Goldman Sachs 10,000 Small Businesses has expanded its $100 million Investment in Rural Communities initiative to Arkansas and is making a $20 million commitment to community development financial institution (CFDI) Hope Enterprise Corporation to foster job creation and help catalyze economic growth across the region.
The new initiative, which first launched in North Dakota in September, is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which has served over 14,000 businesses across the country for over 10 years by providing access to education and capital. The initiative plans to reach rural small business owners in 20 states over the next five years.
“We are thrilled to expand our 10,000 Small Businesses program by partnering with the University of Arkansas – Pulaski Technical College and Hope Enterprise Corporation,” CEO David Solomon said. “Through our work together, we can provide rural entrepreneurs with the resources, education and access to capital they need to create jobs and grow the economy.”
“Access to capital is a top priority for small business owners across the country,” Hope Enterprise Corporation CEO Bill Bynum said. “We look forward to our continued partnership with Goldman Sachs to provide the financial stability that growing businesses need to thrive – in Arkansas, and other under-resourced rural communities across the South.”
Goldman Sachs 10,000 Small Businesses already has a proven track record of working with rural small business owners. Survey data released last month found that 74% of rural small businesses have grown revenues and 72% have expanded their workforce as a result of this program.
“The 10,000 Small Businesses program gave me the tools and resources I needed to take my business to the next level,” Sally Mengel, founder and owner of Loblolly Creamery and alum of Goldman Sachs 10,000 Small Businesses, said. “The entrepreneurial spirit thrives in Arkansas, but our small business owners are often overlooked. I am excited that Goldman Sachs is furthering its commitment to supporting rural entrepreneurs in Arkansas and across the country.”
“Entrepreneurship is a vital pathway to economic stability for many rural communities. My husband and I founded our business out of necessity during the pandemic to bring in new revenue streams, but quickly found we needed more education about the foundation of our business to thrive,” Samantha Stewart, co-founder and co-owner of Certified Pies and incoming Goldman Sachs 10,000 Small Businesses scholar, said. “I look forward to gaining valuable insights into optimizing my operations during this critical moment for my business by taking the 10,000 Small Businesses program.”
Goldman Sachs is committed to reaching a diverse and representative group of small business owners across rural America, where small businesses power the local economies. According to recent 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.
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