Goldman Sachs Announces New Commitment to Support Small Business
$250 Million Philanthropic Commitment Establishes Next Generation of 10,000 Small Businesses Program
Commitment of over $1 Billion to Small Business Since Start of Pandemic
NEW YORK, NY – December 15, 2020 – Goldman Sachs today announced that it has funded the 10,000 Small Businesses program with an additional $250 million, which will ensure the program can reach another 10,000 entrepreneurs with the training and support they need to realize opportunities for growth.
Goldman Sachs 10,000 Small Businesses has graduated 10,000 entrepreneurs from its program, whose businesses together represent over $14 billion in revenue and employ over 200,000 people. A study on the impact of this program’s first decade showed:
- 66% of program participants increase revenues just six months after graduation; comparable national data estimates that 53% of U.S. small businesses grew revenues;
- 46% create net new jobs just six months after graduation; comparable national data estimates that 30% of U.S. small businesses added jobs
This announcement brings Goldman Sachs’ total commitment to small businesses to over $1 billion in 2020, having previously committed $775 million in capital and grants to Community Development Financial Institutions and other mission-driven lenders to create emergency funding options for the most vulnerable and underserved small businesses.
Goldman Sachs Chairman and Chief Executive David Solomon said, “This year has laid bare the sobering realities that our small businesses and communities face. We’ve worked to develop the 10,000 Small Businesses platform for over a decade, and now is an obvious time for us to double-down on the program – small businesses are essential and by making this commitment we hope to help ensure their future.”
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. To date, 10,000 Small Businesses has served over 10,000 small businesses from all 50 states, Puerto Rico, Guam and Washington, D.C, and has resulted in immediate and sustained business growth for graduates of the program.
10,000 Small Businesses Voices - a new initiative designed to help small business owners in the United States advocate for policy changes that will help their businesses, their employees, and their communities.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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