Maryland Governor Larry Hogan is thanking Michael Bloomberg and CEO of Goldman Sachs, Lloyd Blankfein, after the two announced they would be teaming up to help small businesses in the city of Baltimore. Just this week, Bloomberg Philanthropies and Goldman Sachs announced they would be committing $10 million to help smaller companies in Baltimore grow. The initiative “10,000 Small Businesses in Baltimore” is designed to help educate, fund and advise the city’s small business owners.
It is the first time a co-investment has been made with the intention of helping Baltimore’s small businesses. Michael Bloomberg offered a word of advice to current small business owners. “The advice I can give to all of you if you have a dream just have to go for it now there’s a point you have enough its not working and go on to the next thing, but I’d stretch it out till you got to that point.”
Larry Hogan encourages everyone to thank the two for believing in Baltimore. “Say thank you for believing in Baltimore City and choosing to invest in the revitalization of our great city.”
The cooperative effort between Bloomberg and Goldman Sachs has set up education sites throughout the country. Participants who have completed the program have gone on to report increased revenue and an expansion of jobs after just six months. Bloomberg went on to explain, “Baltimore represents the problems that America has.”
He went on to discuss Baltimore’s significant crime problem. “Number one, the City has a thousand fewer cops than they did before. The secret to New York’s success to reducing crime was, we spend the money on having a big police force. Number two, we made sure it was diverse. Number three, we were very tough on guns.”
Bloomberg believes the gun-related murders are carried out by a small group and the solution is to remove the guns from their hands, then force these individuals to get an education and create jobs for them. More importantly, he noted that the “first thing to do is to stop the carnage”.
The program provided by Bloomberg and Goldman Sachs provides small business owners with practical business education and networking tools. The Goldman Sachs 10,000 Small Businesses is a free program specifically designed for business owners. According to the program’s website, 69% of participants have reported increased revenues after 6 months of graduating. 48% have done on to create new jobs after the same duration. The program boasts a completion rate of 99%.
Those interested in applying can do so by visiting 10ksbapply.com.