Goldman Sachs 10,000 Small Business
by Lorine Parks
Calling all small businesses! Goldman Sachs has a growth plan for you, and a no-charge consultation if you qualify.
A small business is one that has been in operation at least two years, grosses between $150,000 and $4,000,000 yearly and has at least four employees, including the owner.
Interested? Lisette Flores, from the Southern California Regional Center for Ten Thousand Small Businesses, stressed the areas of concern that are covered in an intensive twelve-week course: management of human resources; management of finances; marketing; education in business practices; access to capital, and business support. Courses are given locally at Long Beach City College.
The top challenges reported by business owners are: finding and keeping customers (30%); financing their business (21%); and developing and updating a business strategy (18%).
Within six months of completing the course, more than half of the businesses report increased revenue and many have added jobs. Nearly 1300 small businesses have completed the program, since it was launched in 2008.
Goldman Sachs can find access to capital at interest rates as low as 2%. Other benefits include greater fluency with financial statements, and closing the gender salary gap.
A lively question and answer period followed.