Goldman Sachs program launched in Alabama to benefit entrepreneurs

BIRMINGHAM, Ala. ( WIAT) — Select small business entrepreneurs in Alabama will participate in a new investment program offered by Goldman Sachs.

The “Investment in Rural Communities” program launched last September. The Alabama cohort will allow 30 small business entrepreneurs to launch or grow their businesses with help from Goldman Sach’s business education program.

Participants will be provided business education classes through a partnership with Jefferson State Community College at no cost.

Through an established partnership with Hope Enterprise Corporation/Hope Credit Union, Goldman Sachs will deploy $20 million of capital to small businesses in the rural South. HOPE will commit $3 million for small business loans provided through community development financial institutions or CDFIs in Alabama.

On Friday afternoon, U.S. Senator Katie Britt (R-AL) and U.S. Representative Terri Sewell (D-AL) spoke at a press conference held at the Innovation Lab in Birmingham to highlight the importance of the initiative.

“Giving them these tools without any cost to them will only create resiliency not only within the small businesses but within our communities statewide,” Sen. Britt said.

“What’s great is when you have programs like this that will help them create pathways to capital access and also when you get the money knowing what to do with it,” Rep. Sewell said.

Goldman Sachs 10,000 Small Businesses also provides access to business support services. Alabama is the fifth state to participate in the new expansion, joining North and South Dakota, Arkansas and Missouri.

While this year’s Alabama cohort is full, more information on how to apply can be found here.

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