As the First Goldman Sachs 10,000 Small Businesses-Greater Philadelphia Class Graduates, Owners Growing Businesses, Creating Jobs
On September 7, a group of 23 entrepreneurs graduated from the inaugural class of the Goldman Sachs 10,000 Small Businesses- Greater Philadelphia program. These business owners are a highly diverse group, representing the city and suburbs, three states and a wide variety of industries from manufacturing to food and technology, but they also have much in common – a proven track record and a willingness to learn from and share with peers.
The business leaders have spent 14 weeks – roughly 100 class hours – at the Community College of Philadelphia studying a business and management curriculum designed by Babson College and customized by Community College of Philadelphia faculty. The curriculum covered accounting, human resources, negotiation and marketing, among other topics. The program also included one-on-one business advising, accounting workshops and advice from Goldman Sachs professionals. As a final part of the class, business owners in the Greater Philadelphia cohort had to present their growth plans before the graduation ceremony. Philadelphia Mayor Michael A. Nutter, Nicole Pullen Ross, Mid-Atlantic Region Head of Goldman Sachs, and Judith Gay, Ph.D., interim president at the College, were on hand to offer congratulations and note the significance of their efforts to the entire region.
“We are delighted to bring 10,000 Small Businesses – Greater Philadelphia to a region that is rich in history, talent and creative energy,” says Mayor Michael A. Nutter. “Small businesses spur economic growth in our neighborhoods, supply our fastest growing industries and generate new ideas. Philadelphia is a great fit for this initiative because of our continuing emphasis on business growth and job development.”
Dr. Gay says the first class already is lengthening the ladders of opportunity across Delaware, New Jersey and Pennsylvania. “As small businesses grow, there are more jobs for our college graduates, greater security for working families and new vitality for neighborhoods. Our College is pleased to be a part of this collaborative approach to economic development. It allows us to expand the range of services we provide to small- and family-owned businesses at the Northeast Regional Center.”
“The small business owners who are graduating are strengthening the Philadelphia economy by the jobs they’re creating and the revenues that their businesses are generating,” said Nicole Pullen Ross of Goldman Sachs. “We are pleased to work with our local partners in this program as we continue to strengthen our longstanding commitment to the Philadelphia region.”
Philadelphia Industrial Development Corporation (PIDC) and Community First Fund – in a separate but complementary part of the program – originate loans to small businesses. Businesses do not have to take classes to submit loan applications.
Manuel Trujillo, president and CEO of Swain Techs, was selected by the 22 other graduates to represent them at the ceremony. He credits the program with teaching him the language of business and financials. “I was able to immediately answer all the bankers’ questions by using the model we were given and simulating real-time scenarios with them. This increased their confidence that I had the ability to manage the growth in my business. As a result, I recently received access to $1.5 million in financing. Just a few months ago, I asked to borrow $300,000 and was rejected four times before eventually receiving a $50,000 loan.”
“It has been a humbling experience to see how much you learn from other successful entrepreneurs and scholars,” Trujillo says. “We all come from different industries and backgrounds, but we learned quickly we share the same struggles. It made me realize we all have been there, and we can learn from each other.”
Goldman Sachs 10,000 Small Businesses is a $500 million program that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth for small businesses. The program is operating fully in 9 sites including Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York, Philadelphia, and Salt Lake City, as well as 6 capital-only states including Kentucky, Montana, Oregon, Tennessee, Virginia and Washington. Goldman Sachs and the Goldman Sachs Foundation are committing $20 million to the program in the Greater Philadelphia area.
Goldman Sachs opened its Philadelphia office in 1920. Over this period of time, the office has supported the Equities Division, Fixed Income Division and Investment Management Division. Today, the office is a Private Wealth Management Office with a team of more than 60 employees. In July, Mayor Michael A. Nutter announced a $375,000 donation from Goldman Sachs Gives, the firm’s donor-advised fund, to the Philadelphia Youth Network to support the 10,000 Summer Jobs Challenge and increase the number of WorkReady enhanced summer internships offered to Philadelphia youth.
Small businesses provide jobs for over half of the city’s private sector workforce. Applications for 10,000 Small Businesses are accepted on a rolling basis at Community College of Philadelphia, with those who apply by October 21 considered for the program beginning in January. The program is open to all residents of the Greater Philadelphia region. Applications can be downloaded at www.ccp.edu/10KSB.
For more information on how PIDC can assist your small business with a Goldman Sachs 10,000 Small Businesses Loan please contact Chamor Hollinger at 215.496.8157 or