Goldman Sachs 10,000 Small Businesses announced Friday (Oct. 27) it 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 it says has served over 14,000 businesses across the country for more than a decade by providing access to education and capital. The initiative plans to reach rural small business owners in 20 states in 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,” said Goldman Sachs Chairman and CEO David Solomon. “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.”
As part of the $100 million commitment of the initiative, Goldman Sachs is partnering with Hope Enterprise Corporation to provide support to rural small business owners in Arkansas and across the region. In addition to investing in CDFIs to provide loans to small businesses, the broader initiative also provides funding for the 10,000 Small Businesses education program at local community colleges and capacity-building grants to support access to capital.
“Access to capital is a top priority for small business owners across the country,” said Hope Enterprise Corporation Bill Bynum. “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.”
Survey data released by Goldman Sachs last