Goldman Sachs celebrates 33 Arkansas entrepreneurs

International investment banking firm Goldman Sachs spotlit 33 Arkansas entrepreneurs Friday afternoon at the Robinson Center, the second Arkansan cohort of the financial giant’s 10,000 Small Businesses education program.

Working with Jackson, Miss.-based CDFI Hope Enterprise Corp., Goldman Sachs has provided another $20 million in capital for this year’s endeavor.

Little Rock entrepreneur Ryan Byrd gives the program a thumbs-up.

“It’s surpassed every expectation that I could’ve had. I think the people that came in were thinking like, ‘What’s the angle? What’s this thing here?’ There just hasn’t been an angle,” Byrd said. “It’s been incredible for us, as a business, for sure.”

CEO of Just Peachy, a creative events and experience company, Byrd first heard of 10,000 Small Businesses through Sally Mengel, another local small business owner. Mengel, the owner of Little Rock’s Loblolly Creamery ice cream shop, is an alumnus of the program’s previous national cohort.

Given her recommendation, Byrd signed on with Arkansas’ first cohort. Soon, he said, the entrepreneur found answers to questions that other Arkansan startups may struggle with.

“For us and a lot of small businesses, you just don’t know who to get in front of,” Byrd said. “You don’t know how to make that transition — like, who do you even talk to? How do you go to a bank? What do you show them? What do you tell them? How do you tell the story of what you’re trying to do?”

Just Peachy was growing prior to 10,000 Small Businesses, but managing that growth without sometimes vital insights had meant that day-to-day operations could be somewhat haphazard. Byrd describes the process as “building the plane as we flew.”

Since then, he’s used a Goldman-Sachs-provided template to apply for capital that wowed the lender: it facilitated a level of organization not often seen among small business applications.

Byrd says he’s also learned a more empathetic approach to negotiation. This new approach, he told the audience, has helped his small business expedite previously unfruitful attempts to reach amicable solutions with third parties.

Amy Pierce, founder and President of Bank Strategic Solutions, said she joined the program for national professional perspectives and exposure. Her introduction to 10,000 Small Businesses came through her affiliation with the University of Arkansas’ Pulaski Technical College.

“I’m just getting started in it,” Pierce explained, “Joining (10,000 Small Businesses) is really an opportunity to learn from some experts at Goldman Sachs and the people they bring in — and an opportunity to learn and improve my leadership skills as well as improve some products that we have.”

U.S. Rep. French Hill, R-Ark., spoke at the event, referencing his experience as both a former banking executive and small businessman.

“Entrepreneurs and business owners are very practical people,” Hill said. “They have to solve the problems that are on their desk and on their plate at the time they occur. They don’t have a lot of chance to get a do-over or drag it out.”

Arkansans, Hill said he has noted over the years, have a high work ethic which often expresses itself in employees’ loyalty to their workplace. However, this doesn’t always translate into the stake money necessary for a small business’ expansion. This is why, as chair of the House Financial Services Committee, he’s worked to make accessing capital easier.

Goldman Sachs debuted 10,000 Small Businesses as a nationwide program with a $750 million investment in 2010. More than 17,000 alumni have been added since then in Puerto Rico, Washington, D.C., and all 50 states.

In 2023, the financial firm expanded 10,000 Small Businesses into rural states, specifically, with a $100 million investment.

“The numbers speak for themselves,” said Asahi Pompey, Goldman Sachs’ Global Head of the Office of Corporate Engagement and Chair of the Urban Investment Group. “It will come as no surprise to any of you that Goldman Sachs is in the business of measuring growth … so I’m proud to share with you that 72% of graduates from our program increase their revenue and 53% create jobs in their community, all within six months of graduating.”

Pompey describes Arkansas’ small business ecosystem as “a particularly fertile one.” As of Friday, Pompey announced to attendees, 17,558 businesses had signed on with 10,000 Small Businesses around the U.S.

Goldman Sachs’ long-term plan includes reaching a total of 20 primarily rural states by 2028. The ultimate goal, set by Goldman Sachs’ chair and CEO David Solomon in 2020, is 20,000 small businesses.

The firm is scheduled to host a nationwide event, the 10,000 Small Businesses Summit, in Washington, D.C., starting October 29. Solomon recently described the gathering as “a unique opportunity for entrepreneurs to learn, connect and have a seat at the table on Capitol Hill.”