Goldman Sachs is investing millions of dollars in Utah small businesses with the expectation of creating jobs and stimulating growth in the economy. Utah Governor Gary Herbert announced a partnership today between the global investment firm, the state and Salt Lake Community College. It’s designed to provide small business owners with the education, support and the capital they need to succeed.
The 10,000 Small Businesses initiative is expected to remove barriers across the United States by providing companies that qualify with practical business education, one on one advising and loans. Goldman Sachs is committing $15 million to Utah in particular. Esta Stecher is the CEO of Goldman Sachs Bank USA. She says it’s a commitment to borrowers who may not be able to access conventional bank financing.
“Those small business owners who perhaps aren’t quite yet ready for more traditional bank financing with the goal of hoping to get them to that place," Stecher says.
In addition to loans, Goldman Sachs is providing $5 million toward education and training at Salt Lake Community College. The new classes funded by the gift will cover accounting, marketing and human resources management.
Dr. Cynthia Bioteau is president of SLCC. She says the agreement is an affirmation of the schools mission; to grow the economy through training and educating workers.
“It infuses our resources to spread a wider net of what we already do,” Bioteau says.
Any small business owner with a gross income between $150,000 and $4 million last year can apply for the program. It’s expected to serve 60 to 80 Utah businesses per year for the next five years.
A link to more information about the program, including application materials can be found here: