Worcester Business Journal

www.wbjournal.com May 25, 2015 • Worcester Business Journal 9 S mall businesses can be the life- blood of neighborhoods and com- munities throughout Central Massachusetts. But while many of the entrepreneurs that run these entities may have great ideas, they don't always have traditional business training. That's where governments and non- profit organizations are stepping in. Former State Treasurer Steven Grossman is leading the charge for business training in Massachusetts' 26 Gateway Cities, which include Worcester, Fitchburg and Leominster. Since leaving his state job in January, following his unsuccessful bid for the Democratic nomination for governor, Grossman has taken on the role of CEO for the Initiative for a Competitive Inner City (ICIC), a Boston-based, national nonprofit organization that aims to revitalize urban economies through business and job development. While ICIC, founded in 1994, serves many functions, including conducting market research on urban businesses, the first steps in a new focus on Massachusetts will be on programs designed to help educate urban busi- ness owners. "We are focusing on Boston and in the Gateway communities and Gateway Cities in Massachusetts," Grossman said. "We are here to bring something we think can truly change lives for small-business owners." Many small-business owners based in cities don't have formal business backgrounds, which is where ICIC's free programs come in. The programs give the business owners the necessary training to advance their businesses, Grossman said. "They're so busy doing their business that they don't get a chance to step back and do it more effectively," he said of business owners. Advice and networking One of the ICIC programs is a 12-week course — 10,000 Small Businesses — that gives participants a practical business education and one- on-one advising, while helping them build their professional networks. The business owners also graduate with a customized five-year growth plan for their business. "It's kind of a street-wise MBA on steroids," Grossman said. Businesses in this program must have been in operation for two or more years with more than $150,000 in sales by 2014 and at least four employees. Another ICIC program is designed for businesses that do more than $2 million in annual sales, a level at which many firms are looking to expand. So, the program teaches business owners how to achieve sustainable growth and access capital, Grossman said. Following a program in Boston, par- ticipants attend a conference in New York City, where they make their pitch for capital. Connections to capital can have a huge impact on the broader community following a business' suc- cess, Grossman said, creating jobs within the company but also, indirectly, in the community. "We try to help business owners get to the point where someone will say, 'I will loan them $100,000 to invest in their inventory or invest in their busi- ness,'" Grossman said. Worcester's chief development offi- cer, Michael Traynor, is optimistic about these programs for the city's business owners. The 10,000 Small Businesses program is especially appli- cable to Worcester, he said. "We have a lot of immigrant startup businesses and minority-owned busi- nesses and I think they would benefit from these programs," he said. "(This is) education with a practical outcome, so it is a good thing." Also a boost in Leominster In Leominster, small businesses are important to the city's economy, Economic Development Coordinator Lisa Vallee said, and it's up to cities and towns to help support them. "The small businesses are vital to our diversity, our commerce, our stabiliza- More help on the way for small businesses Ex-state treasurer Grossman is in new role, expanding nonprofit's mission to Central Mass. cities NG-CEE-983 // Worcester Business Journal // Better Productivity // 1/2 page // Trim Area: 9" x 6" Bleed: none // 4C // 200 dpi A comfortable work environment leads to better productivity. We have energy saving solutions to help your employees work at an even higher level. Find ways to boost your productivity at ngrid.com/save BY SAM BONACCI Worcester Business Journal Staff Writer >> Continued on Page 22 Former state Treasurer Steven Grossman is now CEO of the Boston- based Initiative for a Competitive Inner City (ICIC). P H O T O / F I L E

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