Goldman Sachs on Friday 10,000 small and medium-sized enterprises Program to Alabama.
The initiative, which first launched in September 2023, will help rural entrepreneurs scale their businesses through results-driven business training, access to capital and tailored support services, the company said.
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The investment is an extension of Goldman Sachs’ successful “10,000 Small Businesses” program, which has served more than 15,500 companies across the United States for over a decade.
“As a proud member of the small business family, I am continually inspired by the accomplishments, dedication and impact of small business owners in their communities,” said John F. W. Rogers, executive vice president at Goldman Sachs. “Goldman Sachs is committed to championing Alabama’s small businesses and providing the state’s entrepreneurs with the education and resources they need to support the nation’s workforce and drive prosperity and growth.”
“We know that small businesses are the heart of our communities – creating jobs, stimulating growth and driving our economies forward,” said Asahi Pompei, chairman of the Goldman Sachs Foundation. “Goldman Sachs is proud to support these entrepreneurs who are creating opportunity in Alabama.”
“Protecting small businesses and local Main Streets across Alabama has always been a top priority for me,” said U.S. Senator Katie Britt (R-Alabama). “Today, small business owners face more challenges than ever before. This program will provide small businesses with additional tools and training so they can be best positioned for sustainable success and growth. As a daughter of rural Alabama, I am especially proud of the focus on supporting rural small businesses in our great state.”
“Small businesses are our nation’s most powerful economic engine and the backbone of Alabama’s economy,” said U.S. Rep. Terri Sewell (D-Alabama). “I’m thrilled that Goldman Sachs is expanding its reach to 10,000 small businesses, and I look forward to watching these entrepreneurs grow with the additional resources, training and tools they need to reach their full potential.”
The company said small businesses drive Alabama’s economy, accounting for 99.4 percent of the state’s businesses and providing jobs for nearly half of Alabama’s workers.
The company said bringing the program to rural America will help Alabama’s small businesses continue to reach their full potential.
Goldman Sachs’ $100 million investment in rural areas provides comprehensive support to rural small business owners, including $75 million to Community Development Financial Institutions (CDFIs) that make loans to small businesses, $15 million to fund business education programs at local community colleges and $10 million to access capital capacity-building grants.
The firm said that through its established partnership with HOPE (Hope Enterprise Corporation/Hope Credit Union), Goldman Sachs will inject $20 million in capital into small businesses in the rural South. As part of the facility, HOPE will commit $3 million to community development financial institutions (CDFIs) serving Alabama, including Communities Unlimited.
“Equipping small businesses with strong skills, information and financial services is critical to their success,” said HOPE CEO Bill Bynum. “We’re proud to partner with other CDFIs serving Alabama and Goldman Sachs to foster entrepreneurial growth across the state.”
“While there are great things happening in Alabama’s cities and universities, the soul of Alabama is in our small towns and rural areas, where small businesses play a vital role in our local economies. 10,000 Small Businesses has been a huge contribution to the growth and success of my business,” said Tim Aho, CEO and president of Aho Architects in Birmingham and a 10,000 Small Businesses alumnus. “I believe that with the resources, support and network that Goldman Sachs provides through 10,000 Small Businesses, Alabama’s small business owners are best positioned to thrive, create jobs and drive our economy forward.”
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