Goldman Sachs announced its 10,000 Small Businesses is extending its $100 million Investment in Rural Communities initiative, launching in Arkansas. Additionally, it is committing $20 million to the community development financial institution (CDFI) Hope Enterprise Corporation, according to a press release by Goldman Sachs.

Funds are channeled through community development financial institutions (CDFIs) as part of the initiative. The program offers loans to small businesses and allocates resources for the 10,000 Small Businesses education program at community colleges. It also provides grants for capacity-building to enhance access to capital, according to a press release by Goldman Sachs.

“We are thrilled to expand our 10,000 Small Businesses program by partnering with the University of Arkansas – Pulaski Technical College and Hope Enterprise Corporation,” said Goldman Sachs Chairman and CEO David Solomon. “Through our work together, we can provide rural entrepreneurs with the resources, education and access to capital they need to create jobs and grow the economy.”

“I started a small business with my brother many years ago in Arkansas, and I recognize the challenges these entrepreneurs face in regard to workforce and access to capital and other resources,” said Arkansas Senator John Boozman. “Small businesses are the engines of Arkansas’s economy and I appreciate the training and resources that Goldman Sachs 10,000 Small Businesses has committed to provide support for our rural small business community.”

“Access to capital is a top priority for small business owners across the country,” said Hope Enterprise Corporation CEO Bill Bynum. “We look forward to our continued partnership with Goldman Sachs to provide the financial stability that growing businesses need to thrive – in Arkansas, and other under resourced rural communities across the South.”