The initiative is a $500 million program that will assist the growth and job-creation potential of 10,000 small businesses across the country through education, funding and support.
Detroit small business owners will be assisted in the following ways:
They will have access to a practical business education delivered in partnership with Macomb Community College, Oakland Community College and Wayne State University.
Goldman Sachs is committing $15 million of lending capital to two intermediaries – Invest Detroit Foundation and Detroit Development Fund – which will use the funds to make loans to small business owners in the area.
Business advice, technical assistance and networking will be offered to participating small business owners through partnerships with community-based partners, national business organizations, and Goldman Sachs.
Organizations such as Midtown Detroit, SBTDC, Michigan Minority Supplier Development Council, DEGC, Detroit Regional Chamber, TechTown and Eastern Market will be key partners in helping with the recruitment of small business owners and entrepreneurs.
Detroit favorites, Sweet Potato Sensations and Savorfull, a Bizdom company, have already been accepted into the program.
“I am extremely grateful and excited for the opportunity to be one of the selected businesses in Detroit. Now that we are proving out our business model and gaining traction in the marketplace, this program can help us accelerate and focus on continuing to build in a positive direction,” said Stacy Goldberg, CEO and Founder of Savorfull.
“Different than Bizdom, this program focuses on putting together a comprehensive business plan once you have consistent revenues in order to better your position for access to capital and larger strategic partnerships and contracts. I am particularly excited about learning from the experienced professionals in the business sector and the professors teaching from the Babson College-based curriculum. After attending the luncheon at Eastern Market, I’m also pleased to learn that many of my classmates have businesses in the food space. Overall, there is a lack of capital funding for food businesses in Michigan, and from listening to Warren Buffett, Dan Gilbert and Debbie Stabenow, I believe this program could change that very challenge. This is a huge opportunity for businesses such as Savorfull, and I look forward to continuing my lifelong learning journey to take my business to the next level,” Goldberg explained.
The program will begin in March 2014. Applications for the education component of the program are being accepted now at www.10ksbdetroit.com.
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