Two Wayne State University Goldman Sachs 10,000 Small Businesses-Detroit scholars are the big winners in the New Economy Initiative’s 2015 NEIdeas $100,000 Challenge. Russell Street Deli and Public Lumber, both based in Detroit, were awarded $100,000 each to assist in expanding their businesses.
“Goldman Sachs 10,000 Small Businesses prepares local businesses to excel in NEIdeas and other funding competitions by putting forward a clear and attainable plan for growth. We support businesses poised for the next level to expand and add jobs in a strategic and sustainable manner,” explains Camille Walker-Banks, director of Goldman Sachs 10,000 Small Businesses-Detroit.
"The Goldman Sachs program has taught me several new ways to think about my business,” says Christa Sarafa, co-owner of Public Lumber and a current scholar in the program. “Since Public Lumber will be purchasing a high-speed moulder with our NEIdeas award money, we will soon be able to bulk stock select hardwood moulding profiles – something we don’t currently offer as a custom shop. I am learning to identify potential risks, as well as the most optimal market segment to target upon implementation. Other aspects of the program are going to help me immensely with both employee retention and talent acquisition, as we will also be hiring and training several new machine operators and warehouse staff with a portion of our grant money."
The New Economy Initiative launched NEIdeas in 2014 to assist existing businesses in Detroit, Hamtramck and Highland Park. The annual awards include $10,000 for 30 businesses grossing under $750,000 annually and $100,000 for two businesses that gross between $750,000 and $5 million annually.
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. Visit http://10ksbdetroit.com/ for more information.