Empowering Rural Small Businesses

Goldman Sachs Expands the 10,000 Small Businesses Program

By ICIC | August 22, 2024

For more than a decade, Goldman Sachs 10,000 Small Businesses (10KSB) has assisted entrepreneurs in growing their businesses by providing them with results-oriented business training, access to capital, and personalized support services. The program is delivered in partnership with ICIC, which serves as the outreach and selection partner, and Babson College, which provides the program’s instructors. More than 14,000 businesses have completed the program, employing more than 245,000 people and generating over $17 billion in annual revenue.

10,000 Small Businesses offers business education, support services, and pathways to capital for growth-oriented entrepreneurs. Participants acquire practical skills to advance their businesses, covering topics such as financial statements, negotiations, and marketing. With the guidance of advisors and a network of like-minded entrepreneurs, participants develop an actionable growth plan for their businesses. The program is free for participants and is delivered in partnership with academic institutions nationwide.

“Business ownership is a tough deal… it is just tough. The 10KSB program just nailed it, from cash flow to programs… Working right there alongside you, putting your numbers in. Learning about forecasting [was] absolutely invaluable.”
Jenny Steffensmeier
Steffensmeier Welding & Manufacturing, Inc. – Pilot Grove, Iowa

“Ever since the Goldman Sachs program, I have been working on the business instead of working in the business. Now we’re making more sales, we’re producing more leads, we’re selling as much as we can. That’s what’s going to keep this business around.”
Dylan Book
BigDeal Car Care  – Adel, IA

In 2023, Goldman Sachs announced an inspiring $100 million investment into rural communities across the United States to support job creation and economic growth through the expansion of the 10KSB program. Rural small businesses, often the backbone of local economies, face unique challenges despite being the primary source of jobs in America’s rural communities. A Goldman Sachs survey revealed that 86% of small businesses in rural areas have plans to grow, but only 7% believe they are receiving sufficient private sector resources to support this growth. The impact of the 10,000 Small Businesses initiative in rural communities is already evident, with 74% of rural small businesses reporting revenue growth and 72% expanding their workforce as a result of the program.

“Being a small business in a rural area doesn’t minimize the impact that we have on the economy. We help to sustain the community, the state, and the country.”
LaTeasha Gaither-Davis
Therapeutic Focus – Memphis, Arkansas

“Thriving rural communities mean that more populated areas can thrive too. If small towns are doing well and our money stays local, we can support and do business with people in bigger cities.”
Carl Clemetson
Hometown Elegance Event Catering & Productions  – Minot, ND

The rural initiative has already launched in multiple locations and will be available across 20 states in the next five years. 10KSB is designed for business owners who have a business poised for growth. Applications are open now for entrepreneurs in North Dakota, Mississippi, Indiana, and Montana. Interested business owners can apply at icic.org/10ksb.