$10 Million Partnership to Create Jobs and Stimulate Growth in Rhode Island Small
Businesses
To date, 10,000 Small Businesses has reached over 6,000 small businesses across the
US and UK
PROVIDENCE, R.I. - MARCH 22, 2016 - Rhode Island Governor Gina Raimondo, US Senator
Jack Reed, Mayor Jorge Elorza of Providence and Goldman Sachs President and COO Gary
Cohn today
announced<http://www.goldmansachs.com/citizenship/10000-small-businesses/US/news-and-events/10ksb-rhode-island-launch.html>
the launch of the Goldman Sachs 10,000 Small Businesses initiative in Rhode Island,
marking the first-ever statewide launch for the program. Goldman Sachs and the
Goldman Sachs Foundation are committing $10 million in capital and philanthropic
support to help create jobs and generate economic growth in local small businesses.
The Goldman Sachs 10,000 Small Businesses initiative will offer:
* Business and Management Education: Small business owners will have
access to a free practical business education through which they will develop a
business growth plan to help them increase revenues and hire new employees.
* Access to Capital: Goldman Sachs is committing lending capital to
support the small businesses community in Rhode Island.
* Business Support Services: Business advising and networking will be
offered to participating small business owners through partnerships with
community-based and national business organizations, as well as the people of
Goldman Sachs.
The Goldman Sachs Foundation is contributing $5 million towards business and
management education in the state. Goldman Sachs is committing an additional $5
million to address the capital needs of small businesses, complementing the recently
launched Rhode Island Small Business Assistance Program. To date, 10,000 Small
Businesses has reached over 6,000 small businesses across the US and UK. 67 percent
of participants have reported increasing their revenues just six months after
graduating and 46 percent of participants have reported creating net new jobs in
this same time period.
Academic partners include the Community College of Rhode
Island<http://www.ccri.edu/> (CCRI) and the Rhode Island School of Design (RISD).
The capital partner is BDC Capital<http://www.bdcnewengland.com/>, which will use
the funds to make loans to small business owners in the area.
"We are excited to work alongside the Governor and to partner with some of the
strongest local institutions to help small businesses grow and create jobs in Rhode
Island through the 10,000 Small Businesses program," said Gary Cohn, President and
COO of Goldman Sachs. "With small business owners currently representing more than
80 percent of the state's employers, we recognize that supporting the remarkable
work that these entrepreneurs do every day contributes to economic growth and
strengthens communities in the process."
"10,000 Small Businesses is a proven model for unlocking the growth and job-creation
potential of small businesses," said Governor Gina Raimondo. "We are thrilled
Goldman Sachs is bringing this program to Rhode Island, providing a unique
opportunity to help us move our state forward by strengthening our local businesses
- the backbone of our economy. 10,000 Small Businesses will build on the
comprehensive package of tools we have launched to support entrepreneurs, create
jobs, and ensure everyone can make it in Rhode Island."
"The 10,000 Small Businesses initiative is like an accelerated, tailored MBA program
for entrepreneurs who want to enhance their business. This competitive program can
help open doors of opportunity for local businesses and has demonstrated positive
results in other communities across the country. I am pleased it is being launched
here in Rhode Island. By providing small business owners with access to network
support services, education, and financial resources, this initiative can help them
increase revenue, create jobs, and expand economic opportunity for more Rhode
Islanders," said US Senator Jack Reed.
"Rhode Island's economy thrives when small businesses succeed," said US Senator
Sheldon Whitehouse. "Goldman Sachs 10,000 Small Businesses will match small
business owners with the skills and resources they need to spur growth and add jobs
across our state."
"We are very grateful to Goldman Sachs for its significant commitment and for this
important collaboration. Small businesses are the lifeblood of Rhode Island's
economy and are a high priority for our administration. This exciting initiative
builds upon Governor Raimondo's Small Business Assistance Program, which creates a
constellation of lenders that are accessible to Rhode Island's small businesses and
microenterprises," said Secretary of Commerce Stefan Pryor. "Thank you to Goldman
Sachs, CCRI, RISD, BDC Capital, and our federal and local elected leaders for
working together to help small businesses thrive in Rhode Island."
"Small businesses are the foundation of our economy and part of what makes
Providence - and all of Rhode Island - an exciting place to live, work, and
succeed," said Providence Mayor Jorge Elorza. "I am grateful to Gary Cohn and the
team at Goldman Sachs for supporting small businesses in Providence and look forward
to seeing 10,000 Small Businesses strengthen our city's resurgence."
In addition to the involvement of Mayor Jorge Elorza of Providence, Mayor Scott
Avedisian of Warwick, Mayor Lisa Baldelli-Hunt of Woonsocket, Mayor James Diossa of
Central Falls and Mayor Donald Grebien of Pawtucket will help with the recruitment
of small business owners in Rhode Island.
Program partners will work with local organizations to encourage small businesses to
apply for the education and/or capital program components and to provide business
advising and design expertise to program participants. Eligible small businesses
should have annual revenues above $100,000; been in operation for at least two
years; employ at least two full-time workers; and have a desire to grow and create
jobs.
"The Goldman Sachs 10,000 Small Businesses initiative will be one of the most
significant investments made to the Community College of Rhode Island," said CCRI
President Meghan Hughes. "We are proud to be the educational anchor for this
program as it launches statewide, creating substantial opportunities for our small
businesses to grow and create jobs. We are ready to get to work together to move
our economy forward."
Goldman Sachs will provide loan funding to an intermediary - BDC Capital - which
will use the capital to make loans to small businesses throughout the entire state.
BDC Capital is the oldest business development corporation in the United States and
has experience in providing a wide range of financing solutions to meet small
business needs. BDC Capital has invested in more than 50 local Rhode Island
businesses in the past few years.
"BDC is actively seeking new and innovative ways to serve the many deserving small
businesses lacking access to capital here in Rhode Island," said Ken Smith,
President of BDC Capital. "Goldman Sachs 10,000 Small Businesses will go a long way
towards creating new opportunities for small business owners looking to grow.
Goldman Sachs' commitment to small businesses will help get critically needed
capital to growing small businesses. We are excited to be part of this."
Applications for the education component of the program are being accepted,
effective immediately, and can be downloaded at https://www.10ksbapply.com/.
Classes are free to business owners accepted through a competitive application
process. For information about the loan application process, please contact BDC
Capital directly. Application for loans is independent and separate from
application and acceptance into the education program.
