Jobs Rebuild America: The Entrepreneurship Engine

By Marc Morial

President and CEO, National Urban League

Small businesses are critical to economic growth in the United States – and more specifically, to job creation.  They are the engine that keeps our economy going in times of both austerity and prosperity.  But they often need specialized training and resources to succeed.

In recognition of this, in 2009 the National Urban League joined forces with Goldman Sachs through the Goldman Sachs 10,000 Small Businesses initiative under our common goal to empower and grow communities. This innovative public-private partnership focuses on city-by-city job creation, strategic growth, and economic stability for small business owners in the United States by providing best-in-class business and management education, access to capital  and business counseling support services.

This 5-year, $500 million initiative is now in 15 U.S. cities, and five of our Urban League Entrepreneurship Centers (Chicago, Cleveland, Houston, New Orleans and Philadelphia) are proud local partners who have recruited, counseled and mentored successful entrepreneurs looking to expand. To date, more than 1,400 businesses have participated in the program, and 242 loans totaling more than $47 million have been deployed.

As a member of the national advisory council, co-chaired by Lloyd C. Blankfein, Warren Buffett and Michael Porter, I have been involved with this effort from the beginning, helping with its national launch and have thus witnessed firsthand the difference this program has made in the lives of its graduates and their economic prosperity. Most notably, these small business owners are helping to create jobs and revitalize communities.

So, I am excited that due to high demand,  this program will offer a national (non-city specific) cohort beginning in January 2014.  Business owners who meet the following criteria may apply: (1) in operation for at least two years; (2) do not operate a business in a city where this program is currently offered; and (3) have a minimum of four employees and revenues of $150,000 – $4 million annually.

The application deadline for the 2014 national cohort is October 18th, 2013.  To apply or for additional eligibility criteria, click here.

Photo Caption: Marc Morial