A New $10 Million Commitment to Small Businesses in Baltimore
Announcement Made at Inaugural Baltimore Graduation of Goldman Sachs 10,000 Small Businesses Marks First Ever Co-Investment for the Program
Nearly 60 Baltimore Small Business Owners Have Completed Program Aimed at Business Growth and Job Creation
Baltimore, MD - 2 Aug 2017 - Baltimore Mayor Catherine E. Pugh, Maryland Governor Larry Hogan, Founder of Bloomberg L.P. and Bloomberg Philanthropies Michael R. Bloomberg and Goldman Sachs Chairman and CEO Lloyd C. Blankfein today announced a $10 million commitment to continue Goldman Sachs 10,000 Small Businesses in Baltimore to help create jobs and economic growth. This $10 million commitment in Baltimore, a co-investment between Goldman Sachs and Bloomberg Philanthropies, marks the first-ever co-investment in the Goldman Sachs 10,000 Small Businesses program, which provides a practical business education and access to capital and for small business owners. 10,000 Small Businesses Advisory Council Co-Chairs Warren Buffett and Dr. Michael Porter were also present at the announcement and were joined by local program partners.
WATCH HIGHLIGHT VIDEOS: Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies, and Warren Buffett, CEO of Berkshire Hathaway, congratulate the graduates and share advice with the class
The announcement today follows the completion of two back-to-back classes of the Goldman Sachs 10,000 Small Businesses special session in Baltimore that ran from January through July with 59 local small business owners. These business owners, who graduated today in an event at Baltimore Center Stage, participated in more than 100 hours of in-class training hosted at Johns Hopkins University, studying a business and management curriculum designed by Babson College. The curriculum covered accounting, human resources, negotiation and marketing, among other topics. The program also included one-on-one business advising and accounting workshops.
“Baltimore is an enterprising city and we are grateful to Goldman Sachs 10,000 Small Businesses and Bloomberg Philanthropies for choosing to invest in our local entrepreneurs,” said Mayor Pugh. “Through this commitment, we look forward to accelerating their potential not only as business owners, but also as job creators and community leaders.”
“The success of the initial classes of 10,000 Small Businesses in Baltimore demonstrates that small business owners here are eager to get access to tools that will help their businesses grow” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “Thanks to the support of Mayor Pugh and Governor Hogan, this co-investment with Bloomberg Philanthropies will enable even more small businesses to create jobs and contribute further to the local economy.”
"Small businesses make up the majority of American jobs. They’re engines of innovation and new ideas and they form the backbone of successful cities," said Michael R. Bloomberg. "We should do everything we can to help them grow, which is why we are extending our support for the 10,000 Small Business program here in Baltimore."
“The 10,000 Small Businesses program has a proven track record of success all across the country, and will have a real impact on Baltimore City,” said Governor Hogan. “Hundreds of Baltimore small business owners will have the opportunity to receive a world-class business education, along with hope and opportunity. It is all because this great program chose to invest in Baltimore, and today’s graduates chose to invest in themselves.”
The Goldman Sachs 10,000 Small Businesses initiative offers:
- Business and Management Education: Small business owners will have access to a free practical business education through which they will develop a business growth plan to help them increase revenues and hire new employees.
- Access to Capital: The program is working to build the capacity of local mission-driven lenders to increase opportunities for business owners to access to capital.
- Business Support Services: Business advising and networking will be offered to participating small business owners through partnerships with community-based and national business organizations, as well as the people of Goldman Sachs and Bloomberg L.P.
A consortium of higher education institutions, made up of the Community College of Baltimore County, Johns Hopkins University, and Morgan State University, will deliver the program and will work with local organizations to encourage small businesses to apply. Classes will continue to be hosted on Johns Hopkins University’s campus. Additionally, 10,000 Small Businesses is partnering with the Annie E. Casey Foundation to strengthen the capacity of local mission-driven lenders in Baltimore so those lenders can better serve new and existing small business owners. The Foundation is committed to increasing opportunities for local entrepreneurs, particularly those of color, who have limited access to capital.
The funding comes on the heels of Mike Bloomberg’s American Cities Initiative, which focuses on an extensive set of new and expanded programs intended to strengthen U.S. cities, promote bold leadership and create new opportunities for problem-solving in city halls.
To date nationally, Goldman Sachs 10,000 Small Businesses has reached more than 6,300 small business owners across 14 US education sites. Approximately 70 percent of participants report increasing their revenues just six months after graduating and approximately 50 percent of participants report creating net new jobs in this same time period. 85 percent of program alumni do business with each other, demonstrating the power of the peer-to-peer network created in the 10,000 Small Businesses classroom.
Eligible small businesses should have annual revenues above $100,000; be in operation for at least two years; employ at least two full-time workers; and have a desire to grow and create jobs.
The education program is free and applications for the next cohort are open and available at https://10ksbapply.com/baltimore.