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Goldman Sachs launches small business initiative in Miami

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Miami Dade College President Eduardo Padrón speaks at a press conference with (from left) Javier Palomarez, president and CEO of the U.S. Hispanic Chamber of Commerce; Dina Habib Powell, president of the Goldman Sachs Foundation; City of Miami Mayor Tomás Regalado; and Margaret Spellings, former U.S. secretary of education

Photo: Miami Dade College

​Miami Dade College (MDC) and Goldman Sachs on Tuesday announced a partnership to launch the Goldman Sachs 10,000 Small Businesses program in Miami.

The Goldman Sachs Foundation is committing $5 million to support the delivery of the program through MDC, geared toward small businesses located in the Greater Miami area. The initiative aims to create jobs and economic growth by providing small businesses in the area with practical business education and business support services.

“Miami Dade College has a long history of assisting local business owners in a variety of ways,” said MDC President Eduardo J. Padrón. “This partnership with Goldman Sachs will allow us to further address specific needs that will allow businesses to grow and flourish in our community. MDC is the ideal partner to deliver these services.”

A suite of services to help small businesses expand

Goldman Sachs 10,000 Small Businesses is a $500-million initiative to help small businesses in the U.S. create jobs and economic growth. The Greater Miami area will join sites in both urban and rural communities across the U.S., including Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York, Philadelphia and Salt Lake City, as well as six capital only states—Kentucky, Montana, Oregon, Tennessee, Virginia and Washington.

“Combining practical business education with networking and mentorship opportunities will give these Miami small business owners the tools they need to grow and create jobs,” said Dina Habib Powell, President of the Goldman Sachs Foundation.

Building a track record

Across the country, in initial results for 10,000 Small Businesses, about 63 percent of participants reported an increase in revenues, 47 percent reported creating new jobs and 76 percent are doing business with each other, according to Goldman Sachs. The program also has a 99 percent completion rate.

Goldman Sachs initiative yields results for small businesses

Teresa Lawrence, a graduate of the program in New Orleans, was present at the Miami announcement to commemorate the launch of the initiative there. The Cuban-American owner of Delta Personnel, a staffing company, has a special connection to the city and MDC’s Freedom Tower, where she and her family were processed upon entering the U.S. years ago. Now she is a successful business owner.

“This program is poised to help you grow,” Lawrence said. “They want you to keep going and going.”

“Small businesses–including mom-and-pops, tech start-ups and entrepreneurs of all kinds – are truly the backbone of our economy here in Miami-Dade County, and they account for most of our new and existing jobs,” said Carlos Giménez, mayor of Miami-Dade County. “So we welcome the arrival of Goldman Sachs 10,000 Small Businesses and the partnership that they are forging with Miami Dade College. This joint effort should lead to stronger local businesses and new jobs for our residents.”

A partnership within MDC

MDC will lead the delivery of the program, which will be offered through MDC’s School of Business in collaboration with the School of Continuing Education and Professional Development. Small business owners will develop a business growth plan to help them increase revenues and hire new employees. Classes are free to business owners who are accepted through a competitive application process.

Two-year colleges can provide vital support to small businesses

In addition, the college will work with community-based partners and business organizations to encourage small businesses to apply for the program and to provide business advice, technical assistance and networking to program participants. The program will begin in February.

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