Goldman Sachs announced last week that it will bring its 10,000 Small Businesses (10KSB) initiative to Cleveland. The initiative commits $500 million to entrepreneurial education, access to capital and technical assistance services. Goldman Sachs and the Goldman Sachs Foundation have pledged $15 million to Cleveland.

Cleveland is the seventh city to host a 10KSB. Unlike many organizations in Cleveland that focus on startups, this program is designed for existing small business owners who are ready to grow their companies and create jobs.

“We’re really excited about this because it fills a gap,” says Jumpstart CEO Ray Leach, who has been in talks with Goldman Sachs for nearly a year about bringing the initiative to Cleveland. “It puts a new focus on the segment of the market that includes existing low-tech, medium-tech and high-tech companies that have been in business for a while.”

Other local organizations involved are Tri-C, the Urban League, the Northeast Ohio Hispanic Chamber of Commerce and COSE.

Leach says Goldman Sachs saw Cleveland as primed for growth. “The entire ecosystem in Northeast Ohio is already pretty robust, so if they brought the program here it could generate jobs more quickly,” he explains. “The philanthropy will go further here than in an area less organized.”

Tri-C will host the 11-session course beginning in September. The course is intended to be a practical business management education program that helps entrepreneurs develop skills they need to grow a company. Selected participants receive a series of one-on-one business advising sessions from professionals to help develop a tailored plan for growth.

Business owners eligible to apply for the program generally have been in business for two years or more and typically have at least four employees and a revenue stream of $150,000 to $4 million per year. Applications for the free September session are being accepted through July 2. Future sessions will be offered on a quarterly basis.

Source: Ray Leach
Writer: Karin Connelly