Goldman Sachs Teams Up with North Carolina to Empower Small Businesses with 10,000 Initiative

A Bold New Initiative for North Carolina Entrepreneurs

In a groundbreaking move aimed at enhancing the entrepreneurial landscape in North Carolina, the North Carolina Community College System has announced a new partnership with Goldman Sachs to launch the 10,000 Small Businesses initiative across the state. This effort is not just a commitment to education; it represents a comprehensive strategy to empower small businesses and stimulate local economies. The introduction of this program in North Carolina is part of Goldman Sachs' broader $100 million investment in rural communities across the United States.

According to John Loyack, Vice President for Economic Development at the North Carolina Community College System, this initiative signifies the organization’s unwavering commitment to supporting small businesses, which are often seen as the backbone of the state’s economy. The program aims to provide vital resources to entrepreneurs, particularly those operating in rural and underserved areas. The goal is simple yet powerful: equip small business owners with the knowledge and tools necessary for sustainable growth.

Goldman Sachs’ 10,000 Small Businesses program has been successfully running for 15 years, facilitating practical business education, access to capital, and personalized support services. With its expansion into rural North Carolina, the program seeks to address the unique challenges faced by entrepreneurs in these communities.

Education and Resources for Growth

The curriculum offered in this initiative is robust and practical. Participants will learn essential skills in marketing, negotiation, and employee management. More importantly, they will create tailored growth plans, giving them a roadmap to navigate the future of their businesses. Graduates of the program also benefit from joining a national network of peers and alumni who share the commitment to entrepreneurship and community development.

Anne Wellde, the national director of Goldman Sachs 10,000 Small Businesses, expressed excitement over the expansion into North Carolina, highlighting how small businesses are critical in driving innovation and economic progress. She stated, “Together, we can equip small business owners with the tools they need to thrive and create jobs in their communities.”

Success Stories and Early Outcomes

Initial results from similar rural initiatives have shown promising outcomes. Notably, participants reported substantial outcomes: 68% experienced increased revenue, 60% created new jobs, and an impressive 85% expressed feeling more resilient in the face of challenges. This data underscores the potential positive impact of the program on local economies.

Anne Shaw, the State Director of the North Carolina Small Business Center Network, emphasized that this collaboration with Goldman Sachs seamlessly aligns with their mission. “The Small Business Center Network is uniquely positioned to connect entrepreneurs with the training and support they need. This partnership represents an exciting opportunity to strengthen our impact,” she said.

Enrollment and Future Prospects

Applications for the upcoming cohort in North Carolina are now open and will be accepted until June 15. The program is set to kick off in September and will be delivered in a hybrid format, ensuring easy access for participants from various backgrounds. Best of all, the entire initiative is fully funded by the Goldman Sachs Foundation, freeing entrepreneurs from worrying about costs associated with education and resources.

As the state anticipates the launch of this transformative program, it is clear that the collaboration between the North Carolina Community College System and Goldman Sachs could mark a significant turning point for small businesses in the region. By providing vital education and support, this initiative promises to empower entrepreneurs across North Carolina, fostering a new era of economic growth and opportunity.