Goldman Sachs Expands an Entrepreneur Focused Program in Ohio

Monday, July 29, 2019
Goldman Sachs 10,000 Small Businesses

A program that partners with community colleges to help entrepreneurs create jobs and economic opportunity by providing them with greater access to education, financial capital, and business support services is expanding in Ohio and bringing with it recovery and workforce training opportunities related to the opioid crisis.  

Goldman Sachs 10,000 Small Businesses (10KSB), which made its Ohio debut at Cuyahoga Community College in 2012, recently announced the expansion of its Ohio program to serve entrepreneurs statewide. This move will expand its partnership-driven model from the current program in Cleveland to regional hubs in Columbus (Columbus State Community College), Cincinnati (Cincinnati State Technical and Community College), and Dayton (Sinclair Community College). The program has reached nearly 700 businesses thus far.

“The support we’ve received from the community in Cleveland has made expanding statewide in Ohio a clear imperative,” said John Waldron, president and chief operating officer of Goldman Sachs. “We’ve seen the dynamic small business ecosystem, supportive local leadership, and motivated business development organizations make real and sustainable change in Cleveland. We are excited to help drive the same success across Ohio as we look to boost the workforce and support economic progress across the state.”

10KSB is provided at no cost with support from the Goldman Sachs Foundation. The program offers participants:

  • Business and management education: Small business owners have access to a free practical business education through which they develop a business growth plan to help them increase revenues and hire new employees.
  • Access to capital: The program helps small businesses understand how to access capital to increase opportunities for growth.
  • Business support services: Business advising and networking is offered to participating small business owners through partnerships with community-based and national business organizations.

“This program will create a pipeline of well-trained, highly skilled business leaders and entrepreneurs who are vital to increasing the economic impact and growth of our region,” said Sinclair Community College President Steve Johnson. 

To date nationally, more than 8,200 small business owners from all 50 states, Washington, D.C., and Puerto Rico have graduated from 10KSB. The program’s results show 67% of graduates seeing revenue growth six months after completing the program, while 47% report creating new jobs six months after completing the program.

In addition to the 10KSB expansion, Goldman Sachs announced that the program would be collaborating with OneFifteen, a not-for-profit healthcare ecosystem based in Dayton and launched earlier this year by Kettering Health Network, Premier Health, and Verily. The collaboration will support the recovery and redevelopment of the region by connecting people who are in recovery from opioid addiction with workforce training to better secure job opportunities.

“The goal of Goldman Sachs 10,000 Small Businesses to provide economic opportunity to Dayton residents is complementary to the work that OneFifteen is spearheading to get people back on their feet following opioid addiction,” said Andy Conrad, CEO of Verily. “I look forward to seeing the development of the collaboration between Goldman Sachs 10,000 Small Businesses and OneFifteen as they identify opportunities for workforce development that will benefit the whole Dayton community.”

 

Leaders from across the state praised the program and its expansion:

“Small businesses are the backbone of wealth and job creation in our community. We’re excited that 10,000 Small Businesses will be working with Sinclair Community College to bring new resources and training to entrepreneurs in Dayton.” – Dayton Mayor Nan Whaley

“Critical to this effort are community colleges that deliver the program. Cincinnati State, under the leadership of Dr. Monica Posey, jumped in to ensure that Cincinnati would be a regional hub for all of Ohio. We are thrilled to be part of this great program and look forward to working together as a united front to cultivate and support small businesses.” – Cincinnati Mayor John Cranley