New initiative invests in rural entrepreneurs through best-in-class business training program and access to capital
New Goldman Sachs 10,000 Small Businesses survey data highlights rural economic disparities and heightened workforce challenges
Goldman Sachs Chairman and CEO David Solomon visits Bismarck, N.D., to launch new initiative
BISMARCK, N.D., September 08, 2023–(BUSINESS WIRE)–Goldman Sachs 10,000 Small Businesses today announced a $100 million Investment in Rural Communities across the country to support job creation and economic growth. The new initiative, first launching in North Dakota and Arkansas, is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which has served over 14,000 businesses across the country for more than a decade by providing access to education and capital. The initiative will reach rural small business owners in 20 states in the next five years.
The $100mm commitment will provide comprehensive support to rural small business owners and includes $75mm to community development financial institutions (CDFIs) – starting first with a partnership with Dakota Business Lending – to provide loans to small businesses, $15mm to fund the 10,000 Small Businesses education program at local community colleges and $10mm in access to capital capacity-building grants.
Goldman Sachs 10,000 Small Businesses already has a proven track record of working with rural small business owners. data from the Small Business Administration, small businesses operate nearly 85% of establishments and employ 54% of workers in rural communities. Through the expanded program, Goldman Sachs 10,000 Small Businesses will engage stakeholders, including retailers, farmers, ranchers, manufacturers and other business leaders on issues in their communities, creating lasting solutions for rural America.
About 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing a comprehensive business education program and access to capital and business support services. To date, 10,000 Small Businesses has served over 14,000 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at www.gs.com/10ksb.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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Contacts
Abbey Collins, abbey.collins@gs.com
Source: finance.yahoo.com
