By: Lynne Jeter, Magnolia Tribune
(Photo credit: Tom and Kasi Beck)
On Friday, 23 Mississippi entrepreneurs represented the inaugural class to graduate from the Goldman Sachs signature business-education program, 10,000 Small Businesses (10KSB).
Fifteen years ago, Goldman Sachs launched the 10KSB with a $500 million initiative investment to help grow 10,000 small businesses across the nation and to create jobs by providing them with greater access to business services, education, support services, and pathways to capital for growth-oriented entrepreneurs.
“We have no plans to slow down because we know that small businesses are indeed the engines of growth,” said Asahi Pompey, global head of corporate engagement and chair of the Urban Investment Group at Goldman Sachs.
To make sure rural areas were well represented, in 2023, Goldman Sachs launched a $100 million commitment to invest in rural small businesses. The ambitious goal involves reaching 20 states in five years; Mississippi represents the 10th state. The team is ahead of schedule.
“Why Mississippi? A couple of reasons,” said Pompey. “We know that entrepreneurs in rural communities face significant barriers to growth, networking, and access to capital and resources. This initiative was designed to help break down those barriers and to create more economic opportunities in places that can sometimes be overlooked.
“We saw and understood the rich history of the state of Mississippi and noticed that 99 percent of businesses in Mississippi are small businesses. So, this is Goldman Sachs answering the call.”
Of the cohorts graduating, three come to mind for Pompey.
“Jeff Smith (from Brandon) owns Home Tours Pro,” she said. “When you go online to look at a real estate website, you see those gorgeous pictures and videos. That’s what his company does, provides real estate media services to real estate companies and to homeowners. Jeff applied to our program because he wanted to learn more about access to capital and about how to run a business.”
Christina Berry, owner of Sippsi Good Tea in Brandon, applied to the program to gain access to capital, critical resources, and to network to scale her business.
“In fact, she went from a pop-up shop, and in the next week or so, she’s going to be opening her first brick-and-mortar,” she said.
Heather Boyd of Poplarville started Delta Dawn Gifts to sell specialty items, clothing, and home décor.
“It’s one of those kinds of stores that I would want to go into and shop,” said Pompey. “Heather realized that being a small business owner can sometimes be a very lonely endeavor. She wanted to be part of a community of business owners, and she wanted to become sharper. Her business has grown from the attic in her home to a bonafide business.”
To fulfill graduation requirements from the Goldman Sachs 10KSB program, or an MBA, as Pompey pointed out, participants follow an intense 12 weeks of instruction with a curriculum of 10 modules that focus on various topics – money and metrics, leadership and results, management and hiring, marketing and sales, operations and technology, planning and forecasting, legal considerations, negotiations, et cetera. It’s free of charge to the business owner.
“Graduation is a really important day, but we also focus on what happens afterward,” said Pompey. “Did you create jobs? Did you grow your revenue? Did you put that growth plan in place to offer a new product or service?”
To that end, Goldman Sachs surveys business owners six months after, and one year after, completing the curriculum.
“Our data shows that 60 percent of our rural small business owners who have completed the 10KSB program create jobs in their communities within six months of graduation from the course,” said Pompey. “Sixty-eight percent have boosted their revenue within six months of graduation. And nearly 90 percent say they feel ready to execute their growth plan and vision for their business. These are numbers you typically don’t see within six months.”
Graduates of the program also have access to Goldman Sach’s National Cohort of 10,000 Small Businesses.
“We’ve set aside $20 million to support and empower the growth of small businesses in partnership with the Hope Enterprise Corporation,” explained Pompey. “Our business owners would be able to apply to Hope for a capital facility to grow their businesses.”
Hope Enterprise Corporation is a Mississippi-Based Community Development Financial Institution (CDFI).
Pompey pointed out that Goldman Sachs doesn’t receive any benefit from the program “except helping small businesses, which we know powers the economy. When small businesses rise, America rises,” she said.
How can entrepreneurs apply to the Goldman Sachs 10KSB program?
“We have multiple channels to make sure we’re reaching business owners, and one of them is Hinds Community College,” said Pompey. “We also advertise through the Goldman Sachs website and work with chambers of commerce to get the message out.”
Graduation festivities for the Goldman Sach’s 10KSB inaugural cohort class took place Friday at the Old Capitol Museum.
John F.W. Rogers, executive vice president of Goldman Sachs, Bill Bynum, CEO of the Hope Enterprise Corporation, State Treasurer David McRae (R-MS), and Pompey were the featured attendees.
Graduates of Goldman Sach’s First Cohort of 10KSB program
Alicen Blanchard, Blanchard Group LLC
Heather Boyd, Delta Dawn Gifts
Polly Briggs, WaxClubSTK
Dr. Wendy Ballenger, Charmed Direct Primary Care
Matty Bengloff, Delta Dairy
Christina Berry, Sippsi Good Tea
Stephen Brown, Briarwood Arts Center
Kevin Cox, RCI Delta
Angela Criddle, Angela Criddle Agency LLC
Stephanie Garneau, Legacy Photography
Anthony Griffin, Griffin Construction and Roofing
Liz Hoop, Hoop Cares LLC
O’Neal McAfee, McAfee Safety Analysis INC
Debbie McClennon, SVP Kids SVP TV Network, INC
Kiana Pauline Moore, Total Body Submersion LLC
Chad Murchison, Oxford Printing Company
Anna Powers, The Congruent Life, LLC
Susan Santos, Quality Marine Staffing, LLC
Jeff Smith, Home Tours Pro
Elizabeth Upchurch, Fresh Ink
Vic Valera, VPM Construction
Rashida Walker, W Real Estate, LLC
Makeba White Chanay, B1 Nursing Care