CHICAGO, IL–June 28, 2012–Earlier this month, Biofoam, Inc. was honored at an event that featured the first graduating class from the Chicago branch of Goldman Sachs' 10,000 Small Businesses initiative. The company, which is itself based in the Windy City, was one of 37 other businesses from around the state of Illinois to graduate from the program.
10,000 Small Businesses was announced in 2009 as a joint initiative by Goldman Sachs and Warren Buffet, who is the program co-Chair. The program functions as a $500 million investment in small businesses.
"They were looking for companies that had great potential for growth and already had a strong management team in place," said Biofoam's Anthony Flaim.
Biofoam, Inc. president Tiffiny Flaim with Emanuel, Blankfein and Buffet.
Biofoam has been in business for about eight years, which was a key factor, along with its dedication to energy efficient building, of its acceptance into the program. The 37 graduates were picked from a pool of 140 applicants to participate in the 20-week program, which covered business practices from accounting to negotiating. The studies comprised the first of the program's three components: practical business and management education, along with access to capital and business support services.
"Basically the idea was to advance and create jobs," said Flaim. "We've hired 3 people since January."
Biofoam's president, Tiffiny Flaim, spearheaded the company's involvement with the program and was on stage to receive the honor. The event took place at Malcolm X College on June 12, 2012 and featured Buffet, Goldman CEO Lloyd Blankfein, and Chicago Mayor Rahm Emanuel.
"The mayor was especially pleased with our company because we're local, we're in the city," Anthony Flaim said.
The Biofoam team
The graduation was also profiled extensively on MSNBC's Morning Joe on the day of the event. The level of notoriety and the amount of institutional support have made a winning combination for Biofoam. Flaim summarized:
"Our business is doing quite well," he said. "We've actually surpassed all of last year, and growing quickly."
About Biofoam Inc.: Biofoam is a contracting firm specializing in energy efficient building services, especially spray foam insulation and roofing. The company utilizes earth-friendly products that improved quality of of a building's interior environment. For more information, please use the contact details provided below.