Jefferson Reporter

U.S. Senator Katie Britt Celebrates Goldman Sachs’ Alabama Launch of Investment In Rural Communities

BIRMINGHAM, AL., September 6, 2024 – U.S. Senator Katie Britt (R-Ala.) joined Goldman Sachs today for the launch of its Investment in Rural Communities initiative in Alabama. The initiative, which initially launched in September 2023, aims to assist rural entrepreneurs with business training, access to capital, and personalized support services.

The investment extends Goldman Sachs’ successful 10,000 Small Businesses program that has served over 15,500 businesses nationwide for more than a decade. The Investment in Rural Communities plans to reach rural small business owners in 20 states over five years and has already contributed to job creation and growth as it launches in its fifth state, Alabama. New survey data released today indicated that following completion of the program, 60% of rural small business owners reported adding new jobs, 68% reported increased revenues, and 84% believe their business is more resilient.

“Fighting for hardworking families, small businesses, and local Main Streets across Alabama has always been a top priority for me,” said Senator Britt. “Today, small business owners are facing more challenges than ever before. This program empowers small businesses with additional tools and training to best position them for sustainable success and growth. As a daughter of rural Alabama, I am especially proud to see this focus on supporting rural small businesses in our great state.”

“As a proud product of a small business family, I am continually inspired by the achievements, commitment and community impact of our small business owners,” said John F.W. Rogers, Executive Vice President of Goldman Sachs. “Goldman Sachs stands with Alabama small businesses and is committed to equipping entrepreneurs across the state with the education and resources they need to support our country’s workforce and drive prosperity and growth.”

“We know small businesses are the heartbeat of their communities: creating jobs, driving growth and moving economies forward,” said Asahi Pompey, President of the Goldman Sachs Foundation. “Goldman Sachs is proud to support these entrepreneurs as they catalyze opportunity in Alabama.”

“Small businesses are the strongest economic engine in our country and the backbone of Alabama’s economy,” said U.S. Rep. Terri Sewell (D-AL). “I’m thrilled that Goldman Sachs is expanding 10,000 Small Businesses and I am excited to see the growth of our entrepreneurs when they are equipped with the additional resources, training, and tools they need to unlock their full potential.”

Small businesses account for 99.4% of businesses statewide in Alabama and employ nearly half of its workforce. Bringing Goldman Sachs’ leading business-education program along with nearly 15 years of targeted experience supporting small businesses will help enable Alabama's small enterprises to continue unlocking their full potential.

Goldman Sachs’ $100 million Investment in Rural Communities provides comprehensive support to rural small business owners including $75 million allocated to community development financial institutions (CDFIs) for loans to small businesses; $15 million dedicated towards funding business education programs at local community colleges; and $10 million aimed at capacity-building grants for access to capital.

Through an established partnership with HOPE (Hope Enterprise Corporation / Hope Credit Union), Goldman Sachs will deploy $20 million worth of capital towards supporting small businesses within the rural south region including a commitment from HOPE amounting $3 million specifically directed towards CDFIs serving Alabama such as Communities Unlimited.

“Equipping small businesses with strong skills information & financial services is critical towards their success,” stated Bill Bynum CEO at HOPE.“We’re proud partnering alongside additional CDFIs servicing Alabaman regions & collaborating closely together advancing entrepreneurial developments statewide."

"While there are amazing things happening within cities & universities across Alabaman landscapes -the soul remains deeply rooted amongst smaller towns/rural communities where smaller-scale enterprises play pivotal roles shaping local economies." commented Tim Aho CEO/President Aho Architects Birmingham also graduate participant under previous iterations run via ‘10k Small Business’ scheme."With resources/support networks provided through '10k Small Businesses' I'm confident fellow Alabamian-based entrepreneurs shall thrive generating employment opportunities whilst driving economic progress forward."

Rural-based enterprise proprietors remain integral components underpinning societal frameworks locally–nearly ninety percent volunteer actively while over three quarters acknowledge having substantial impacts socially upon wider communal well-being levels additionally demonstrating higher likelihoods participating governmental activities relative non-rural counterparts despite encountering obstacles particularly recruiting/retaining personnel adequately.

Sixty-two percent among surveyed respondents highlighted attracting workers into respective locales proving challenging versus forty-one percent citing similar issues non-rurally based peers whilst inflationary pressures coupled difficulties accessing fundamental service provisions alongside affordable housing shortages emerged prominently atop concerns list exacerbating existing technological disparities wherein merely forty-seven percent acknowledged utilizing AI-driven solutions compared fifty-seven percent noted urban counterparts reporting usage thereof.