Goldman Sachs 10,000 Small Businesses Detroit celebrates the graduation of 80 small-business owners who have completed a rigorous education, coaching and business support module and are ready to deepen their contributions to Southeast Michigan’s economy. The event takes place on Wednesday, May 17 at 3 p.m. at Wayne State University’s St. Andrew’s Hall, 918 Ludington Mall (Anthony Wayne Dr. & W. Warren Ave.), Detroit.
The Goldman Sachs 10,000 Small Businesses initiative aims to help create jobs and economic growth by providing small-business owners in the area with practical business education, business support services and access to capital. The program is active in urban and rural communities across the US. Results of the program nationally have shown that 18 months after graduation, 76% of participants reported an increase in their revenues and 57% reported creating net new jobs. In addition, the program has a 99% graduation rate and 84% of graduates are conducting business with each other. Including the May 2017 graduates, there are approximately 260 10KSB alumni doing business in the Detroit region.
“Small Businesses are playing a huge role in the revitalization of Michigan’s and Detroit’s economy,” says Camille Walker-Banks, director of the 10,000 Small Businesses Detroit program. “Our graduates exceed the national average for revenue growth and are making meaningful contributions to their neighborhoods and the economic health of the region.”
Numerous 10KSB alumni have recognized major milestones following graduation from the program, including appearing on ABC’s Shark Tank (McClary Bros.) or winning the NEIdeas $100,000 Challenge (Public Lumber and Millwork, Louisiana Creole Gumbo). Graduation speakers include three 10KSB alumni: Gwen Jimmere, CEO of Detroit-based beauty brand Naturalicious, Linda Schlesinger-Wagner, founder of Birmingham-based skinnytees, and Thanh Tran, owner of Madison Heights-based AccelerateKid.
The 10,000 Small Businesses Detroit program is accepting applications for its next cohort, which begins in September 2017. The program is open to businesses that have been in operation for at least two years, have a minimum of two employees and have recorded revenue of at least $100,000 in the last fiscal year. For more information, visit http://10ksbdetroit.com.
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help entrepreneurs create jobs and economic opportunity by providing them with greater access to education, financial capital and business support services. The program currently operates in 17 markets in the U.S. through a network of more than 90 academic and community partners and the program continues to expand on a city-by-city basis. 10KSB Detroit is housed at Wayne State University and is led by Wayne State, Macomb Community College and Oakland Community College.