MDC, Goldman Sachs partner for small businesses

Initiative aims to create jobs and economic growth in Miami

Ashley Montgomery | 11/21/2013, 9 a.m.
Goldman Sachs and Miami Dade College [MDC] have announced a partnership that is expected to help small businesses in Miami ...
John A. Hall

Goldman Sachs and Miami Dade College [MDC] have announced a partnership that is expected to help small businesses in Miami flourish. The 10,000 Small Businesses program is aiming to create jobs and economic growth by providing small businesses with the tools and services needed to succeed.

John Hall assumes the role as executive director of this partnership between MDC and Goldman Sachs, one of the most successful investment banking companies in the world.

This three-month educational classroom experience allows business owners to skyrocket into the next level. Business owners will gain skills in negotiation, marketing and employment management, creating and executing a business plan, identifying and evaluating opportunities, understanding financial statements and more. Goldman Sachs Foundation is committing $5 million to kickstart the program through MDC.

There will be three classes per year for the next five years and the focus is to get more than 54,000 small businesses to participate.

“We are encouraging specifically those who meet all requirements to apply to this nationally renowned program,” Hall said.

In particular, Hall pointed out that there is an extreme interest in obtaining all races into this institution.

“Having a Black executive director shows that the partners have an interest in all minorities,” Hall said.

Hall has already made presentations to the Miami-Dade Chamber of Commerce and the Beacon Council — proof, he says, that the program is serious about reaching out to all ethnic groups in greater Miami. And while the program is new to Miami, the South Florida initiative becomes the 16th location in the U.S.

Moreover, the program has a 99 percent graduation rate with approximately 63 percent of the participants reporting an increase in revenues and 76 percent now doing business with each other.

MDC will lead the program, which is offered through MDC’s School of Business in collaboration with the School of Continuing Education and Professional Development. This program is encouraging entrepreneurs of all kinds — mom-and-pops, tech start-ups, owners and co-owners to apply for the program to learn from two entities with proven track records to grow a small business.

“This is an excellent opportunity for entrepreneurs to experience upward mobility,” Hall said.

Applicants should be aware of the Nov. 22 deadline for the first of the three cohorts that is slated to begin Feb. 17. If interested in applying to this program, you are encouraged to visit www.mdc.edu/10ksb to download the application.