Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses "is a $500 million investment by Goldman Sachs to help create jobs and economic opportunity in the United States. This entrepreneurship initiative will unlock the growth and job-creation potential of 10,000 small businesses across the United States by providing greater access to business education, mentors and networks, and financial capital."
Rosalie, Goldman Sachs 10,000 Small Businesses Graduate.
The educational component of the national 10,000 Small Businesses initiative was developed by Babson and is delivered through community college partners at select sites. The financing component is provided through partnerships with Community Development Financial Institutions (CDFIs) with knowledge of small businesses and a strong record of performance. These CDFIs provide loans to qualified business owners who have limited access to traditional sources of capital. Business support services are provided primarily through designated business advisors at each educational partner site.
The business owners selected for the program must have a minimum of four employees, have been in business for at least two years, and must have annual revenues of between $150,000 and $4,000,000. Through the support of the Goldman Sachs Foundation, each business owner who is selected to participate in the program receives a scholarship to cover tuition and program materials.
The driving goals for Goldman Sachs are to support the creation of jobs and increased revenues for the participating small businesses. The additional goals are to increase the capacity of selected community colleges to teach entrepreneurship and to enhance the entrepreneurship ecosystem in each 10,000 Small Business region.
Current sites include:
- Babson College
- Houston, Texas
- Long Island City, New York
- New Orleans, Louisiana
- Long Beach, California
- Los Angeles, California
- Chicago, Illinois
- Cleveland, Ohio
- Salt Lake City, Utah
- Philadelphia, Pennsylvania
Babson is consulting on all aspects of the educational experience, including linkages with access to capital and business support systems. For all of the sites that have been launched, the Babson team has organized the recruitment and training of the delivery team, planned all the curriculum and developed supporting materials, and continually evaluated program components and delivery methods to make sure necessary adjustments were performed throughout the program. Babson faculty co-teach with each mod faculty the first time a site delivers the program. Babson is also advising on research programs and assisting in design and delivery of local mentoring programs.