Goldman Sachs launches small business partnership with SCTCC

ST. CLOUD — Goldman Sachs has launched its 10,000 Small Businesses program in Minnesota as part of an initiative to invest in rural communities.

The program is part of a

$100 million investment

in rural communities that launched last year, according to Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation.

It invests in small businesses by helping entrepreneurs create jobs and economic opportunities by providing education, capital and support services.

Goldman Sachs has made a local effort with the initiative, partnering with St. Cloud Technical and Community College.

“Partnering with organizations on the ground is the most effective strategy,” Pompey said. “As we worked across the state, we connected with the St. Cloud Technical and Community College. They really were fantastic in understanding the needs and the program, really wanting to partner with us to reach as many businesses.”

“It would’ve been obvious for us to be in Bozeman (Montana) or Helena (Montana) or Minneapolis, but we wanted to be in St. Cloud to really connect with as many rural, small business owners as possible,” Pompey said.

Lori Kloos, president of St. Cloud Technical and Community College, speaks about the school’s efforts to train students for a modern workforce at the St. Cloud Summit on Friday, Sept. 15, 2023, at the River’s Edge Convention Center.

Stephanie Dickrell / St. Cloud LIVE

St. Cloud Technical and Community College President Lori Kloos said the campus will provide space for the curriculum for three days this week and in December.

“What we’re excited about is having that partnership with that we align with (Goldman Sachs) and then learn from each other and really make those connections in the community to help businesses to grow and expand,” Kloos said.

Thirty-two Minnesotan small business owners will participate in the program.

According to

survey data,

more than 60% of rural small business owners reported adding new jobs after completing the program, while 68% reported increased revenues. More than 14,000 business owners have graduated from Goldman Sachs’s initiative.

Goldman Sachs’s $100 million investment includes $75 million to community development financial institutions to provide loans, $15 million for business education programs at local community colleges and $10 million in access to capital capacity-building grants.

The initiative also gives $10 million in lending capital to Native American community development financial institutions.