Goldman Sachs 10,000 Small Businesses will work with InnoPower and Recorder Media Group to build out a more equitable small business ecosystem in Indianapolis after participating in the 2020 InnoPower Minority Business Conference. Goldman Sachs 10,000 Small Businesses helps entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services.
"At the beginning of February, there were more than 1 million Black-owned businesses in the U.S. By mid-April, 41% of these Black business owners had shuttered their company for good. With data like this, it is important that we bring resources and partners like Goldman Sachs to Indiana to support minority businesses as they come out of this economic downturn" said Emil Ekiyor, founder of InnoPower and former NFL player.
"Entrepreneurship is a powerful economic growth tool for our city and state, but there has been a lack of emphasis on issues of equity and inclusion in Indiana's small business community. As the Indianapolis Recorder celebrates its 125th anniversary and we continue to improve digital, statewide coverage through the Indiana Minority Business Magazine, Recorder Media Group is excited to link arms with both InnoPower and Goldman Sachs to position the communities we serve for success over the next 125 years," said Robert Shegog, President and CEO of Recorder Media Group.
"The easiest way to describe the program is that it's a practical hands-on business education," said Sonia Moin. As senior director of urban business initiatives, Moin manages ICIC’s partnership with the Goldman Sachs 10,000 Small Businesses program. "It's important for us to partner with organizations like InnoPower and the Indianapolis Recorder. They are the community ambassadors. I can show up in a market and the small business owners are not going to know me, but they may know someone from the Recorder.”
The initiative has a wealth of success stories. “It helped me to plan better and to forecast better in my business going forward,” said George Pillow, a 10,000 Small Businesses alum and president and CEO of Pillow Logistics. According to Goldman Sachs, within six months of completing the program, approximately 69% of alumni report growing revenue and 48% of them have added jobs. To date, more than 9,700 business owners have graduated from the program.
Goldman Sachs 10,000 Small Businesses is offered at no cost to the business owner — every business owner selected receives a full scholarship funded by the Goldman Sachs Foundation. For more information or to apply for the program, visit bit.ly/InnoPower10KSB.