.com.
Goldman Sachs Expands Mentorship Program to Small Businesses Across the Country (WashingtonPost.com)