Goldman Sachs program aims to aid R.I. small businesses

PROVIDENCE – Goldman Sachs next week is expected to announce a new initiative in Rhode Island designed to expand access to capital and provide practical business education for the state’s small businesses.
The announcement marks the first time the global financial institution is implementing the initiative, dubbed “10,000 Small Businesses,” in an entire state.
While new to Rhode Island, the initiative has served 6,000 small businesses in 30 locations throughout the United States and the United Kingdom, according to Goldman Sachs. The company estimates 67 percent of participating businesses have reported increased revenues within six months of graduating and 46 percent have reported netting new jobs during the same time period.
The initiative aims to help small businesses “grow and create jobs by providing them with a practical business education, access to capital and business support services,” according to a press release.
The formal announcement is set for 11 a.m. on March 22 at NBX Bikes in Providence.
Gary Cohn, president and chief operating officer at Goldman Sachs, is expected to make the announcement together with Gov. Gina M. Raimondo, Rhode Island Sen. Jack F. Reed and Providence Mayor Jorge O. Elorza.

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