Goldman Sachs has announced the expansion of its 10,000 Small Businesses initiative to Minnesota, as part of a broader $100 million investment aimed at supporting rural communities. This initiative is designed to provide rural entrepreneurs in Minnesota with training, access to capital, and personalized support services.
The 10,000 Small Businesses program has already served over 15,500 businesses across the United States for more than ten years. The Investment in Rural Communities intends to reach small business owners in 20 states over five years. In partnership with St. Cloud Technical & Community College, the program aims to boost small business growth in Minnesota.
Asahi Pompey, President of the Goldman Sachs Foundation, expressed enthusiasm about launching the program in Minnesota: “We’re excited to launch 10,000 Small Businesses in Minnesota where education, innovation and community intersect to help drive economic growth.” He added that small businesses are essential for local economies and emphasized the goal of providing entrepreneurs with necessary tools for growth.
St. Cloud Mayor Dave Kleis acknowledged the challenges faced by small business owners and welcomed Goldman Sachs' focus on supporting these enterprises: “I am grateful to Goldman Sachs for the focus they’re putting on small businesses and am excited to see how they benefit from the training and resources provided by 10,000 Small Businesses.”
In Minnesota, small businesses account for 99.5 percent of all enterprises and employ nearly half of the state's workforce. The expansion into rural areas will bring additional training and resources through Goldman Sachs' experience in supporting small businesses nationwide.
The $100 million Investment in Rural Communities includes $75 million allocated to community development financial institutions (CDFIs) for loans to small businesses. Additionally, $15 million is dedicated to funding business education programs at local colleges while $10 million supports capacity-building grants for access to capital.
Through collaboration with Oweesta Corporation—a Native CDFI intermediary—Goldman Sachs has committed $10 million towards lending capital aimed at boosting economic opportunities within native communities.
Chrystel Cornelius, CEO of Oweesta Corporation stated: “Similar to in rural areas, the vast majority of businesses on reservations are small businesses who are underserved and under resourced.”
Maria Burns Ortiz from 7 Generation Games shared her positive experience as a graduate of the program: “10,000 Small Businesses has helped me grow and scale my business."
Despite their importance within communities, rural small business owners face significant challenges such as attracting workers—cited by 62% compared with only 41% among non-rural peers—inflation concerns or difficulties accessing basic services including affordable housing options according survey data conducted by Goldman Sachs.