Goldman Sachs announced applications are open in Utah for its $100-million investment initiative to provide education and loans to small businesses in rural communities.
The initiative is an extension of the global investment firm’s 10,000 Small Businesses program, which aims to provide education, capital and support services to small-business owners through a 12-week curriculum. After seeing the success the program had in urban areas, Goldman Sachs committed $100 million in 2023 to expand the program to rural communities in 20 states in the next five years. Applications for the program are open through July 16 and can be found online. Utah’s first program cohort will begin in October. “Businesses outside of the metro Salt Lake area … can now all access this best-in-class educational program, access to capital and an all-important peer network,” said Asahi Pompey, global head of Corporate Engagement at Goldman Sachs. According to Goldman Sachs, 86% of small businesses in rural communities plan to grow, but less than 10% believe they have the needed resources. The $100 million investment includes $75 million for small business loans. Goldman Sachs’ 10,000 Small Businesses program has produced 16,600 graduates nationwide in its 15-year career, far surpassing its original goal. Salt Lake City’s small businesses program celebrated the graduation of its 1,000th small business on Thursday at a graduation ceremony for its 35th cohort, made up of nearly 30 business owners. According to Pompey, the cohort has provided 24,000 jobs to Utahns and made $2 billion in revenue. The success of the 10,000 Small Businesses program in Salt Lake City has reflected the state’s overall success in business, according to Pompey. “What we’ve seen in Utah has been really incredible with our 1,000 graduates. They are growing their business faster than other demographics. They’re creating more jobs for families and communities in the state,” she said. Looking forward, Goldman Sachs’ 10,000 Small Businesses is working toward graduating 20,000 entrepreneurs from the program.