Goldman Sachs Chooses St. Cloud to Launch 10,000 Small Businesses Program in Minnesota

(KNSI) – Executives from Goldman Sachs will be at St. Cloud State University on Friday afternoon to announce the start of its 10,000 Small Businesses Program in Minnesota.

Goldman Sachs Foundation President Asahi Pompey told KNSI News who they want to assist. “We’re really trying to get to the heart of small businesses. We know that small businesses are the heartbeat of communities, and it’s those smaller businesses that we’re looking to get to and to help.”

Eligible stores must have been operating for at least two years, have revenue of $75,000 or more over the last couple of fiscal years, and have at least two employees. The program will begin with 32 small Minnesota companies and grow from there.

Pompey explained the program will use a one-two-combo to help these mom and pop shops. “These business owners will get ten weeks of free education on how to grow their business. And I’m not talking like theory, I’m talking practical advice on how to turbocharge the business. And the second thing is, they will be able to get access to capital. And those are the two things that we’re offering.”

The $100 million program is operating in seven states with plans to grow to 20 states in the next five years.

Since the program’s inception, Goldman Sachs says it has helped 16,000 small businesses graduate, increase their revenue and create more jobs in their community.

The big announcement will be made at noon on Friday at the Atwood Memorial Center on SCSU’s campus.

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