Goldman Sachs is Showing the Ropes to Small Businesses

Goldman Sachs is continuing its 13-year tradition of adding support to the backbone of America’s economy — small businesses — by handpicking owners each year for an intensive course in entrepreneurship. The company is accepting applications now.

The no-charge 10,000 Small Businesses program was launched in 2009 during the financial crisis as a way to give back while cleaning up its tarnished reputation, the Wall Street Journal reported on Tuesday (Sept. 20).

Goldman carefully selects more than 1,000 business owners each year for a 10-week or 12-week online or in-person course offered in New York, New York, as well as in 19 other states, according to the program website.

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“Driving inclusive economic growth starts with supporting small businesses,” Asahi Pompey, a Goldman partner who oversees the program, told the WSJ. She added that roughly 50% of total private-sector employment in the country is because of small businesses.

Since the program’s inception, Goldman has invested roughly $750 million in total for 10,000 Small Businesses and recently in the U.K. and France. More than 65% of the graduates have increased their revenue six months after graduation, according to the Goldman Sachs 10,000 Small Businesses Alumni report. The completion rate is 96%, with half being women and 40% being minorities.

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Close to 13,000 small business owners from all 50 states, Washington, D.C. and Puerto Rico have graduated from the bank’s 10,000 Small Businesses program. Aside from getting a deep education in business basics, scaling and marketing, the program also helps small business owners gain access to capital and make connections with lawmakers, per the program website.

At the program’s ​​10,000 Small Businesses Summit in Washington, D.C. July 18-20, more than 2,500 program alumni came together to gain insight from policymakers and visionaries and advocate for their needs. Speakers included Warren Buffet, Michael Bloomberg, George W. Bush, and other distinguished business leaders and entrepreneurs.