Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses create jobs and economic opportunity by providing them with greater access to business education, financial capital, and business support services. The program was based on the broadly held view of leading experts that greater access to this combination of education, capital, and support services best addresses barriers to growth. 10,000 Small Businesses was funded by Goldman Sachs and The Goldman Sachs Foundation.
AACC developed tools to support 10,000 Small Businesses program delivery across all participating community colleges and to leverage the program’s work within AACC's community college network and beyond.
Goldman Sachs 10,000 Small Businesses Community College Sites
Goldman Sachs 10,000 Small Businesses was designed for business owners with limited resources who have a business poised for growth. Applicants consisted of owners or co-owners of a business in operation for at least 2 years, with revenues between $150,000 and $4.0 million in the most recent fiscal year, and with at least four employees (including the owner) and no more than 100. Applicants demonstrated a commitment to growing their business and creating jobs within their community.
How the Program Worked
The program had three main components:
- Practical Business and Management Education. Goldman Sachs 10,000 Small Businesses contributed $200 million to program partners, including local community colleges that deliver the program and to business schools, which work closely with the colleges to expand their capacity to educate small business owners by training faculty and sharing best practices. Funds went toward scholarships for the small business owners in the program and faculty training and technical assistance. Small business owners received a practical education that focused on skills they can apply immediately, including accounting, marketing, and human resources management.
- Access to Capital. Goldman Sachs 10,000 Small Businesses committed $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions (CDFIs). The investment increased the amount of growth capital available to small businesses in underserved communities and expanded the capacity of CDFIs to deliver financing and technical assistance to small businesses.
- Business Support Services. Small business owners often face challenges finding networking opportunities and expert advice. The initiative provided these vital support services through partnerships with national and local business organizations, professional services firms, and the people of Goldman Sachs.