ST. CLOUD, Minn., October 4, 2024 – Goldman Sachs today announced an expansion of 10,000 Small Businesses to Minnesota. The initiative will equip rural entrepreneurs in Minnesota with results-oriented training to help grow their businesses, access to capital and personalized support services.
The investment is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which has served over 15,500 businesses across the country for more than a decade. The Investment in Rural Communities plans to reach rural small business owners in 20 states over five years and has already proven to positively impact entrepreneurs and drive small business growth in these communities as it launches in its seventh state. The program in Minnesota will run in partnership with St. Cloud Technical & Community College. Recent survey data found that following completion of the program, 60% of rural small business owners reported adding new jobs, 68% reported increased revenues and 84% believe their business is more resilient.
“We’re excited to launch 10,000 Small Businesses in Minnesota where education, innovation and community intersect to help drive economic growth,” said Asahi Pompey, President of the Goldman Sachs Foundation. “Small businesses are the heartbeat of our Main Streets and we look forward to providing entrepreneurs across the state with the tools they need to help grow their businesses and create jobs.”
“As a small business owner myself, I have experienced the challenges entrepreneurs across St. Cloud and Minnesota more broadly face every day first-hand,” St. Cloud, Minnesota Mayor Dave Kleis. “I am grateful to Goldman Sachs for the focus they’re putting on small businesses and am excited to see how they benefit from the training and resources provided by 10,000 Small Businesses.”
Small businesses are the backbone of the economy in Minnesota, accounting for 99.5 percent of businesses statewide and creating jobs for nearly half of Minnesota’s workers. Bringing Goldman Sachs’ leading business-education program and nearly 15 years of experience in supporting small businesses to rural America will provide Minnesota small businesses with the training and resources to further unlock their full potential.
Goldman Sachs’ $100 million Investment in Rural Communities provides comprehensive support to rural small businesses owners. The investment includes $75 million to community development financial institutions (CDFIs) to provide loans to small businesses, $15 million in funding for the business education programs at local community colleges and $10 million in access to capital capacity-building grants.
Through an established partnership with Oweesta Corporation, the longest standing Native CDFI intermediary, Goldman Sachs has committed $10 million in lending capital to native CDFIs driving small business growth and economic opportunities in local communities.
“Similar to in rural areas, the vast majority of businesses on reservations are small businesses who are underserved and under resourced,” said Chrystel Cornelius, CEO of Oweesta Corporation. “We are proud to partner with Goldman Sachs to stimulate reservation economies by providing tribal members with the access to support they need to advance entrepreneurial growth.”
“Being a business that is focused on supporting rural America and Indigenous communities has come with its own unique set of challenges and creating opportunities for everyone is critical for economic growth,” said Maria Burns Ortiz, co-founder and president of 7 Generation Games and graduate of 10,000 Small Businesses. “10,000 Small Businesses has helped me grow and scale my business and I’m confident that the program will be just as transformative for other entrepreneurs throughout the state.”
According to survey data from Goldman Sachs, rural small business owners are the backbones of their towns and neighborhoods—almost 90% of them volunteer, over three-quarters report having a meaningful impact on the social well-being of their communities. However, they also face headwinds, particularly in recruiting and retaining employees. Sixty-two percent of rural small business owners say attracting workers to their community is a challenge, compared to 41% of non-rural businesses. They also cite inflation, difficulty accessing basic services, and a lack of affordable housing as top concerns.
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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 15,500 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at https://10ksbapply.com/.
About Goldman Sachs
Goldman Sachs 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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