Resources for Inner City CEOs
Capital, know-how and the tools to succeed
10,000 SMALL BUSINESSES
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses create jobs and economic opportunity by providing them with 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. 10,000 Small Businesses is funded by Goldman Sachs and The Goldman Sachs Foundation.
The program is currently operating in Cleveland, Chicago, Detroit, Houston, Long Beach, Los Angeles, Miami, New Orleans, New York, Philadelphia, Salt Lake City and nationally at Babson College. It will continue to expand on a city-by-city basis.
HOW THE PROGRAM WORKS
The program has three main components:
- Practical Business and Management Education. Goldman Sachs 10,000 Small Businesses is contributing $200 million to program partners, including local community colleges and business schools. Funds go towards scholarships, faculty training and technical assistance to help build the organizations’ capacity. Students receive a practical education that focuses on skills they can apply immediately, including accounting, marketing and human resources management.
- Access to Capital. Goldman Sachs 10,000 Small Businesses has committed $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions (CDFIs). The investment will increase the amount of growth capital available to small businesses in underserved communities and expand the capacity of CDFIs to deliver financing and technical assistance to small businesses.
- Business Support Services. Small business owners often face challenges finding networking opportunities and expert advice. The initiative provides these vital support services through partnerships with national and local business organizations, professional services firms and the people of Goldman Sachs.
Goldman Sachs 10,000 Small Businesses is designed for business owners with limited resources who have a business poised for growth. Applicants must demonstrate a commitment to growing their business and creating jobs within their community.
Applicants should meet the following criteria:
- 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
- At least 4 employees (including the owner) and no more than 100
The 10,000 Small Businesses program will meet a vital need in disadvantaged communities, which is to provide the training, tools, and relationships, to help local entrepreneurs and their businesses grow and create a self-reinforcing cycle of economic opportunity.
Harvard Business School Professor Michael Porter,