Goldman Sachs is planting a flag in Rhode Island’s business community. Goldman Sachs is launching a multi-million dollar program to bolster small businesses in the Ocean State.
The financial institution is investing $10 million dollars to infuse small business owners with access to capital and increase their business acumen.
Goldman Sachs Chief Operating Officer Gary Cohn said the money will be divided between loans and an education program.
“It’s a really rigorous program,” said Cohn. “If you’re not willing to do the work, you probably don’t want to apply to the program. It’s sort of a condensed MBA program.”
But Governor Gina Raimondo said this she convinced Goldman Sachs executives to make Rhode Island their first statewide effort.
“I’ve always said, the way forward is when government works with the private sector, to invest in Rhode Island’s economic growth and that’s exactly what this program is,” said Raimondo.
To participate, small businesses need to generate more than $100,000 in yearly revenue, employ at least two people, and have operated for at least two years.