Last week, the 33 small business owners graduated from Utah’s inaugural Goldman Sachs 10,000 Small Businesses program cohort. The program, an overall $500 million investment, helps entrepreneurs create jobs and economic opportunity by providing them with greater access to education, financial capital and business support services.
The 33 graduates were selected out of a pool of 103 applicants to participate in the program on scholarship. Eleven sessions and more than one hundred hours of training from Salt Lake Community College (Goldman Sachs’ education partner in Utah) supported business growth by boosting operations and creating job opportunities.
“Goldman Sachs chose Salt Lake Community College because of our commitment to advance economic and workforce development,” SLCC President and CEO Dr. Cynthia Bioteau said in her Salt Lake Tribune op-ed. “The college’s first cohort of 33 companies has already created more than 80 new jobs — a remarkable accomplishment with just months of training.”
As it turns out, those numbers are actually even stronger. The business owners who participated in the 10,000 Small Businesses program created more than 100 jobs in the last five months. Those efforts boost other job creation goals including the Utah Jobs Agenda, a ten-point plan crafted by the Chamber to create 150,000 in five years, and Gov. Herbert’s plan to create 100,000 jobs in 1,000 days.
The graduates had nothing but glowing comments about the program, saying the best of the best were teaching and mentoring them, and that the resources and support they received were immensely helpful in furthering their business.
“The program helped me secure a line of credit to expand our business,” said Frank Dsouza, the owner of Seaich Corp., a Salt Lake City designer and importer of women’s accessories. He added three new employees to his business with help from 10,000 Small Businesses. “I needed financial resources, and the next thing I knew, I was in front of angel investors and bankers willing to do business with me. Growing up in India, I did not have an opportunity to further my education, so this was a dream come true,”
The businesses represented by the 10,000 Small Businesses participants covered a broad spectrum of industries, including manufacturing, transportation, design, retail, human services and more. Of the 33 businesses represented, 17 were women-owned making this the largest group of women that have participated in a single cohort since the program launched.
“Most of our large companies are not growing U.S. jobs, in fact many are doing the opposite,” wrote Jackie Zehner, CEO of Women Moving Millions, who attended the 10,000 Small Businesses graduation. “But the clouds parted on my gloomy view and the sun came out. Actually 33 suns came out. They were the smiling faces of the 33 graduates of the first cohort of the Salt Lake City 10,000 Small Business Program. In sharing their stories they gave me renewed hope that we can create jobs and grow our economy one business, one person at a time. Congratulations!”
If your business is past the start-up phase and ready to grow, now is the time to apply for the next cohort set to start this August. The application deadline is, Monday June 3. Learn more about applying at www.slcc.edu/10ksb.
Across the nation, more than 1,300 small business owners have participated in 10,000 Small Businesses program. Within six months of graduating, approximately 63 percent report increases in their revenues and 45 percent reported creating net new jobs in that same time frame.
With support of Governor Herbert, Goldman Sachs and the Goldman Sachs Foundation the program launched in Utah in July 2012. SLCC delivers the education portion of the program while capital is provided by Mountain West Small Business Finance. the State of Utah, Salt Lake Community College, Mountain West Small Business Finance, the Salt Lake Chamber, the Utah Hispanic Chamber, the Pete Suazo Business Center and the Utah Small Business Development Centers Network.
The program is currently operating in Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, Philadelphia, New York and Salt Lake City and capital only states—Kentucky, Montana, Oregon, Tennessee and Washington