Goldman Sachs Launches 10,000 Small Businesses Fellows Program

Rhea-AI Summary

Goldman Sachs has launched the 10,000 Small Businesses Fellows program during National Small Business Week. This initiative provides paid internships for historically underrepresented community college students in pilot markets including New York City, Dallas, Cleveland, and Baltimore. The program aims to bridge the skills gap for small businesses, creating over 250 internship opportunities funded by the Goldman Sachs Foundation. This effort reflects a commitment to workforce development amid the ongoing challenges faced by small businesses.

Positive

• Launch of paid internship program creating over 250 opportunities.
• Addresses skills gap in small businesses post-pandemic.
• Partnership with multiple community colleges enhances workforce development.

Negative

• None.

Innovative Fellows Program Coincides with Kick Off to National Small Business Week

Program Creates Paid Internship Opportunities for Historically Underrepresented Community College Students & Addresses the Skills Gap Facing Small Businesses During the Pandemic

Initiative to Begin Across Four Pilot Markets in New York City, Dallas, Cleveland and Baltimore

NEW YORK--(BUSINESS WIRE)-- Goldman Sachs today launched a new workforce development program, 10,000 Small Businesses Fellows. The program, which kicks off during National Small Business Week, aims to create career pathways for students from community colleges and address the growing skills gap facing small businesses by facilitating hands-on internship opportunities. The program will begin in New York, Dallas, Cleveland, and Baltimore and create more than 250 work opportunities for college students in their fields of interest and small businesses. The semester-long paid internships will be fully funded by the Goldman Sachs Foundation.

The program’s investment in workforce development is critical to the nation’s economic recovery, addressing longstanding obstacles that have hindered the success of small business owners and community college students alike. 10,000 Small Businesses Fellows connects pandemic-stricken small businesses with a steady workforce pipeline while relieving the financial burden of recruiting new talent. Participants will have access to a national network of 10,000 Small Businesses alumni, professionals and Goldman Sachs experts that will set them on a path towards success.

Goldman Sachs 10,000 Small Businesses Fellows is in partnership with the following colleges and universities:

• Dallas College
• LaGuardia Community College
• Cuyahoga Community College
• Community College of Baltimore County
• Morgan State University

David Solomon, Chairman and CEO of Goldman Sachs, said, “Today’s launch is the product of many months of listening and learning from small business leaders. We’ve heard how entrepreneurs are struggling to find the talent they need, and our platform is perfectly designed to connect them with promising students. We’re excited to see where this new program leads, as our 10,000 Small Businesses alumni continue to enhance our country’s economic vitality.”

Asahi Pompey, Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, said, “The right internship can have a big impact on a student’s career path. 10,000 Small Businesses Fellows gives students a front row seat to entrepreneurship by coming into a small business and learning from some of our most successful alumni. They will learn the business but they will also witness the passion.”

Small businesses are economic engines, employing nearly half of America’s workforce and representing over 99 percent of employer firms.¹ Yet hiring for essential roles remains a challenge, especially in the wake of the pandemic’s disproportionate impact on small businesses. According to a recent Goldman Sachs 10,000 Small Businesses survey, roles that are fundamental to business recovery are the highest in demand and yet the hardest to fill. Over 75 percent of small business owners said that sales and marketing roles were very important for recovery and growth, yet nearly 50 percent of small businesses report that these fundamental roles were the most difficult to hire for, with too few applicants having the rights skills.²

The 10,000 Small Businesses Fellows program helps address small businesses’ workforce needs crucial to growth by deepening the commitment to historically underrepresented community college students. This is done by matching practical skill development consistent with the fellow’s field of study to work projects that drive business growth for small business owners.

Fellows is an extension of Goldman Sachs 10,000 Small Businesses, which has invested $750 million to help small businesses across the U.S. create jobs and economic growth through education, support services and access to capital. Over the past 10 years, over 10,000 small businesses have been given entrepreneurial resources and developed a robust alumni base, who have created jobs, contributed to their local economies, and grown as entrepreneurs. On average, 67 percent of 10,000 Small Businesses graduates grow revenues, and 47 percent create new jobs just six months after graduating.

To learn more about Goldman Sachs 10,000 Small Businesses Fellows, visit 10ksbfellows.com.

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¹ https://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf
² https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/the-fundamental-economy/index.html

View source version on businesswire.com: https://www.businesswire.com/news/home/20210913005675/en/

Media:

Abbey Collins, Goldman Sachs

Abbey.Collins@gs.com

Tel: +1 212-902-5400

Source: Goldman Sachs

FAQ

What is the purpose of the Goldman Sachs 10,000 Small Businesses Fellows program?

The program aims to create paid internship opportunities for community college students and address the skills gap faced by small businesses.

In which cities is the Goldman Sachs Fellows program being launched?

The program is launching in New York City, Dallas, Cleveland, and Baltimore.

How many internship opportunities will the Goldman Sachs program create?

The program will create over 250 paid internship opportunities.

Who funds the 10,000 Small Businesses Fellows internships?

The internships are fully funded by the Goldman Sachs Foundation.