During May, 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.”
“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.”