July 19, 2012

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SLCC, Goldman Sachs Partner in $15 Million Economic Development Project

Press Release

July 19, 2012

Salt Lake Community College is the lead educational partner in a $15 million dollar partnership with Goldman Sachs’ 10,000 Small Businesses (10KSB) initiative in Utah. Goldman Sachs has pledged $10 million in lending capital to Utah businesses and another $5 million over five years toward mentoring programs for business owners and for classroom education taught at Salt Lake Community College (SLCC).

“Core to the mission of SLCC is economic and workforce development. To be chosen by Goldman Sachs as Utah’s national training partner for building 10,000 Small Businesses is affirmation that we are who we say we are, and now in an even bigger way,” said SLCC President Cynthia Bioteau. “Goldman Sachs’ award of $15 million over the next five years will greatly support our state’s small businesses and corresponding economic outlook.”

10KSB was created in 2009 and funded by Goldman Sachs and The Goldman Sachs Foundation and is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth. This program will help give Utah small-business owners access to education, support services and capital needed to expand their companies and create new jobs. Salt Lake Community College’s School of Professional and Economic Development (SPED) will deliver the education portion of the program.

Salt Lake Community College, like other community college partners in this program, will provide small business owners with a practical business education and business support services. Program curriculum was designed and co-delivered by Babson College—a national leader in entrepreneurship education.

“This program compliments the services SLCC currently offers small business owners,” said Karen Gunn, SPED dean. “As a result of this program, the College will be better able to meet our mission in providing small business owners with support, better able to leverage local partners and will have an enhanced ability to engage with national partners to support small business growth—which accounts for more than 80 percent of the state’s economic growth—in Utah.”

The college was selected to participate in this program because it already has a campus that is designed to promote and assist Utah's small businesses. The Miller Campus has the Women’s Business Institute, the Salt Lake Small Business Development Center and the Utah Small Business Development Center Network.

SLCC will be the lead partner in delivering the program along the Wasatch Front, working in partnership with the Pete Suazo Business Center, the Salt Lake Chamber, the Salt Lake Small Business Development Center, the Utah Hispanic Chamber of Commerce and the Utah Small Business Development Center Network.

Salt Lake City is home to Goldman Sachs’ second-largest U.S. operation. The Salt Lake City launch is part of a larger $500 million investment to help small businesses in the United States create jobs and foster economic growth. The Salt Lake City opening is the eighth active site, joining Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans and New York.

Co-chaired by Warren Buffett, Dr. Michael Porter of Harvard Business School, and Goldman Sachs C.E.O. Lloyd Blankfein, 10KSB has a 99 percent overall graduation rate. Among the first five groups to participate, about 70 percent have reported increased revenues, and about half have reported creating net new jobs. Capital for participating businesses will be provided by local mission-driven lenders and is expected to be available to fund small business loan requests in the fourth quarter of 2012.

The program is designed for business owners with limited resources who have a business poised for growth. Applicants must demonstrate a commitment to growing their businesses and creating jobs within their communities. Business owners targeted include, but are not limited to: business revenues between $150,000 and $4 million in the most recent fiscal year; in operation for at least two years; at least four full-time employees; operations in economically disadvantaged areas; and a business model that could scale to create more jobs.

Classes will begin in the winter of 2013 and business owners can learn more and apply by visiting www.slcc.edu/10ksb.

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