Goldman Sachs Announces Expansion of 10,000 Small Businesses Across Ohio
June 14, 2019 – Columbus, OH – Goldman Sachs 10,000 Small Businesses today announced the expansion of its program in Ohio to serve entrepreneurs statewide, bringing its partnership-driven model to regional hubs in Columbus, Cincinnati and Dayton, in addition to the current program in Cleveland.
An additional commitment of $15 million will support 10,000 Small Businesses in these cities, bringing the program’s total commitment to $30 million in Ohio.
Goldman Sachs 10,000 Small Businesses is a training program to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. It will be delivered in partnership with Columbus State Community College, Cincinnati State Technical and Community College, Sinclair Community College of Dayton, and current partner Cuyahoga Community College of Cleveland. 10,000 Small Businesses began in Ohio in 2012 at Cuyahoga Community College and the program has reached nearly 700 businesses thus far.
Goldman Sachs 10,000 Small Businesses, which is provided at no cost with support from the Goldman Sachs Foundation, offers a curriculum designed by Babson College, recently named No. 1 for Entrepreneurship by U.S. News & World Report for the 22nd year in a row. The program offers participants:
- 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 helps small businesses understand how to access capital to increase opportunities for growth.
- Business Support Services: Business advising and networking will be offered to participating small business owners through partnerships with community-based and national business organizations.
Applications are open and available at 10ksbapply.com/Ohio. Applications are due on July 5.
Congresswoman Joyce Beatty, said, “Expansion of the Goldman Sachs 10,000 Small Businesses program is exciting news for Central Ohio. Small businesses are the backbone of our economy, creating two out of every three new jobs, employing nearly 120 million Americans, and strengthening communities at the same time. This new investment will help create many more local jobs and equip aspiring entrepreneurs with the tools and skills to turn their small business dreams into a reality.”
“Small businesses are truly the backbone of our economy, and I am grateful for 10,000 Small Businesses’s commitment to empowering those businesses through training and increased access to capital,” said Congressman Steve Stivers. “Today is the beginning of an exciting partnership for entrepreneurs, local business communities, and Ohio as a whole.”
“Small businesses are the driver of the Columbus economy. This is a one of a kind program that will provide a unique opportunity for our small business owners to learn the skills and tactics to help them thrive, create jobs and continue to help our city grow,” said Mayor Andrew J. Ginther of Columbus.
“Critical to this effort are community colleges that deliver the program,” said Mayor John Cranley of Cincinnati. “Cincinnati State, under the leadership of Dr. Monica Posey, jumped in to ensure that Cincinnati would be a regional hub for all of Ohio. We are thrilled to be part of this great program and look forward to working together as a united front to cultivate and support small businesses.”
“Small businesses are the backbone of wealth and job creation in our community. We’re excited that 10,000 Small Businesses will be working with Sinclair Community College to bring new resources and training to entrepreneurs in Dayton,” said Mayor Nan Whaley of Dayton.
John Waldron, President and Chief Operating Officer of Goldman Sachs, said, “The support we’ve received from the community in Cleveland has made expanding statewide in Ohio a clear imperative. We’ve seen the dynamic small business ecosystem, supportive local leadership, and motivated business development organizations make real and sustainable change in Cleveland. We are excited to help drive the same success across Ohio as we look to boost the workforce and support economic progress across the state.”
Additionally, Goldman Sachs 10,000 Small Businesses is collaborating with OneFifteen, a not-for-profit healthcare ecosystem based in Dayton launched earlier this year by Kettering Health Network, Premier Health, and Verily, an Alphabet company. OneFifteen is dedicated to the sustained recovery of people suffering from opioid addiction by providing the full continuum of care and wrap-around services in one state-of-the-art campus designed and under development by Alexandria Real Estate Equities, Inc.. OneFifteen envisions a future where rehabilitated individuals contribute to the health and well-being of their community. The collaboration between Goldman Sachs 10,000 Small Businesses and OneFifteen will seek to support the recovery and redevelopment of the region by connecting people who are in recovery with workforce training opportunities to better secure job opportunities.
“The goal of Goldman Sachs 10,000 Small Businesses to provide economic opportunity to Dayton residents is complementary to the work that OneFifteen is spearheading to get people back on their feet following opioid addiction,” said Andy Conrad, CEO of Verily. “OneFifteen recognizes that sustained recovery from addiction requires more than just medical treatment, it requires new skills that support self-reliance and resilience. I look forward to seeing the development of the collaboration between Goldman Sachs 10,000 Small Businesses and OneFifteen as they identify opportunities for workforce development that will benefit the whole Dayton community.”
To date nationally, over 8,200 small business owners from all 50 states, Washington, D.C. and Puerto Rico have graduated from 10,000 Small Businesses. The program's results include:
- 67 percent of graduates see revenue growth six months after completing the program
- 47 percent report creating new jobs six months after completing the program
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment by Goldman Sachs and the Goldman Sachs Foundation to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. To date, 10,000 Small Businesses has served over 8,200 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C, and has resulted in immediate and sustained business growth for the alumni of the program.