Mississippi marks the expansion’s tenth launch state, halfway to the goal of reaching twenty states in five years in under two years
$100 million commitment includes $20 million to Mississippi-based Community-Development Financial Institution (“CDFI”) Hope Enterprise Corporation
Goldman Sachs executives, State Treasurer David McRae and Hope Enterprise Corporation CEO Bill Bynum joined the 23 graduates during National Small Business Month
JACKSON, Miss., May 16, 2025 – During National Small Business Month, Goldman Sachs 10,000 Small Businesses graduated its inaugural cohort of Mississippi small business owners from its small business education program as part of its $100 million Investment in Rural Communities. The expansion launched in 2023, with the goal of reaching twenty predominantly rural states in five years. As Mississippi is the tenth state with a graduating cohort, the initiative is now halfway to its goal in under two years. The investment, an extension of Goldman Sachs’ 10,000 Small Businesses program, helps to equip rural entrepreneurs with results-oriented training to help grow their businesses and help provide access to capital and personalized support services.
Small businesses are the backbone of Mississippi’s economy, making up 99.3% of all businesses in the state and employing 46.2% of the workforce. For the last twelve weeks, entrepreneurs from across the state spanning industries including retail, real estate and staffing participated in a free of charge education program. The program includes ten modules on themes critical to running a business, from finance and accounting, to marketing and operations. Each module contains information that entrepreneurs can immediately implement into their business practices to help them grow and thrive. Survey data found that as a result of the program, 74% of rural small businesses grew revenues and 72% expanded their workforce.
“Goldman Sachs is a proud supporter of small businesses and for the last 15 years has witnessed the power of this community when they are equipped with the education and support to grow,” said John F.W. Rogers, Executive Vice President of Goldman Sachs. “Small businesses help drive America’s heartland and we look forward to seeing how this graduating cohort continues to contribute and create opportunities throughout their communities.”
"From the Delta to the Gulf Coast, small businesses are the bedrock of Mississippi’s economy,” said Asahi Pompey, global head of Corporate Engagement and Chair of the Urban Investment Group at Goldman Sachs. “Through 10,000 Small Businesses, we are equipping entrepreneurs with the tools to help sharpen their strategy, grow their revenue, and create jobs in their communities.”
“Small businesses are the cornerstone of Mississippi's economy, but I know from my own family's business journey how challenging operating your own enterprise can be,” said David McRae, Mississippi State Treasurer. "Investing in Mississippi's vibrant and resilient small business community, through programs like 10,000 Small Businesses, is investing in a stronger, more prosperous future for our entire state."
Goldman Sachs’ $100 million Investment in Rural Communities provides comprehensive support to rural small businesses owners. The investment includes $75 million to Community Development Financial Institutions (CDFIs) to provide loans to small businesses, $15 million in funding for the business education programs at local community colleges and $10 million in access to capital capacity-building grants. As part of the $100 million commitment of the initiative, Goldman Sachs has an established partnership with Mississippi-based CDFI Hope Enterprise Corporation to help provide support to rural small business owners in Mississippi and across the Southern U.S. Hope Enterprise Corporation CEO, Bill Bynum, joined the Mississippi cohort at the graduation.
“At HOPE, we know that with adequate financing, not only can Mississippi’s small businesses thrive, they can drive local economies,” said Bill Bynum, CEO of Hope Enterprise Corporation. “Through our partnership with Goldman Sachs, bolstered by the education and support provided by 10,000 Small Businesses, we're opening doors for entrepreneurs across the region and fueling growth in underrepresented communities.”
"Goldman Sachs 10,000 Small Businesses helped me realize I could achieve more than I ever thought possible and provided me with something I was missing – a community of fellow entrepreneurs who understood my challenges and cheered on my success," said Heather Boyd, founder of Delta Dawn and graduate of 10,000 Small Businesses. “The program has already had a significant impact on my business and I’m looking forward to continuing to leverage what I’ve learned to execute on my growth plan.”
This year, Goldman Sachs 10,000 Small Businesses celebrates its 15th anniversary. The program has supported over 16,600 small businesses, representing over $27 billion in revenue and 307,000 employees nationwide. According to the program’s 2024 Impact Report, six months after graduating, 66% of alumni reported increased revenue and 44% created jobs in their community. Additionally, nearly 90% said they grew confidence in critical business owner skills and 99% were likely to recommend the program to a friend or family member.
About 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing a comprehensive business education program and access to capital and business support services. To date, 10,000 Small Businesses has served over 16,600 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at www.gs.com/10ksb
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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