Goldman Sachs Renews OCC 10,000 Small Businesses Grant

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Goldman Sachs has renewed its commitment to the 10,000 Small Businesses initiative at Oakland Community College with a two-year grant partnership renewal.

The program, which operates in select markets across the United States, helps existing business owners develop practical skills such as negotiation, marketing and employee management, as well as develop strategic, customized growth plans for their companies.

The initial grant to OCC and area partners was implemented as a five-year commitment. The new contract provides continues the program, a regional partnership that has helped startups like McClure’s Pickles, Walker-Miller Energy Services and McClary Bros. Vinegars refine their business plans.

“They are passionate about business growth and creating jobs in our communities,” OCC’s Tony Racka, one of the original program faculty members, said in a statement.

Danielle Love, manager of the OCC program, said the program in the Detroit market is outpacing others in two notable areas: revenue growth and job creation.

To graduate, participants have to complete more than 100 hours of study offered by a consortium consisting of Oakland Community College, Macomb Community College, Wayne State University and Babson College in Massachusetts.

Faculty are trained to deliver national curriculum to participants — small and medium-sized business owners who have a business poised for growth. OCC provides the lead faculty member, Kent Snyder, for the program.

“The dynamic of this group is very different from a typical business classroom. These entrepreneurs are taking time from their businesses, not pulling in income when they attend these sessions,” Racka explained.

“They are not looking for a traditional MBA or the theory behind larger corporate strategies.
he said. “They want practical and implementable curriculum with a focus on small and medium business. The tone is refreshing, with a nervous tension in the room, in a very real environment.”

A tenet of the program is that many big, successful companies were once small, entrepreneurial startups.

“These business owners are taking big risks and working the American dream,” Love said. “It’s exciting to see the successes. Our graduates are ambitious, hustling entrepreneurs.”

One of the hallmarks of the program is a five-year growth plan students are asked to develop for their businesses. The plans are then reviewed by business analysts.

Access to capital is a significant piece of the program as well. Several graduates are recipients of Goldman Sachs capital loans and many receive alternative sources of funding as part of the Community Development Financial Institutions Fund (CDFI).

The next cohort (sixth in the program), begins Nov. 6 and ends March 5, 2016. All classes are taught by OCC and MCC faculty and held in Detroit at WSU or TechTown.

Recruiting for the next cohort begins early 2016; applications are due June 2016.

Program eligibility includes businesses that have been in operation for at least two years andare poised for growth with revenues of more than $100,000 in the most recent fiscal year. Owners or co-owners of the business are accepted and the business must have at least two employees (including the owner). The type of business does not matter. More information is found here.

» Screenshot via Oakland Community College