Goldman Sachs offering $10M to boost R.I. small bizs

PROVIDENCE – Goldman Sachs announced on March 22 that it will offer $10 million in capital and philanthropic support to help small businesses grow in Rhode Island.

The funding will come through Goldman Sachs’ “10,000 Small Businesses” initiative, which offers eligible companies applied business and management education, access to capital and business-support services. The global financial institution is partnering with the Community College of Rhode Island, Rhode Island School of Design and BDC Capital Corp. The latter will act as a funding conduit to make loans to small-business owners throughout the state.

Total revenue for eligible businesses must have exceeded $100,000 in the most recent fiscal year. The businesses must be at least 2 years old, employ a minimum of two full-time workers and “have a desire to grow and create jobs,” according to a press release.

Goldman Sachs is committing $5 million for business and management education and $5 million in capital, which the state says complements the recently launched Rhode Island Small Business Assistance Program. •

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