Program Commits $10-Million Investment to Help Create Jobs and Spur Economic Growth
Morgan State University President David Wilson joined Baltimore Mayor Catherine E. Pugh, Maryland Gov. Larry Hogan, Founder of Bloomberg L.P. and Bloomberg Philanthropies Michael R. Bloomberg, investor Warren Buffett and Goldman Sachs Chairman and CEO Lloyd C. Blankfein to announce a $10-million commitment to continue the Goldman Sachs 10,000 Small Businesses program in Baltimore. The program is designed to help create jobs and spur economic growth. The financial commitment in Baltimore, made by Goldman Sachs and Bloomberg Philanthropies, marks the first-ever co-investment in the Goldman Sachs 10,000 Small Businesses program and will be used to provide a practical business education and access to capital for small business owners.
A consortium of local program partners, which includes Morgan, The Johns Hopkins University and the Community College of Baltimore County, will coordinate the 10,000 Small Businesses program implementation. Morgan will lead the educational instruction in addition to aiding in the business owner recruitment and cohort networking components of the program delivery.
“Bringing this program to Baltimore is great for our city and will support its continued success in producing entrepreneurs,” said Morgan President David Wilson. “As an anchor institution, Morgan is committed to the city’s economic growth and development. We are honored for the opportunity to participate in this important public-private partnership and work collaboratively to move Baltimore forward in meeting that goal.”
“Baltimore is an enterprising city, and we are grateful to Goldman Sachs 10,000 Small Businesses and Bloomberg Philanthropies for choosing to invest in our local entrepreneurs,” said Mayor Pugh, who is a graduate of Morgan’s bachelor’s and master’s degree programs in business administration. “Through this commitment, we look forward to accelerating their potential not only as business owners, but also as job creators and community leaders.”
The announcement today took place at Baltimore Center Stage, after the completion of two pilot sessions of Goldman Sachs 10,000 Small Businesses in Baltimore, which ran from January through July this year, with 59 local small business owners. During the ceremony, President Wilson conferred the names of the graduates from the first cohort. The next classes, which will be held on Hopkins’ campus, will begin in November 2017 and end in March 2018. The sessions will cover finance, accounting, leadership, negotiations and business operations, among other related topics. The program also includes one-on-one business advising and accounting workshops.
The Goldman Sachs 10,000 Small Businesses initiative offers:
- Business and Management Education: Small business owners will have access to a free practical business education through which they will develop a business growth plan to help them increase revenues and hire new employees.
- Access to Capital: The program is working to build the capacity of local, mission-driven lenders to increase opportunities for business owners to access capital.
- Business Support Services: Business advising and networking will be offered to participating small business owners through partnerships with community-based and national business organizations, as well as the people of Goldman Sachs and Bloomberg L.P.
The funding comes on the heels of Bloomberg’s American Cities Initiative, which focuses on an extensive set of new and expanded programs intended to strengthen U.S. cities, promote bold leadership and create new opportunities for problem-solving in city halls.
To date, nationally, Goldman Sachs 10,000 Small Businesses has reached more than 6,300 small business owners across 14 U.S. education sites. Approximately 70 percent of participants report increasing their revenues just six months after graduating, and approximately 50 percent of participants report creating a net increase in jobs in that same time period. The vast majority of program alumni, 85 percent, do business with each other, demonstrating the power of the peer-to-peer network created in the 10,000 Small Businesses classrooms.
Eligible small businesses should have annual revenues above $100,000; have been in operation for at least two years; employ at least two full-time workers and have a desire to grow and create jobs. This is a free program, and applications for the next cohort are open and available at https://10ksbapply.com/baltimore.
Morgan State University, founded in 1867, is celebrating its 150th year of excellence in higher education. A Carnegie-classified doctoral research institution, Morgan offers more than 100 academic programs leading to degrees from the baccalaureate to the doctorate. As Maryland’s designated Public Urban Research University, Morgan serves a multiethnic and multiracial student body and seeks to ensure that the doors of higher education are opened as wide as possible to as many as possible. For more information about Morgan State University, visit www.morgan.edu.
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Clinton R. Coleman or Larry Jones