US Depart of Commerce, Goldman Sachs 10,000 Small Businesses Launch Partnership to Help Small Businesses Export

Wednesday, February 16, 2022

Main News Photo

The U.S. Department of Commerce and Goldman Sachs 10,000 Small Businesses on Feb. 11 announced the launch of a new partnership to facilitate export-led growth for small businesses at a roundtable discussion at Morgan State University. “New Year, New Growth, New Global Sales” is a three-part educational series led by Goldman Sachs 10,000 Small Businesses and the United States Department of Commerce’s International Trade Administration. The initiative will equip small business owners with resources to help them reach international markets and sell their products and services.

With most of the world’s purchasing power outside the U.S. and small businesses employing more than 50% of the U.S. private sector workforce, there is significant opportunity for America’s small businesses. By expanding to international markets, small businesses will create jobs in communities across the U.S. According to the U.S. International Trade Commission, small businesses that export pay their employees 16% more than businesses that don’t export and earn more revenue. Moreover, there is even more opportunity for small businesses that work with the International Trade Administration: 92% of them export to multiple international markets.

 “The Department of Commerce is excited to launch this innovative partnership with Goldman Sachs 10,000 Small Businesses, which will provide small businesses with the resources and technical knowledge they need to sell their products and services around the world,” said Gina M. Raimondo, U.S. Secretary of Commerce. “President Biden and this Administration knows that small businesses are the backbone of our economy. The Department of Commerce and our trade experts at our International Trade Administration are deeply committed to helping America’s small businesses grow and create jobs in our communities.”

“Goldman Sachs 10,000 Small Businesses is proud to launch this partnership with the U.S. Department of Commerce, which will equip more small businesses with the resources they need to sell their products and services in international markets,” said John F. W. Rogers, Goldman Sachs Executive Vice President and Chairman of the Goldman Sachs Foundation. “Graduates of our 10,000 Small Businesses program are growth-oriented entrepreneurs, and we are eager to see them compete globally.”

The partnership will include a three-part educational series, held February 15, February 22, and March 1, during which small business owners will learn how to enter new international markets, globalize their digital brand, and develop export finance strategies with guidance from trade specialists from the U.S. Department of Commerce's International Trade Administration. Participants will also learn from fellow small business owners and graduates of 10,000 Small Businesses who are exporting successfully. 

“Exporting can be a tall task for small businesses. That's why I'm so grateful that I was able to navigate this terrain with the help of Goldman Sachs 10,000 Small Businesses and the Department of Commerce’s International Trade Administration. Our company is now exporting to 14 countries, and I’m thrilled to be part of this initiative to help other small businesses reach international markets,” said Natalie Kaddas, CEO of Utah-based Kaddas Enterprises and graduate of the Goldman Sachs 10,000 Small Businesses program. “There's no question — I couldn’t have done this alone, and I’m glad Secretary Raimondo and her team are focused on helping America’s small businesses.”

“I’m delighted that Goldman Sachs 10,000 Small Businesses has launched a partnership with the Department of Commerce’s International Trade Administration. Small businesses like mine will benefit tremendously from the various resources available to help us grow by exporting,” said Funlayo Alabi, CEO and Co-founder of Maryland-based Shea Radiance and graduate of 10,000 Small Businesses“I’m grateful that I had the opportunity to learn about growing my business through exporting, and I’m very pleased to participate in launching this initiative that will help so many of America’s small businesses compete globally. At Shea Radiance, we look forward to selling our products in two or three new markets this year.”

Small businesses interested in participating in the “New Year, New Growth, New Global Sales” webinar series can register here.

Category: Business News, Small Business Relief, US Department of Commerce