PHILADELPHIA, Jan. 7, 2014— On January 11, a group of 27 entrepreneurs will graduate from the second class of Goldman Sachs 10,000 Small Businesses- Greater Philadelphia program.
These business owners represent a diverse mix of industries and professions including urban planning, manufacturing, funeral rites, web development, education, and retail. They come from cities and suburbs across the region and have two things in common– a proven track record and willingness to learn more.
The business owners have spent 14 weeks - roughly 100 class hours - at the Main Campus of Community College of Philadelphia actively engaged in an entrepreneurial business curriculum designed by Babson College and delivered by the community college faculty. The curriculum covered all elements of running one’s business, from money and metrics to marketing and sales. The program also included one-on-one business advising, accounting workshops and advice from top law firms and Goldman Sachs professionals.
The new graduates will meet with Philadelphia Mayor Michael A. Nutter at 1 p.m. on Saturday, January 11, and then gather for the ceremony at 1:30 p.m. in the Center for Business and Industry, located on 1751 Callowhill Street. The meet-and-greet with the Mayor will be held in room C2-5, and the ceremony in room C2-28.
Mayor Nutter, Nicole Pullen Ross, Mid-Atlantic Region Head of Goldman Sachs, and Judith Gay, Ph.D., interim president at the College will offer congratulations and remarks that note the significance of their achievements.
“The graduates of 10,000 Small Businesses-Greater Philadelphia represent the economic future of the Philadelphia region and we are proud to have this program in our city,” said Mayor Michael A. Nutter. “Small businesses add creative energy to a city rich in history and talent and, most significantly, they create jobs. My administration is committed to supporting the growth of small businesses throughout Philadelphia and the 10,000 Small Businesses program is just one more tool available to help us do that.”
Dr. Gay said that small businesses provide a range of opportunities to students and the College was pleased to offer a program that provides these job creators with a valuable resource.
“We are proud to be a key partner in a program that supports small businesses – the job engines of this region,” Gay said. “With this, our second graduating class, we now have a growing community of business scholars who can serve as a resource to each other as well as entrepreneurs to come.”
“We congratulate the small business owners who are graduating from the 10,000 Small Businesses program,” said Nicole Pullen Ross of Goldman Sachs. “Thanks to the dedication of our local partners in Philadelphia, the graduates are contributing to the local economy by growing their businesses and creating jobs.”
Philadelphia Industrial Development Corporation (PIDC) and Community First Fund – in a separate but complementary part of the program – originate loans to small businesses. Regional businesses do not have to take classes to submit loan applications.
Richard Goldberg, 31, president of Safian & Rudolph Jewelers in the city’s historic Jeweler’s Row, was selected by the other graduates to speak and represent them during the ceremony.
Safian & Rudolph has been in Goldberg’s family for 62 years, passed down from his grandfather, Manny Safian, in 1952. Goldberg said the classes and exercises provided new insights and useful tools. “It helped me to realize the importance of establishing metrics to track your growth and to better understand what is working and what is not,” he said. “If anything, after being around for so long, it was very important for me to reinvest, to come up with a growth plan moving forward to keep us around for another generation.”
Goldberg said as he began to develop a clearer, sharper vision for growth, he began to make plans to add another team member to the company’s current staff of eight. “I know I need to bring aboard a new hire to execute my ideas. It has helped me to take ideas that have been sitting on the back burner and bring them to reality,” Goldberg said.
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education, 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 active in urban and rural communities across the United States. Sites include Chicago, Cleveland, Houston, Long Beach, Los Angeles, Miami, New Orleans, New York, Philadelphia and Salt Lake City. Access to capital is also available in part of six states: 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. Applications for 10,000 Small Businesses are accepted on a rolling basis at CommunityCollege of Philadelphia, with February 10, 2014 as the deadline to apply for the next cohort. The program is open to business owners from across the Greater Philadelphia region. Applications can be downloaded at www.ccp.edu/10KSB.
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.