LONG BEACH, Calif., July 8, 2015 /PRNewswire/ -- Hundreds of Southern California business owners are expanding their operations, realizing increased revenues and hiring more employees as a result of their participation in the Goldman Sachs 10,000 Small Businesses program operated out of Long Beach City College.
Based on a report released today, 76 percent of all small business owners nationwide who completed the educational program grew revenue within 18 months of graduation and more than 57 percent created jobs in the same timeframe.
"The results are clear: Graduates of the 10,000 Small Businesses initiative are taking advantage of a well-designed program to expand their businesses, hire more employees and become even more dynamic companies," said Eloy Ortiz Oakley, President of Long Beach City College. "The power of investing in small business owners is evident. Our partnership with Goldman Sachs provides established business owners with world-class education, networking and other opportunities to realize their objectives."
"The latest report validates what hundreds of businesses owners already know – education never stops," said Long Beach Mayor Robert Garcia. "Thanks to this partnership between Goldman Sachs and Long Beach City College, more than 600 small business owners in Long Beach and around Southern California are realizing their dreams and taking their companies to new heights."
The report (Stimulating Small Business Growth) is based on survey results from approximately 2,300 program graduates from across the United States. Long Beach City College is the Southern California Regional Center for the program, and business owners from Bakersfield to San Diego access the classes through Long Beach City College and Los Angeles City College. Launched in 2009, the Goldman Sachs 10,000 Small Businesses program was designed with Babson College and provides established business owners with practical information to develop and implement plans for growth and to seek capital for expansion.
"We are so pleased to see that these results confirm that small businesses continue to play a central role in spurring economic growth and job creation in their communities and nationwide," said Dina Habib Powell, President of the Goldman Sachs Foundation and head of the firm's Impact Investing business. "The program is a success because of the dedication and commitment of partners like Long Beach City College."
Among other findings in the report is how business owners take the skills and lessons learned in the program to benefit employees. When entering the program 77% of businesses report providing on-the-job-training for all or most employees and 32% provide medical and/or dental coverage to all or most employees. Eighteen months after graduating, these rates rise to 86% and 43%, respectively, with an additional 20% of alumni providing these benefits to some employees.
"Southern California small business owners want to succeed, and they want to expand. The Goldman Sachs 10,000 Small Businesses program is carefully structured so these owners can continue running their businesses, while gaining the critical knowledge and insights to help them realize their dreams," said Regional Executive Director Vivian Shimoyama.
To see the full report, visit www.gs.com/10ksb.
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses in the United States create jobs and economic growth by providing entrepreneurs with a practical business education, access to 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. The program is active in urban and rural communities across the United States. Sites include Chicago, Cleveland, Dallas, Detroit, Houston, Long Beach, Los Angeles, Miami, New Orleans, New York, Philadelphia and Salt Lake City. Access to capital is also available in parts of eight states: Kentucky, Maine, Minnesota, Montana, Oregon, Tennessee, Virginia and Washington. For more information, visit www.gs.com/10ksb and follow 10,000 Small Businesses on Twitter: @GS10KSmallBiz
About Long Beach City College
Long Beach City College is one of the largest single college districts in the California Community College system. LBCC is a comprehensive college which provides quality educational programs and related services to nearly 30,000 students pursuing a wide range of degrees, certificates, transfer and other courses of study. LBCC is a driving force in the regional economy as the Southern California Regional Center for the Goldman Sachs 10,000 Small Businesses initiative, and lead host of the Los Angeles Regional Small Business Development Center Network. For more information visit: www.lbcc.edu or www.SoCal10KSB.com.
Babson College, ranked by U.S. News and World Report as the number-one undergraduate and graduate business school in entrepreneurship for 17 and 20 years running, respectively, led the design and development of the 10,000 Small Businesses curriculum and has trained more than 200 faculty and staff at local education program partners. The American Association of Community Colleges, LaGuardia Community College, Long Beach City College and Los Angeles City College informed the program's design and provided guidance on teaching adult learners from a variety of educational and geographic backgrounds. In 2010, Babson piloted the curriculum with Long Beach City College and Los Angeles City College in Southern California.
SOURCE Long Beach City College