Goldman Sachs and NACP 10,000 Small Business Partnership

NAACP AND GOLDMAN SACHS 10,000 SMALL BUSINESSES ANNOUNCE NEW PARTNERSHIP TO HELP SMALL BUSINESSES

December 09, 2015

BALTIMORE – NAACP National President and CEO Cornell William Brooks today announced a new partnership with Goldman Sachs 10,000 Small Businesses to help more entrepreneurs across the country attain the resources and tools to grow and create jobs in their communities.

The organization is joining with Goldman Sachs’ 10,000 Small Businesses initiative, a $500 million program with the goal of helping unlock the growth and job-creation potential of small businesses across the United States through greater access to business education, financial capital and business support services. 

The NAACP will work with its network of 2,200 local chapters and state conferences to help inform and recruit small business owners to join the program, which provides intensive specialized business management courses for applicants and opportunities to access capital.  

“Small businesses are the lifeblood of every neighborhood and community,” said NAACP President and CEO Cornell William Brooks.  “Supporting their growth and ability to thrive will only strengthen the communities in which those businesses call home and provide much-needed economic opportunity to the existing and future employees of those businesses.  We are pleased to partner with Goldman Sachs as they lend their financial expertise to help guide small businesses down the path to financial success.”  

“Giving small business owners access to the tools they need to grow is vital to creating a vibrant economy both locally and nationally,” said John F.W. Rogers, Executive Vice President of Goldman Sachs.  “We are proud to partner with the NAACP to deepen our reach into communities and give even more small businesses the resources they need to succeed.”

Ideal candidates are small business owners with more than $150,000 in revenue and have been in operation for at least two years. Qualifying businesses also must demonstrate that they employ four or more workers and have a scalable business model and a commitment to grow and hire locally.

More than 5,600 small business owners have joined the program since it began in 2011, attending 165 education cohorts at 27 sites across the country. More than 99 percent of participants graduate and more than half of the businesses reported increased revenues and expanded work forces within 18 months of graduation.

Qualified applicants are encouraged to apply at www.10ksbapply.com for one of the more than 40 classes available across the country each year. Additional information and application material can be found at www.10ksbapply.com.   

 

YOU BUILT YOUR BUSINESS, WE’LL HELP YOU GROW IT

Take your business to the next level with practical business education and a supportive network of advisors & peers. The Goldman Sachs 10,000 Small Businesses program provides you with the tools and support to take your small business to new heights. In professional workshops you will learn from some of the brightest minds in business, learn about access to financial capital, and build a powerful network of professional support. Together with other entrepreneurs, you’ll make strong connections that will have an immediate impact on your business. If accepted, the program tuition will be at no cost to you. And that’s just the first example of how we’ll be there to help your business succeed every step of the way.    HOW CAN YOU BENEFIT The Goldman Sachs 10,000 Small Businesses program gives you the time and resources you need to develop a customized growth plan for your business.    Education for Business Growth: The curriculum focuses on skills you can apply immediately, including: • Identify and evaluate business opportunities • Understand and manage the competitive business environment • Analyze financial statements • Learn about access to financial capital • Be a more effective leader • Become a more skilled negotiator    A Network of Support: Through the program you will get opportunities to learn from other like-minded business owners, receive expert advice from business professionals and get one-on-one business counseling. Each 10,000 Small Businesses graduate develops a detailed, step-by-step plan for growth. Following their plan and applying what they’ve learned, alumni report changing the way they do business to include greater access to capital, increased use of financial statements, expansion into new markets and improved management skills. Each of these changes contributes to their ability to grow and create jobs. WHO SHOULD APPLY If you are an owner or co-owner of a business that has been in operation for at least two years,  have a minimum of $150,000 in revenues, employ at least 4 people, and are  passionate about growth you should apply today.

WHAT OUR GRADUATES ARE SAYING At six months after graduation from the program, 46.2% of participants report adding new jobs, increasing to 57.1% 18 months after the program. Revenues of the participating businesses also grew after program completion, with 66.8% of participants reporting increased revenues six months after graduation, and 76.0% 18 months after completion. To read the program's latest Progress Report, click here.