The First 10KSB Statewide Ohio Graduation

Just over a year ago, John Waldron and I were in Columbus, announcing the statewide expansion of 10KSB in Ohio – bringing our total commitment to Ohio small businesses to $30mm.

We expanded the program in Ohio because we saw the great potential of small businesses across the Buckeye state – and since then, 68 small businesses have graduated through our programs in Cincinnati, Columbus, and Cleveland, joining over 780 in-state alumni. And, we look forward to launching our first cohort in Dayton this Fall.

Today’s graduation celebration is a bit different than last year’s launch. We hosted four virtual roundtable discussions with small business owners, elected officials, and community college partners – followed by an online graduation ceremony with over 250 family members, friends, and colleagues. With the numerous challenges small businesses face in this current climate, it is important to celebrate these graduates – the bedrock of our economy.

Three things stood out to me from today’s events:

1.       Ohio small businesses are pivoting under difficult circumstances: our recent 10KSB survey found that 91% believe COVID-19 will change the way they operate their business in the long-term. Jordan Hamons converted her cooking classes online and is offering corporate events and social events digitally, and Myron Hughes pivoted his business to supply PPE to new and existing customers. Change brings opportunity, and our alums are going for it.

2.       More help is needed: our survey also found that only 24% of Ohio businesses feel very confident about maintaining payroll without further relief, and 86% support the chance to apply for a second PPP loan. Though nothing can quash their entrepreneurial spirit, the future is still uncertain and many feel unprepared to manage a potential second wave. 

3.       And lastly, whether in-person or virtual, the spirit of a Goldman Sachs 10,000 Small Business gathering is exceptionally powerful. These are not easy times, but the silver lining is our community coming together in solidarity. Congratulations 10KSB graduates on this milestone, and welcome to the #Goldman Sachs 10,000 Small Business alumni community. Today is another testament to the fact that you are anything but small.

Remember, keep moving forward – Goldman Sachs is always with you.

Thank you to David Solomon, John Waldron, Senator Brown, Representative Beatty, Representative Chabot, Representative Fudge, Representative Gonzales, Representative Joyce, Mayor Whaley, Mayor Cranley, Mayor Andrew Ginther, Elizabeth Brown, Emmanuel Remy, Dr. David Harrison, Dr. Monica Posey, Dr. Alex Johnson, Dr. Steven Johnson.