In just two years, over 500 small businesses experience growth

Above: Angelica of Colmex Construction, one of the Goldman Sachs 10,000 Small Businesses initiative participants.  

It’s no secret: small businesses drive our economy. According to the Small Business Administration, they account for 99.7% of all employer firms, half of all private sector workers and have generated 65% of the net new jobs over the past two decades. Here at ICIC, we realize that finding ways to support small businesses will help to revitalize our inner city economies.

That’s why we’re proud to partner with the Goldman Sachs 10,000 Small Businesses initiative— a national, multi-year investment to create jobs and economic opportunity by providing entrepreneurs with greater access to business education, financial capital and business support services.

The initiative’s unique model is implemented nationwide by community colleges, Community Development Financial Institutions (CDFIs) and community organizations. It is currently operating in New York, Chicago, Houston, Los Angeles and New Orleans—with more cities in the near future! By year end, more than 500 businesses will have benefited from the program and significant growth already has been achieved.

Angelica of Colmex Construction in River Ridge, Louisiana is just one of the many small business owners who have excelled as a result of the program. She explains, “I’ve always felt I have the mind of an entrepreneur, and Goldman Sachs 10,000 Small Businesses has given me the confidence to make that a reality. Having the opportunity to interact with other small business owners has been refreshing.” The ability to connect with other companies in a new setting allows CEOs to share ideas, devise business solutions, and collaborate with each other.

But the cost of such a program must be steep—only businesses that are already successful would be able to afford this type of education and support services, right?

Wrong.

The cost of the program is free to accepted business owners who have a company poised for growth. Participants benefit from the approximately 100 hours of business education, and additional 6-8 hours per week of business support services, and expert advice to help participants create and refine business growth plans.

Participants in the program embody the diversity and potential of American small businesses: they represent a broad range of industries, business types and sizes. 10,000 Small Businesses is designed for business owners who have limited resources but boundless potential. Applicants must demonstrate a commitment to growing their business and creating jobs within their community. Business owners targeted include, but are not limited to:

• 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 million in the most recent fiscal year.

Part of the success of the 10,000 Small Businesses initiative is finding companies with high-growth potential who could benefit from such training. This is where ICIC has stepped in. Using our knowledge of successful urban entrepreneurs, our team identifies and selects companies that will excel in the program.

Consequently, those of us here at ICIC have seen first-hand the impact that this program has on the success of small businesses. As the program enters its third year, we encourage small business owners in the selected cities to apply to the program. In a world where seldom is free, this is an opportunity that few business owners should ignore.

And to our friends at Goldman Sachs, congrats on the first two years of service! We look forward to watching new small businesses grow and thrive as a result of the 10,000 Small Businesses initiative. 

BY Amanda Maher on November 14th, 2011

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