CHARLESTON, WV (LOOTPRESS) – Goldman Sachs 10,000 Small Businesses education program today graduated 26 West Virginia small business owners as part of its $100 million Investment in Rural Communities. Most entrepreneurs who go through the program report an increase in revenue. The investment, an extension of Goldman Sachs’ 10,000 Small Businesses program, equips rural entrepreneurs with results-oriented training to help grow their businesses and help provide access to capital and personalized support services. The program serves a variety of entrepreneurs, from manufacturing to food and beverage to healthcare in rural communities.
The Investment in Rural Communities plans to reach small business owners in 20 states over five years. West Virgina marks the expansion’s seventh state. Small businesses account for 98.8 percent of West Virginia businesses and employ nearly half of its workforce. BridgeValley Community & Technical College ran the program’s 12-week curriculum with modules on themes including marketing, accounting and operations.
“Goldman Sachs stands with West Virginia small businesses,” said John F.W. Rogers, Executive Vice President of Goldman Sachs. “This new graduating class is proof that the American dream is alive in the Mountain State. Small businesses are the lifeblood of our local communities – and will continue to be the job creators, innovators and drivers of opportunity across the country.”
“The economic power and potential of entrepreneurs in West Virgina cannot be overlooked. Our goal is straightforward– to help small businesses grow their revenue and create jobs,” said Asahi Pompey, Global Head of Corporate Engagement. “I am confident that our investment in their education and access to capital will continue to support economic growth and opportunity across West Virginia.”
“Equipping small businesses with the skills, education and resources are critical to their success and ultimately the success of the broader economy in West Virginia,” said John McCuskey, West Virginia State Auditor and Attorney General-Elect. “I’m excited to see how these entrepreneurs translate this education program into revenue and job growth across the state.”
“This program is a testament to the hard work and dedication of small business owners across West Virginia,” said Dr. Casey Sacks, President of BridgeValley Community and Technical College. “Through their participation, these entrepreneurs have gained valuable skills to grow their operations, create jobs, and contribute to the economic future of our state.”
Through an established partnership with Appalachian Community Capital, a CDFI intermediary providing Appalachian member institutions with new sources of capital, Goldman Sachs has committed $5 million in lending capital to CDFIs driving small business growth and economic opportunities in underserved communities. This commitment will include $1 million in lending capital directly to Partner Community Capital, a West Virginia-based CDFI serving small businesses in the state.
Goldman Sachs’ $100 million Investment in Rural Communities provides comprehensive support to rural small businesses owners. The investment includes $75 million to Community Development Financial Institutions (CDFIs) 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.
“Goldman Sachs and Appalachian Community Capital have a shared focus on increasing small business lending to underserved communities by providing new sources of capital,” said Donna Gambrell, President and CEO of Appalachian Community Capital. “We are confident that with this partnership, we can help empower entrepreneurs across the region to continue to grow their businesses.”
“When I first started my business, I lacked the guidance to scale sustainably. Goldman Sachs 10,000 Small Businesses has provided me with the support and confidence to implement a realistic growth plan for my business,” said Christian Higgins, co-founder of Brownie House and graduate of 10,000 Small Businesses. “Not only that, but I now have a community of growth-minded entrepreneurs that are contributing to the state and local economies and creating jobs and opportunities in their communities. When small business does well, West Virginia does well.”
The West Virginia cohort joins a community of over 16,000 small businesses served by 10,000 Small Businesses. According to the program’s 2024 Impact Report, released today, after nearly 15 years, alumni of Goldman Sachs 10,000 Small Businesses represent over $27.7 billion in revenue and nearly 310,000 employees across the country, spanning a variety of backgrounds and industries. These entrepreneurs have been positively impacted by the program and 99% are likely to recommend it to others. Six months after graduating, 66% of alumni have increased revenue and 44% have created jobs in their communities.
