Goldman Sachs, SLCC and GOED launch $15 million small biz initiative

This entry was posted on Wednesday, July 18th, 2012 at 3:26 pm and is filed under Chamber News, Economic Development. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

What is important for your small business to succeed? Education and training? Access to financial capital? How about access to support services?

In an effort to boost economic and job growth while providing small businesses with all of these things, the Governor’s Office of Economic Development, Salt Lake Community College and Goldman Sachs announced a $15 million partnership today. The initiative is called 10,000 Small Businesses.

“As the number of small businesses in Utah has increased steadily for the past decade, we know that the success of the local economy depends on helping these businesses grow and create jobs,” said Governor Herbert. “Our partnership with Goldman Sachs 10,000 Small Businesses will give business owners the support they need to achieve this growth.”

Through Goldman Sachs’ 10,000 Small Businesses program, $500 million will be invested into the growth of 10,000 small businesses all across the country to help increase job creation and economic growth. Already, the completion rate for this program is at 99 percent, which is expected to make a significant difference in job creation and economic growth.

“Goldman Sachs maintains its second largest campus in North America in Salt Lake City, and we see the importance of a strong, vibrant business community,” said Esta Stecher, Chief Executive Officer of Goldman Sachs Bank USA. “We have witnessed first hand the dedication of local leaders to supporting businesses of all sizes in the area, and this is one reason we think 10,000 Small Businesses will be successful in Utah.”

For this five-year initiative in Utah, Goldman Sachs will contribute $10 million of lending capital to small businesses. In Utah, there are over 60,000 small business owners, or entrepreneurs, that could benefit from this program.

SLCC’s School of Professional and Economic Development will be in charge of the education and training part of the 10,000 Small Businesses program. Each year of the program, approximately 60 to 80 business owners will be admitted. The program will kick off in January 2013, and applications are now being accepted. You can download an application here.

“Salt Lake Community College holds as core to its mission the personalized attention to students, professionals and employers in Utah. Supporting the advancement of their careers and businesses is key to our workforce development goals and fits intimately with the goals and curriculum of Goldman Sachs 10,000 Small Businesses,” said Dr. Cynthia Bioteau, President of Salt Lake Community College. “This program is what Utah is about: collaboration and public-private partnerships to better the economy.”

Business support services will be provided by Goldman Sachs, SLCC, community-based partners and national business organizations, including the Salt Lake Chamber.

To learn more about the 10,000 Small Businesses initiative, visit

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