WASHINGTON, DC – House Small Business Subcommittee on Economic Growth, Tax and Capital Access, under the chairmanship of Rep. Tom Rice (R-SC), today held a hearing to highlight private sector efforts to educate small business owners and entrepreneurs.

“Entrepreneurial education and mentoring is important for the future of our economy because this sharing of knowledge leads to more start-ups and business growth,” said Chairman Rice. “Starting or expanding a company is a risky proposition. For an individual with a good idea and willing to take chance, a lack of business acumen presents a barrier to entrepreneurship, job creation, and ultimately American Competitiveness. Thankfully, there are many private organizations, like the ones featured today, who are stepping up to provide this direct education and counseling. I applaud these organizations for investing in our nation’s economy and for giving back to the local community.”

During the hearing, Goldman Sachs announced that its 10,000 Small Businesses program would be expanding from its current 15 markets to the entire nation, enabling small business owners from across the country to participate in the education component of the program. In addition to Goldman Sachs, My Own Business, Inc. of California; Servosity of Greenville, SC; and the Corporation for Enterprise Development of Washington, DC testified. 

Materials from the hearing are available on the Committee’s website HERE.

Notable Quotes:

Dina Powell, Managing Director of Goldman Sachs in New York, NY said, “10,000 Small Businesses, or 10KSB, is a $500 million initiative to help small businesses in the United States by providing entrepreneurs through an integrated program a practical business and management education, as well as access to capital and business support services. The program is based on recommendations from leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth. The large network of national and local implementing partners that we work with are what make this program a success.”

Dr. Stephen Morgan, Chair of the Board of Trustees for My Own Business, Inc. in City of Industry, CA said, “As you well know, much of the success of our country comes from the fortitude of new business creation, often started by those who seek to create new opportunity for their families. And, it is particularly pursued as an option for those who have faced job loss in recessions such as the one we have experienced. For my organization, we believe it is important that those who strive to create a new business and contribute to the growth of our economy should be successful. We seek to provide a solid foundation and valuable tools to ensure their success, and to help them avoid the most common mistakes.”

Kim Pate, Chief External Relations Officer of Corporation for Enterprise Development in Washington, DC said, “[Corporation for Enterprise Development’s] work takes place in three overlapping areas: programs, research, and policy. As a field builder we provide technical assistance and training to hundreds of nonprofits across the country and we invest in social enterprises to help these organizations create pathways to financial security for millions of Americans.

"At the individual and community level, microbusiness and self-employment can serve as a ladder out of poverty and into economic stability for some of the most disadvantaged populations. Microbusinesses that survive, grow, and become profitable, enhance household income and reduce families’ reliance on public assistance."

(Courtesy of the Small Business Committee Press Shop)