Cleveland gets economic boost

By JAMES W. WADE III

Staff Reporter

Mayor Frank G. Jackson announced a partnership between the City ofCleveland,CuyahogaCommunity College(Tri-C) and the Goldman Sachs 10,000 Small Businesses initiative to helpClevelandarea small businesses gain crucial education, business support services and access to capital. Goldman Sachs and the Goldman Sachs Foundation are committing $15 million to the program inCleveland.

“For the past several years, our office of Economic Development has worked to help small and medium size businesses become successful,” said Mayor Jackson. “This partnership with Tri-C and Goldman Sachs 10,000 Small Businesses aligns withCleveland’s focus on helping small businesses, including minority and women owned businesses, become better positioned to create economic growth and jobs.”

The initiative takes an integrated approach based on the broadly held view of leading experts that a combination of education, capital and support services best addresses the barriers to growth for small businesses.  It is a priority for the program that the businesses and business owners that are selected will be diverse and representative of the local community inCleveland. 

“Clevelandhas all of the components we look for in a partner for 10,000 Small Businesses: economic need, strong local partners and a scalable small business sector,” said Gary Cohn, president/CEO of Goldman Sachs.

“The city has a significant appetite for entrepreneurial education and access to capital and has local leaders dedicated to supporting small business growth and job creation.”

This is part of a larger Goldman Sachs project.Clevelandis the 7th city to be involved with this great program. The program is now operating inNew York,Chicago,Los Angeles,Long Beach,New OrleansandHoustonand will continue to expand to communities across the country.

The Mayor was excited to have this economic boost come toCleveland. The city has partnered with Gary D. Cohn, President, Goldman Sachs, Dr. Jerry Sue Thornton, President, Cuyahoga Community College, Dina H. Powell, President, Goldman Sachs Foundation, Steve Millard, President, COSE, Ray Leach, CEO, JumpStart Inc. Carlos Fuentes, Board Chairman, Northeast Ohio Hispanic Chamber of Commerce, and Marsha Mockabee, President and CEO, Urban League of Greater Cleveland.

Tri-C is leading the business and management education program for 10,000 Small Businesses inCleveland and is also working with local organizations to encourage small businesses to apply for the education and/or capital program components.

“CuyahogaCommunity Collegehas focused on providing high quality, accessible and affordable educational opportunities and services since we opened our doors nearly 50 years ago. The College is committed to working with local partner organizations to deliver an integrated and targeted outreach effort to recruit, educate and support highly qualified participants who have potential to succeed in the program, grow revenue and create jobs.  We are looking forward to working with the small business owners who are participating in the 10,000 Small Businesses program,” said Dr. Jerry Sue Thornton, President,CuyahogaCommunity College.

The Goldman Sachs 10,000 Small Businesses initiative will offer:

• Business and Management Education: Small business owners will have access to a practical business education delivered in partnership withCuyahoga Community College,Ohio's oldest and largest public community college providing high quality, affordable education and programs to students inCleveland. Small business owners will develop a business growth plan to help them increase revenues and hire new employees.
• Classes will be free to business owners accepted through a competitive application process. Applications are currently available online. Classes will begin in September 2012.
• Access to Capital: Goldman Sachs is committing $5 million in grant funding for program partners and $10 million of lending capital to greaterCleveland area small businesses. The loans will be managed and distributed by a network of local community-based partners.
• Business Support Services: Business advice, technical assistance and networking will be offered to participating small business owners through partnerships with the community colleges and national and local business organizations, as well as the people of Goldman Sachs.

The curriculum will be tailored to meet the needs of Clevelandbusiness owners. The program will last for 11 weeks with the first class starting in September. Business owners interested are asked to fill out an application online at http://www.tri-c.edu/10ksb.