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UA - Pulaski Tech recognized at launch event for Goldman Sachs 10,000 Small Business partnership program

University of Arkansas – Pulaski Technical College was recognized for spearheading the regional efforts to implement the Goldman Sachs Foundation 10,000 Small Businesses curriculum in Arkansas at an official launch event Friday, October 27, 2023 at the William J. Clinton Presidential Library and Museum in Little Rock.

Goldman Sachs Foundation 10,000 Small Businesses is an innovative new program designed to propel small business owners to greater success.

On Sept. 8, Goldman Sachs Foundation announced a commitment of $100 million to expand the 10,000 Small Businesses program by targeting small business owners in rural communities. The investment will provide comprehensive support to rural small business owners and includes $75 million to community development financial institutions (CDFIs) to provide affordable loans to small businesses and $25 million in philanthropic support to fund business education partners like UA – Pulaski Tech. Arkansas is the second of 20 states to be served through this rural initiative.

“I would like to thank Sharon Cantrell, Kimberly Blackmon, Shelly Blackwell, Lillie Peterson, Dr. Ana Hunt, Dr. Angela Kremers, and our business faculty, April Hearne, Beverly Brister, Robert Coates, Dr. Vondra Armstrong, Mindy Hodges, and Lindsay Kullenberg,” said UA – Pulaski Tech Chancellor Summer DeProw. “Their efforts to make this ambitious project a reality have been indispensable, and they are all to be commended for their contributions.”

The one-year grant, administered by the UA – Pulaski Tech Business and Industry Center is $964,547.60 for Fiscal Year 2023-2024.

At the Oct. 27 event, Goldman Sachs highlighted the first significant capital commitment through Goldman Sachs’ Urban Investment Group as part of this rural expansion. They announced a $20 million loan facility with HOPE Enterprises, a Mississippi-based CDFI that will serve as partner for rural south.

The Goldman Sachs Foundation 10,000 Small Businesses education program has partnered with UA – Pulaski Tech in Arkansas and across the south. After the first cohort concludes 10,000 Small Businesses in Arkansas, the UA – Pulaski Tech training team will work with a cohort of businesses in Missouri, followed by a cohort of business owners in Mississippi. Each cohort will follow a training model that includes in-person opening and closing training sessions and online learning.

Through the Investment in Rural Communities, the program intends to reach rural communities in 20 states (generally defined as states with a high percentage of rural residents) in the next five years.

The 10,000 Small Businesses program has three main components: business education, business support services (technical assistance and customized, one-on-one business advising), and the opportunity to access capital. The ultimate goal of the initiative is for the participating business owners to increase their revenues and create jobs in their communities and surrounding areas.

The 10,000 Small Businesses effort in Arkansas serves business owners through a partnership with University of Arkansas Pulaski – Technical College. The Arkansas cohort began in September with 22 scholars representing professional services, healthcare, food and beverage, construction, design, and transportation job sectors. Of those, 72% are women-owned and 54% are Black-owned businesses.

Business owners participated in an in-person opening face-to-face session in September, a midpoint face to-face session in October, and will attend an in-person closing face-to-face session in December, with online training planned for the weeks in between.

UA - Pulaski Tech is responsible for delivering the 10,000 Small Businesses program across the south, starting in Arkansas. In spring 2024 the team will offer 10,000 Small Businesses program to a cohort of Missouri businesses and in fall 2024, will expand to Mississippi, continuing across the region on a rotating basis.

The 10,000 Small Businesses initiative is part of a national investment to unlock the growth and job creation potential of small businesses, and is based on the broadly-held view of leading experts that a combination of education, business support services, and access to capital best addresses the barriers to growth for small businesses. The 10,000 Small Businesses program has three main components: business education, business support services (technical assistance and customized, one-on-one business advising), and the opportunity to access capital. The ultimate goal of the initiative is for the participating business owners to increase their revenues and create jobs in their community and surrounding areas.

Pictured, from left: Goldman Sachs Chairman and CEO David Solomon, UA - Pulaski Tech Chancellor Summer DeProw, and President of the Goldman Sachs Foundation Asahi Pompey