Goldman Sachs Expands 10,000 Small Businesses Program to Alabama

News Summary

Goldman Sachs has announced a significant investment of $100 million to expand its 10,000 Small Businesses program in Alabama. This initiative aims to support rural entrepreneurs through business training, access to capital, and personalized support services. A large portion of the funds will go towards loans for small businesses and educational programs at community colleges. The investment is backed by local leaders and will help address challenges faced by small businesses in the state, ultimately bolstering the economy and ensuring growth for Alabama’s entrepreneurs.

Goldman Sachs Takes Big Leap into Alabama with Business Program Investment!

In an exciting move for entrepreneurs in Alabama, Goldman Sachs has just unveiled its plans to expand the 10,000 Small Businesses program to the heart of the South! With a jaw-dropping investment of $100 million, this initiative aims to provide a much-needed boost for rural communities and the dedicated small business owners who run them.

Empowering Rural Entrepreneurs

Launched initially in September 2023, the 10,000 Small Businesses program has already made waves across the nation, helping over 15,500 businesses thrive for more than a decade. It’s all about empowering rural entrepreneurs by offering business training, access to capital, and personalized support services tailored to their unique needs.

A Community Focused Investment

Goldman Sachs means business with this sizable investment. Out of the $100 million earmarked for Alabama, a significant portion—$75 million—is set aside for loans through Community Development Financial Institutions (CDFIs) that specifically target rural small businesses. Additionally, $15 million will be funneled into business education programs at community colleges, while $10 million is allocated for building up capital capacity through grants.

Support from Local Leaders

The announcement was made with notable support from bipartisan leaders, reinforcing the commitment to nurture and uplift small businesses. Small businesses are indeed a powerhouse in Alabama, making up a huge 99.4% of all businesses and providing nearly half of the state’s workforce. This investment is timely and necessary, as small business owners face challenges like employee recruitment, inflation, and keeping up with the tech wave.

Important Survey Insights

72% of rural small business owners are not satisfied with the current tax policies. This program addresses these concerns directly and gives entrepreneurs the tools to navigate these complexities.

Mini-MBA: Powering Local Business Owners

“mini-MBA” in business education. This compact course is designed to strengthen entrepreneurs’ business practices and enhance their financial skills. The first cohort of Alabama participants is already hard at work, engaged in a ten-week course that promises to deepen their knowledge while expanding their professional networks.

Success Stories from the Program

10,000 Small Businesses program are clear. Many entrepreneurs have reported seeing increases in job creation, revenues, and overall business resilience. As one Alabama business owner pointed out, completing the program has markedly changed the path of his business, further solidifying its foundational role in the community.

A Bright Future for Alabama’s Small Businesses

pro-growth environment. She noted that small businesses serve as the pillars of the state’s economy. As the 10,000 Small Businesses program continues to flourish, its goal is to reach even more rural entrepreneurs across 20 states over the next five years.