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Goldman Sachs is committing $10 million to help small businesses grow and create jobs in Rhode Island.

Democratic Gov. Gina Raimondo and Goldman Sachs President and Chief Operating Officer Gary Cohn announced the program at a Providence bike shop Tuesday.

Rhode Island will be the 30th region to participate in the banking giant's 10,000 Small Businesses initiative. It's the first time it's been done at a statewide level.

Half of the $10 million will go toward free business and management education courses through the Community College of Rhode Island and the Rhode Island School of Design.

Cohn says the course is rigorous and is like an accelerated MBA program for small business owners.

The other $5 million will be used to make loans to small businesses through intermediary BDC Capital.




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