Goldman Sachs is focusing on Alabama. As part of its Investment in Rural Communities, a subprogram of its 10,000 Small Businesses initiative, Goldman Sachs will help rural entrepreneurs grow their businesses through training, access to capital and personalized support services.
Building on the success its 10,000 Small Businesses program has achieved — serving more than 15,500 businesses across the country for more than a decade — Goldman Sachs is now focused on reaching 20 states through its rural initiative, including Alabama. Alabama is the fifth state where the initiative has launched so far.
“As a proud product of a small business family, I am continually inspired by the achievements, commitment and community impact of our small business owners,” said John F.W. Rogers, executive vice president of Goldman Sachs. “Goldman Sachs stands with Alabama small businesses and is committed to equipping entrepreneurs across the state with the education and resources they need to support our country’s workforce and drive prosperity and growth.”
The Investment in Rural Communities program includes $75 million to community development financial institutions 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.
Through a partnership with HOPE (Hope Enterprise Corp./Hope Credit Union), Goldman Sachs will deploy $20 million of capital to small businesses in the rural South, including committing $3 million to Alabama-serving community development financial institutions, including Communities Unlimited.
“While there are amazing things happening in Alabama’s cities and universities, the soul of Alabama is in its small towns and rural communities. This is where small businesses play a critical role in their local economies. 10,000 Small Businesses was instrumental in setting my business up for growth and success,” said Tim Aho, CEO and president of Aho Architects in Birmingham and a graduate of 10,000 Small Businesses. “With the resources, support and network Goldman Sachs provides through 10,000 Small Businesses, I’m confident small business owners in Alabama are best positioned to thrive, create jobs and drive our economy forward.”
