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Goldman Sachs launches “10,000 Small Businesses Fellows” program to match students with employers

By David Schwartz
Published: September 21st, 2021

Giant investment bank Goldman Sachs has launched a workforce development program that matches college students with small businesses struggling to hire workers during the pandemic.

The “10,000 Small Businesses Fellows” program builds on Goldman Sachs’ existing 10,000 Small Businesses training program.

The new workforce development pilot, developed in partnership with Johns Hopkins University, will offer paid, semester-long internships for students at community colleges and Historically Black Colleges and Universities. The first crop of 120 students will come from Morgan State University, the Community College of Baltimore County, Dallas College, LaGuardia Community College in New York, and Cleveland’s Cuyahoga Community College.

The number of students hired each semester is expected to grow, with participants offered jobs in their field of interest funded by the Goldman Sachs Foundation.

Asahi Pompey, global head of corporate engagement and president of the foundation, said small businesses have long lacked access to a steady talent pipeline. “At the same time, historically underserved community college students haven’t always had equal access to the professional experiences and support that are essential to career success,” Pompey noted. “There has never been a more critical moment to invest in the growth and success of our workforce.”

The program is designed to provide a steady pipeline of workers to small businesses that have been severely hurt by the COVID-19 crisis and who are also alumni of the 10,000 Small Businesses program, which offers education and access to capital.

Goldman Sachs sees the workforce initiative as critical to economic recovery from the pandemic, citing its own survey showing that jobs which are fundamental to business recovery are the highest in demand and yet the hardest to fill. In the survey, more than three-quarters of small business owners said sales and marketing roles were critical for recovery and growth, yet nearly half said those roles were the most difficult to fill, with too few applicants having the right skills.

David Solomon, Chairman and CEO of Goldman Sachs, said the program 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.”

Goldman Sachs 10,000 Small Businesses program, which the Fellow program stem from, 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.

Sources: The Baltimore Sun and Business Wire

Posted under: University-Industry Engagement Week

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