![]() Up to $100 million in financing and economic support is being made available to small businesses across the country via the investment banking giant Goldman Sachs. “Small businesses are engines of economic growth in our country, and that’s especially true in our rural communities,” David Solomon, chief executive officer of Goldman Sachs, said in a statement announcing the initiative. The outreach is an extension of Goldman Sachs’ already-established 10,000 Small Businesses program, which was launched in late 2009 and has provided hundreds of millions in aid to small businesses, providing everything from access to capital to mentoring to business and management education. In a press release issued by Goldman Sachs, it is noted that the $100 million targeting rural small businesses also includes additional support to community development financial institutions that provide small business loans. The new program, initially targeting small businesses in Arkansas and North Dakota, is fueled by an earlier Goldman Sachs survey showing that while 86% of small businesses in rural communities have plans to grow their businesses, only 7% indicated that they are receiving the private sector resources needed to support that growth. Said Solomon: the program will ultimately “provide more entrepreneurs with the training, tools, and access to capital they need to create more jobs and drive our economy forward.” As currently planned, Goldman Sachs’ new rural business investment program will be up and running in some 20 states between now and 2028. One of the largest corporations in the country, the New York-based Goldman Sachs specializes primarily in investment banking and asset management. Founded in 1869, it saw revenues more than $47 billion last year. By Garry Boulard
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