The Goldman Sachs 10,000 Small Businesses
CDFI Growth Collaborative
There is a significant demand for financing on the part of small businesses, particularly those in underserved communities, and it is widely known that those small businesses rely on Community Development Financial Institutions (CDFIs) to access not only capital but also technical assistance. Goldman Sachs and Opportunity Finance Network understand that CDFIs across the country are eager to address this need and have decided to partner to help CDFIs do just that. The Goldman Sachs 10,000 Small Businesses CDFI Growth Collaborative is a three-year program that will help CDFI loan funds address the needs of small businesses in underserved communities across the country by i) strengthening individual CDFIs’ capacity to lend to small businesses through formation of a CDFI Small Business Growth Collaborative, offering practical, peer learning opportunities to a select group of CDFIs, and ii) widely disseminating knowledge and resources to help build the broader field.
Over a three-year period, the CDFI Small Business Growth Collaborative will provide up to 25 CDFIs with a unique, “tuition paid” learning program that will deliver small business financing training via a deep focus on thematic topics each year, as well as one-on-one or small group consulting benefits. The CDFI partners in the Collaborative will have many opportunities to share their learning and experiences with each other and to develop solutions to common challenges.
The second aspect of the CDFI Small Business Growth Collaborative consists of field building activities that build on the Collaborative’s experience, including a Small Business Finance track at the OFN Conference, periodic calls on small business finance topics, and publications for the field. All small business CDFIs are encouraged to participate in these field building activities regardless of whether they are selected to become partners in the Collaborative.
Benefits of Being a Partner in the CDFI Small Business Growth Collaborative
- Information exchange and peer learning among 20-25 selected small business finance CDFIs over a three-year period.
- Focused training on topics of importance to the partners of the Collaborative.
- Access to best-practice tools, policies, and practices that partner CDFIs can put to use to improve performance, including risk rating systems for small business lenders, loan policies and procedures, underwriting guidelines, and ways to successfully leverage local partners.
- Annual on-site convening of the Collaborative each year for three years. These full-day meetings will include training and peer exchange and will be held at the OFN Conference. Each CDFI may send three participants and will receive a $2,400 stipend to offset travel costs.
- Annual online training and peer exchange each year for three years.
- Opportunity to apply for one-on-one or small-group consulting services.
- With improvements in their small business lending programs, Collaborative partners may be better positioned to attract new capital and funding from a variety of sources.
- Opportunity to present the Collaborative’s experience at the OFN Conference.
- Local, regional and national publicity for Collaborative partners.
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses in the United States create jobs and economic growth by providing entrepreneurs with a practical business education, access to capital and business support services. Find out more.