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10,000 Small Businesses Launches in Salt Lake City
Governor Herbert speaking at the Goldman Sachs 10,000 Small Businesses launch in Salt Lake City. Photo courtesy of SLCC President Dr. Cynthia Bioteau
Yesterday Goldman Sachs, along with Utah Governor Gary R. Herbert and Salt Lake Community College (SLCC), announced the launch of the 10,000 Small Businesses program in Salt Lake City. Goldman Sachs pledged $10 million in lending capital to area businesses and another $5 million over five years toward mentoring and educational programming for these businesses. Salt Lake marks the eighth city in which 10,000 Small Businesses has launched since the program’s 2009 inception.
It’s no surprise that Goldman Sachs chose Salt Lake City, which is home to its second largest office in the U.S. Goldman’s Salt Lake office opened in 2000 and has since grown to over 1,300 employees in divisions such as operations, technology and finance. According to Goldman Sachs Bank USA CEO, Esta Stecher, “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.”
According to the U.S. Census Bureau, the Salt Lake City metro is home to over 13,000 small businesses. That number has increased significantly over the last decade, growing at a rate of 5.6% between 2003-2009. “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.”
Business growth is just what 10,000 Small Businesses aims to accomplish and what it has demonstrated in its operating locations. Based on data from the program’s first New York and Long Beach graduates, approximately 75% of participating businesses have increased revenues and 50% have hired new employees within 6 months of graduation. The program’s 11-session curriculum has a 99% graduation rate.
Houston 10,000 Small Businesses graduate Abe Gonzalez, Co-owner of a computer recycling and IT asset disposal company - RPC Global – recently spoke to how the program has helped him as a business leader.
"I'm proud to say that I can have a conversation with my accountant over a cup of coffee. Understating cash flow and inventory turnover has made a significant impact in the business," Gonzalez said. "Due to the changes we made, we are now more efficient, have become more effective - which has translated into higher profits."
The program, he said, also made him a better leader.
"Personally, I have become a new person," he said. "Co-workers, friends and family have commented that I am more confident and focused. More than being a boss, owner, or manager, it was my responsibility to lead the company and grow it to the next level. As small businesses owners, we wear many hats and many times we get caught up in the day-to-day operations, failing to see opportunities in front of us. Being a leader is having the confidence to get out there and go after these opportunities."
10,000 Small Businesses in Houston is currently in its forth cycle of classes and accepting applications for an October 3rd program start. ICIC is working with Goldman Sachs and Houston Community College to identify entrepreneurs for this next cycle. Houston applications are due August 1st. Click here to learn more and apply.
Upcoming deadlines in other cities are:
- July 20: Chicago
- July 23: Los Angeles
- August 1: New York
- August 27: Long Beach
- September 5: New Orleans
BY Mary Duggan on July 19th, 2012
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