A new report released this week reveals that small business owners who have completed the educational component of the Goldman Sachs 10,000 Small Businesses program grow their revenue and create jobs at rates that outperform the broader economy. 

The report, titled Stimulating Small Business Growth: Progress Report on Goldman Sachs 10,000 Small Businesses, details the progress of the thousands of small businesses that have participated in the 10,000 Small Businesses program, launched to help entrepreneurs across the United States grow their business and create jobs.

The report, conducted by Babson College, is based on survey results from participants of the program across the U.S., including Southeast Michigan. The national findings show that, within six and 18 months of completing the program, alumni of the 10,000 Small Businesses program grow their revenue and create jobs faster than U.S. small businesses generally. The data for alumni of the Southeast Michigan program, based at Wayne State University, trends higher than the national results. 

• 73.5 percent of participants surveyed in the Detroit region realized increased revenues six months after graduating from the program, compared to 66.8 percent of program participants nationally.

• 51.9 percent of participants surveyed in the Detroit region added net new jobs six months after graduating from the program, compared to 46.2 percent of program participants nationally.

"We are seeing the results of the 10,000 Small Businesses program in all corners of Detroit," said Wayne State University President M. Roy Wilson. "Alumni are growing their businesses, creating new jobs and hiring locally, helping to bring back our neighborhoods and creating economic opportunity in Detroit and in Southeast Michigan. Wayne State University supports entrepreneurs and the community."

Camille Walker-Banks, director of 10,000 Small Businesses at Wayne State University said, "The findings in the Babson study confirm what our graduates have been reporting all along - that the 10,000 Small Businesses initiative is helping business owners grow and impact the economy in Detroit and the metro area. We're proud that our Detroit graduates are performing even higher than the national average. Several of our graduates have applied what they have learned from the program and have taken their business to a whole new level."

In metro Detroit, 125 small business owners have completed the 10,000 Small Businesses program. Steven Pierce, owner of Trainers Total Fitness and a recent graduate said, "After graduating from the program, I was able to successfully open a second location, have doubled our sales and the year isn't over yet!  I'm on fire!  It's been an amazing experience, causing my business to strategically expand into new markets with new products".  

About Goldman Sachs 10,000 Small Businesses 
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. 10,000 Small Businesses is funded by Goldman Sachs and the Goldman Sachs Foundation.

About Goldman Sachs 10,000 Small Businesses, Detroit
Goldman Sachs 10,000 Small Businesses, Detroit is based at Wayne State University and is administered in partnership with Macomb Community College and Oakland Community College. The program is currently accepting applications for its sixth cohort, launching in Fall 2015. Visit http://10ksbdetroit.com/ for more information.