THE CITY OF CLEVELAND, CUYAHOGA COMMUNITY COLLEGE AND GOLDMAN SACHS ANNOUNCE 10,000 SMALL BUSINESSES

$15 Million Partnership to Create Jobs and Stimulate Growth

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Today, Mayor Frank G. Jackson announced a partnership between the City of 
Cleveland, Cuyahoga Community College (Tri-C) and
the Goldman Sachs 10,000 Small Businesses initiative to help create jobs and economic growth
by providing Cleveland area small businesses with practical business education, business support services
and access to capital. Goldman Sachs and the Goldman Sachs Foundation are committing 
$15 million to the program in Cleveland.
 
“For the past several years, our office of Economic Development has worked to help 
small and medium size businesses become successful,” said Mayor Jackson. “This 
partnership with Tri-C and Goldman Sachs 10,000 Small Businesses aligns with 
Cleveland’s focus on helping small businesses, including minority and women owned 
businesses, become better positioned to create economic growth and jobs.”
 
The Goldman Sachs 10,000 Small Businesses initiative is a $500 million program that 
will unlock the growth and job-creation potential of 10,000 small businesses across the 
United States through greater access to business education, financial capital and 
business support services. The program is now operating in New York, Chicago, Los 
Angeles, Long Beach, New Orleans and Houston and will continue to expand to 
communities across the country. The initiative takes an integrated approach based on 
the broadly held view of leading experts that a combination of education, capital and 
support services best addresses the barriers to growth for small businesses. It is a 
priority for the program that the businesses and business owners that are selected will 
be diverse and representative of the local community in Cleveland.

“Cleveland has all of the components we look for in a partner for 10,000 Small 
Businesses: economic need, strong local partners and a scalable small business sector,” 
said Gary Cohn, President and Chief Operating Officer of Goldman Sachs. “The city 
has a significant appetite for entrepreneurial education and access to capital and has 
local leaders dedicated to supporting small business growth and job creation.” 

Cuyahoga Community College is leading the business and management education 
program for 10,000 Small Businesses in Cleveland and is also working with local 
organizations to encourage small businesses to apply for the education and/or capital 
program components. The curriculum will be tailored to meet the needs of Cleveland 
business owners.
 
“Cuyahoga Community College has focused on providing high quality, accessible and 
affordable educational opportunities and services since we opened our doors nearly 50 
years ago. The College is committed to working with local partner organizations to 
deliver an integrated and targeted outreach effort to recruit, educate and support 
highly qualified participants who have potential to succeed in the program, grow 
revenue and create jobs. We are looking forward to working with the small business 
owners who are participating in the 10,000 Small Businesses program,” said Dr. Jerry 
Sue Thornton, President, Cuyahoga Community College.
 
Other partners involved in the program will include the Council of Smaller Enterprises 
(COSE), JumpStart, Inc., the Northeast Ohio Hispanic Chamber of Commerce and the 
Urban League of Greater Cleveland. These partners will help with the recruitment of 
small business owners and entrepreneurs in the Greater Cleveland area and will assist 
in providing outreach and business support services.
 
Babson College serves as the lead educational institution in the Initiative.
Professor Patricia G. Greene leads the effort and Associate Professor of Management Anne Donnellon 
is Babson’s Launch Director in Cleveland. Rounding out the Babson team are Richard Bliss,
Associate Professor of Finance; Dennis Ceru, Adjunct Professor, andMichael Fetters, Professor of Accounting.

The Goldman Sachs 10,000 Small Businesses initiative will offer:
 
• Business and Management Education: Small business owners will have 
access to a practical business education delivered in partnership with 
Cuyahoga Community College, Ohio's oldest and largest public community 
college providing high quality, affordable education and programs to students 
in Cleveland. Small business owners will develop a business growth plan to 
help them increase revenues and hire new employees. Classes are free to 
business owners accepted through a competitive application process. 
Applications are currently available online. Classes will begin in September 
2012.
 
• Access to Capital: Goldman Sachs is committing $5 million in grant funding 
for program partners and $10 million of lending capital to greater Cleveland 
area small businesses. The loans will be managed and distributed by a 
network of local community-based partners.
 
• Business Support Services: Business advice, technical assistance and 
networking will be offered to participating small business owners through 
partnerships with the community colleges and national and local business 
organizations, as well as the people of Goldman Sachs. 
Applications are now live on the Tri-C website at www.tri-c.edu/10ksb ; small 
business owners are encouraged to apply immediately. The program will 
begin in September 2012.

By Barbara Spies Blair, blairb@babson.edu, 781-239-4621 | 05/10/2012 06:00