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Goldman Sachs 10,000 Small Businesses Brings Business Education Program to Missouri as Part of $100 Million Investment in Rural Communities
- Goldman Sachs leaders and U.S. Rep. Blaine Luetkemeyer (R-MO) celebrated the announcement of the cohort along with 36 small business owners
- The initiative comes at a critical time for small business owners facing unique challenges and lack of support, despite making up over 99 percent of businesses in Missouri
SEDALIA, Mo., Feb. 23, 2024 – Goldman Sachs 10,000 Small Businesses today announced an expansion of its $100 million Investment in Rural Communities program to Missouri. The initiative, which initially launched in 2023, focuses on empowering and supporting rural entrepreneurs through a comprehensive business education program and access to capital.
The investment is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which has served over 14,500 businesses across the country for more than a decade by helping provide them with the resources and support they need to succeed. The Investment in Rural Communities plans to reach rural small business owners in 20 states in the next five years and already has a proven track record of working with them. Recent survey data found that 74 percent of rural small businesses have grown revenues and 72 percent have expanded their workforce after completing the program.
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.
Additionally, through an established partnership with HOPE (Hope Enterprise Corporation / Hope Credit Union), Goldman Sachs will deploy capital through local community development financial institutions (CDFIs) to Missouri-based small businesses as part of the expansion.
“We’ve seen strong demand for business education and access to capital from small businesses throughout Missouri,” said Goldman Sachs Global Head of Corporate Engagement and President of Goldman Sachs Foundation Asahi Pompey. “We have a proven track record of working with small businesses across the country, and we’re committed to making a tangible impact on the economic growth and vitality of Missouri.”
The expansion was launched during a special event at State Fair Community College – 10,000 Small Businesses’ educational partner through the state – attended by U.S. Rep. Blaine Luetkeymeyer (R-MO), Goldman Sachs Executive Vice President John F.W. Rogers, Goldman Sachs Global Head of Corporate Engagement and President of the Goldman Sachs Foundation Asahi Pompey, Missouri State Auditor Scott Fitzpatrick and numerous 10,000 Small Businesses participants and community stakeholders.
“The introduction of Goldman Sachs 10,000 Small Businesses program to Missouri is a transformative moment for our state’s rural entrepreneurs,” said U.S. Rep. Blaine Luetkemeyer (R-MO). “This initiative promises to unlock the potential of our small business ecosystem by providing them with the necessary tools and resources to grow and succeed. As a representative of this great state, I am confident that this program will lead to sustainable development and prosperity in our communities.”
“Across the state, our small business community is made up of resilient and motivated Missourians,” said Missouri State Auditor Scott Fitzpatrick. “With 10,000 Small Businesses providing education and access to a network of growth-minded entrepreneurs, the future looks even brighter for our state.”
“As a small business owner, I’ve faced my fair share of challenges, from limited access to capital to few opportunities for professional development,” said Tamara Keefe, owner of Clementine’s Naughty & Nice Creamery in St. Louis and graduate of 10,000 Small Businesses. “The Goldman Sachs 10,000 Small Businesses program was critical for the growth of my business, and I am thrilled that all Missouri small business owners will now have access to the resources and support we need to thrive and, in turn, contribute to the economic vitality of our region. It’s not just an investment in our small businesses, but in the broader community. ”
While small businesses are the primary source of jobs in America’s rural communities, they face a unique set of challenges. According to a Goldman Sachs survey, 86 percent of small businesses in rural communities have plans to grow their business, but only 7 percent believe that they are receiving sufficient private sector resources to support growth.
In Missouri, small businesses are the backbone of the economy, accounting for 99.4 percent of businesses statewide and creating jobs for 1.1 million workers. The state is experiencing an overwhelming demand when it comes to its small business loan program. Goldman Sachs seeks to harness its decade-long experience in business education to help tackle this issue and create lasting solutions for Missouri and rural America.
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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 14,500 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at www.gs.com/10ksb.
