NEW ORLEANS – Tomorrow, more than 90 entrepreneurs representing three classes of participants will graduate at Delgado Community College from the Goldman Sachs 10,000 Small Businesses program, bringing the total number of graduates to more than 500 from the Greater New Orleans region. 2016 marks the 5th year anniversary of Goldman Sachs 10,000 Small Businesses’ partnership with Delgado Community College in New Orleans, dedicated to helping small businesses create jobs and economic opportunity. The graduates join more than 7,100 business owners who have benefited from the program nationally.
The graduation ceremony will take place Thursday, October 13, 2016, at the Delgado Community College City Park Campus, 615 City Park Ave,. in the Student Life Center, at 11:00 a.m.
President of Greater New Orleans Inc. Michael Hecht, head of Goldman Sachs’ Atlanta office Steven Nowak, and Delgado Community College Chancellor Joan Davis will address the graduates.
Over the past year, business owners who took part in the program represented industries that include construction, manufacturing, food service, retail and transportation. Together, these businesses employ more than 1,300 people and represent over $100 million in revenues. Participants received practical business and management education, business support services and access to capital to help their businesses grow.
Stimulating Small Business Growth, a report released this year by Babson College, demonstrates that 10,000 Small Businesses graduates consistently grow their revenues and create jobs at rates that outperform the broader economy. Nearly 70 percent of participants report increasing their revenues and 50 percent report creating net new jobs just six months after graduating, program reps said. In addition, the program maintains a 99 percent graduation rate and 85 percent of graduates are doing some form of business with each other.
“Each graduate of the Delgado Community College program deserves recognition for a substantial time commitment dedicated to completing a rigorous training program that has repeatedly proven to help grow businesses,” said David Payton, executive director of the Goldman Sachs 10,000 Small Businesses program at Delgado Community College. “We are proud to honor more than 90 business owners whose lives and companies have been transformed because of their investment in themselves, their businesses, and in the local economy.”
With a network of more than 100 local and national partners, 10,000 Small Businesses has served more than 7,100 small business owners through 31 sites across the U.S. and UK, including a national blended learning program, who represent all 50 states, Washington D.C. and Puerto Rico.
A $500 million investment by Goldman Sachs and the Goldman Sachs Foundation supports the project in partnership with Babson College and the Initiative for a Competitive Inner City. Local partners in New Orleans include the City of New Orleans, Delgado Community College, Greater New Orleans, Inc., Hope Enterprise Corporation, Louisiana Small Business Development Center, The Idea Village and The Urban League of Greater New Orleans.
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Small business owners from across the Greater New Orleans and Gulf South region are invited to apply for the next cohort of the Goldman Sachs 10,000 Small Businesses scheduled to begin in January at Delgado Community College. The deadline to apply is Friday, October 14, 2016.
Goldman Sachs 10,000 Small Businesses is a training program designed to help entrepreneurs, poised for growth, develop valuable skills to grow their businesses and provides them with information about accessing financial capital and powerful networking opportunities—at no cost, program reps said. Since 2011, more than 445 entrepreneurs have benefited from the Greater New Orleans program and have continued to work together, they said.
Participants can expect one-on-one business coaching, legal and financial clinics, workshops, and a dynamic network of peers and experts. Small business owners will also learn to identify and evaluate opportunities, embrace practices that increase business growth, and ultimately develop a comprehensive growth plan for their businesses.
“Goldman Sachs 10,000 Small Businesses has been a tremendous help to keep me focused on the growth of my business,” said Simone Bruni of Demo Diva. “The program allowed me to become more focused and aware of the mechanics of running a business, paying particular attention to financial statements. I also learned how universal and similar the challenges to running any size business are, and the alumni network has proven to be a valuable asset.”
Program reps said applicants must demonstrate a commitment to growing their businesses and creating jobs within the community and meet the following criteria:
• Owner or co-owner of a business,
• Business in operation for at least two years,
• Business revenues over $150,000 in the most recent fiscal year; and
• Minimum of four employees, including the owner.
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services, program reps said. Goldman Sachs and the Goldman Sachs Foundation are committing $20 million to the program in the Greater New Orleans area.
