Goldman Sachs, a leading financial institution renowned for its commitment to community development, has launched a groundbreaking initiative to support and empower Black-owned businesses. The Goldman Sachs Small Business Program aims to address the unique challenges faced by minority entrepreneurs and provide them with the resources and guidance needed to thrive in the competitive business landscape.
The program targets businesses that meet specific criteria: a minimum annual revenue of $75,000, the employment of at least one staff member, the hiring of the first full-time employee, and a minimum of three years in operation. Many of the businesses enrolled in the program are generational enterprises, with an average annual revenue of around $500,000. Over the past eight years, the program has successfully graduated 700 small businesses, boasting an impressive 97 percent success rate.
Central to the program’s approach is the emphasis on working on the business rather than in it. Participants engage in a 14-week series of classes held at Wayne State University, where they receive in-depth training in financial management, human resources best practices, and interact with industry experts and lenders. The coursework is designed to be hands-on, allowing participants to actively apply the principles and knowledge gained. In addition, each participant is paired with a dedicated business advisor who provides personalized guidance and support tailored to their specific business needs.
At the conclusion of the program, participants develop a comprehensive growth plan that serves as a roadmap for success. This plan outlines their objectives in meticulous detail, enabling them to navigate their business journey effectively. The program’s effectiveness is evidenced by the achievements of its alumni, who have excelled in various pitch competitions and secured major contracts with corporations and financial institutions. These success stories highlight the transformative impact of strategic planning and mentorship.
The Goldman Sachs Small Business Program not only empowers individual entrepreneurs but also contributes to the overall economic landscape. By instilling confidence in banks and other financial institutions, the program helps eliminate skepticism about the viability of small businesses. This is particularly significant in cities like Detroit, where large-scale layoffs from prominent employers have occurred. Fostering a resilient and thriving entrepreneurial community becomes essential in such circumstances.
The success of the program is not achieved in isolation. The program organizers understand the power of collaboration and actively engage with a diverse range of organizations and initiatives that share their mission of supporting entrepreneurs. By partnering with these entities, they strengthen the network of resources available to entrepreneurs at every stage of their journey. Close collaboration is established with organizations such as Build Institute, Tech Town Detroit and Motor City Match, which is renowned for its longstanding commitment to the community, and neighborhood initiatives like Jefferson East. These collaborations create a robust support system, fostering meaningful connections and providing a solid foundation that uplifts entrepreneurs and serves as a pillar of strength in the flourishing ecosystem. Together, they form a united front, empowering entrepreneurs with comprehensive support to thrive and succeed.
Across the United States, graduates of the 10,000 Small Businesses program have experienced significant improvements:
66 percent reported an increase in revenues just six months after completing the program;
44 percent reported the creation of new jobs within the same timeframe; and
85 percent engage in business transactions with fellow program graduates, fostering collaboration and economic growth.
An impressive completion rate of 96 percent underscores the commitment of participants to seize this opportunity.
Small business owners who are eager to unlock the immense power of their enterprises can take a significant step forward by applying to the prestigious Goldman Sachs 10,000 Small Businesses program. This transformative opportunity allows entrepreneurs to unleash their full potential, driving economic prosperity and job creation while leaving a lasting impact on their communities.