A new initiative from investment bank Goldman Sachs is poised to support small businesses in rural Alabama, with goals that include growth and job creation.
U.S. Senator Katie Britt joined representatives of Goldman Sachs in Birmingham on Friday for the launch of the bank’s “Investment in Rural Communities” initiative in Alabama.
The $100 million initiative provides comprehensive support to small businesses owners in rural America to help them grow their businesses through results-oriented business training, access to capital and personalized support services.
Alabama will benefit from an initial $3 million commitment.
“This program empowers small businesses with additional tools and training to best position them for sustainable success and growth,” Senator Britt said. “As a daughter of rural Alabama, I am especially proud to see this focus on supporting rural small businesses in our great state.”
“Investment in Rural Communities” plans to reach rural small business owners in 20 states over five years and has already helped enable job creation and growth as it launches in its fifth state, Alabama.
“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,” said John F.W. Rogers, an executive vice president at the bank.
‘Helping hand’
Through an established partnership with HOPE (Hope Enterprise Corporation/Hope Credit Union), Goldman Sachs will deploy $20 million of capital to small businesses in the rural South.
HOPE is committing $3 million to Alabama-serving community development financial institutions, including Communities Unlimited.
“Goldman Sachs’ new initiative represents a welcome helping hand for small business in Alabama’s rural counties,” said Brenda Tuck, Rural Development Manager for the Alabama Department of Commerce.
“This program has shown real results, and I look forward to seeing its impact on business enterprises in our rural regions.”
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The rural initiative is an extension of Goldman Sachs’ successful “10,000 Small Businesses” program, which has served over 15,500 businesses across the country for more than a decade.
Survey data found that following completion of the program, 60% of rural small business owners reported adding new jobs, 68% reported increased revenues, and 84% believe their business is more resilient.
“Small businesses are the strongest economic engine in our country and the backbone of Alabama’s economy,” said U.S. Rep. Terri Sewell, whose district encompasses much of the state’s rural Black Belt region.
“I’m thrilled that Goldman Sachs is expanding ‘10,000 Small Businesses.’ and I am excited to see the growth of our entrepreneurs when they are equipped with the additional resources, training, and tools they need to unlock their full potential.”