Goldman Sachs' 10,000 Small Businesses Initiative Takes Chicago by Storm

Above: Chicago Mayor Rahm Emanual at the 10,000 Small Businesses launch (Courtesy of The Chicago Tribune)

Last week it was announced that Chicago will be the sixth U.S. city selected to benefit from the 10,000 Small Businesses initiative.  10,000 Small Businesses, launched by Goldman Sachs in 2009 and already operating in New York, Los Angeles, Houston, New Orleans and Long Beach, provides underserved small business owners with greater access to business education, financial capital and business support services.  ICIC partners with Goldman Sachs to lead the application and selection process for the 10,000 Small Businesses education program.  

Last Tuesday, ICIC joined Mayor Emanuel, Goldman Sachs, Chicago City Colleges and other partners to announce the Chicago kick-off.  Along with the announcement came a Goldman Sachs commitment of $25 million to support Chicago program operations, including $20 million in loans to small businesses and $5 million in funding for the educational program at City Colleges of Chicago.

City Colleges of Chicago Chancellor Cheryl L. Hyman expressed her excitement about the new 10,000 Small Businesses partnership:  “We look forward to providing this outstanding education to local business owners, and helping to create essential jobs for our graduates and other residents of Chicago,” she stated.  Chancellor Hyman will be speaking more about the partnership and the overall “reinvention” of Chicago’s Community Colleges at our upcoming Inner City Economic Summit.   

The 10,000 Small Businesses educational component is an eleven session practical business and management education program that helps small business owners develop the skills they need to grow their companies.  Participants also receive one-on-one business advice from experienced professionals to help them develop a tailored plan for growth.  After 10,000 Small Businesses kicks off in a city, it hosts four cohorts each year for the following five years.  The overall goal of the initiative is to help 10,000 businesses grow and create jobs in their communities.  

Applications for the first round of classes in Chicago are now being accepted until October 26^th.  

In addition to its education and mentorship services, 10,000 Small Businesses tries to connect growing businesses with capital.  Goldman Sachs sets aside funding to be distributed by a Community Development Financial Institution (CDFI) partner in each participating city.  The investment increases the amount of growth capital available to small businesses and expands the CDFI’s capacity to deliver enhanced technical assistance.  The current CDFI partners include the National Development Council (NDC), Seedco Financial, Valley Economic Development Center and Hope Enterprise Corporation (HOPE).  

Who Should Apply to 10,000 Small Businesses?

• Applicant must be an owner or co-owner of a business
• Business in operation for at least two years
• Business revenues between $150,000 and $4.0 million in the most recent fiscal year
• Business with a minimum of four employees

For 10,000 Small Businesses information in these cities, visit:

Chicago
City Colleges of Chicago

Houston
Houston Community College

Long Beach
Long Beach City College

Los Angeles
Los Angeles City College

New Orleans
Delgado Community College

New York
 LaGuardia Community College

If your city has yet to be selected for the program, check back soon; 10,000 Small Businesses is growing!  Six cities and counting…

BY Mary Duggan on September 21st, 2011

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