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Goldman Sachs 10,000 Small Businesses Program at LaGuardia Community College Receives $5 Million for Education Center
Long Island City, NY—August 1, 2014—The Goldman Sachs 10,000 Small Businesses Program at LaGuardia Community College is about to receive a $5 million boost, courtesy of Governor Andrew Cuomo and the State of New York.
The capital money will be used to create the 10,000 Small Businesses Education Center, which will permanently house the program that helps entrepreneurs grow their companies and create jobs.
“The students at New York City’s public colleges and universities have provided the world with game-changing ideas in fields ranging from healthcare to manufacturing. Through the CUNY 2020 program we are maximizing those ideas to create economic opportunity for New Yorkers,” Governor Cuomo said. “The first round of CUNY 2020 projects will help link some of our best and brightest students with positions in high-tech sectors, while leveraging their academic excellence to support economic development and create new opportunities throughout the New York City area. By funding these eight projects we are making an investment in New York’s future, and I am proud to present these awards to the first round of CUNY 2020 recipients.”
“We’ve seen through our 10,000 Small Businesses program that public-private partnerships can spur job creation, strengthening communities,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “We are proud that the program has served as a catalyst for Governor Cuomo’s Economic Development Fund’s investment in LaGuardia Community College and know that the Center will become an important resource to small business owners in New York.”
“This extraordinary partnership between LaGuardia and Goldman Sachs has helped numerous small business owners gain the skills they need to make their businesses flourish and hire new employees,” said LaGuardia Community College President Gail O. Mellow. “This $5 million capital grant from Governor Cuomo will create a permanent home for the program and allow us to strengthen our work with local businesses.”
The Goldman Sachs 10,000 Small Businesses Program at LaGuardia provides practical business management education that helps participants develop the skills needed to helm a successful business.
Participants attend 11 class sessions, receive business support services and one-on-one help from a team of business professionals to create a business plan tailored to their company needs.
Nearly 450 businesses have participated in the program to date, and the program will continue to serve approximately 100 businesses per year. Approximately 70 percent of graduates report increased revenues in businesses and 50 percent of graduates have created jobs.
This infusion of public dollars represents the recognition of policy makers that the Goldman Sachs 10,000 Small Businesses is an effective driver of economic growth and job creation.
Goldman Sachs 10,000 Small Businesses is a $500 million national program designed to help small businesses in the United States create jobs and economic growth by providing entrepreneurs with practical business education, access to capital and business support services.
The $5 million is part of $55 million in grants CUNY and Empire State Development awarded to eight economic development projects involving 20 CUNY campuses. The grants are designed to connect academic institutions with entrepreneurship to stimulate the local economic development.
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LaGuardia Community College located in Long Island City, Queens, was founded in 1971 as a bold experiment in opening the doors of higher education to all, and we proudly carry forward that legacy today. LaGuardia educates students through over 50 degree, certificate and continuing education programs, providing an inspiring place for students to achieve their dreams. Upon graduation, LaGuardia students’ lives are transformed as family income increases 17%, and students transfer to four-year colleges at three times the national average. Part of the City University of New York (CUNY), LaGuardia is a nationally recognized leader among community colleges for boundary-breaking success education underserved students. At LaGuardia we imagine new ideas, create new curriculum and pioneer programs to make our community and our country stronger. Visit www.laguardia.edu to learn more.