Goldman Sachs announced today that its 10,000 Small Businesses program celebrated its 1,000th graduate in Salt Lake City. The event was attended by Governor Spencer Cox, highlighting the program's impact on small business growth. In a parallel initiative, Goldman Sachs revealed a $100 million Investment in Rural Communities to promote economic development across Utah.
The Investment in Rural Communities initiative, launched in 2023, aims to provide rural entrepreneurs with training and access to capital and personalized support. This is part of Goldman Sachs's continued expansion in Utah as it celebrates 25 years in Salt Lake City.
"Goldman Sachs has been a key pillar in the Salt Lake community for 25 years, and 10,000 Small Businesses has helped to equip entrepreneurs in the city with the tools they need to increase revenue, drive innovation and employ thousands of Utahns," said Governor Spencer Cox.
The rural investment includes $75 million allocated to Community Development Financial Institutions for loans, $15 million for business education programs at local colleges, and $10 million for capital capacity-building grants. This initiative will commence in October 2025 and marks Utah as the 11th state in the program's expansion.
"For over a decade, Goldman Sachs has championed small businesses across Salt Lake City," added Asahi Pompey, global head of Corporate Engagement and chair of the Urban Investment Group at Goldman Sachs.
In addition to celebrating its 15th anniversary, the 10,000 Small Businesses program has supported over 16,000 businesses, generating over $27 billion in revenue and creating 307,000 jobs. "Graduating from 10,000 Small Businesses over a decade ago catapulted my business to new heights," noted Natalie Kaddas, a program graduate and CEO of Kaddas Enterprises.
Applications for the program are open to small business owners across Utah until July 16th. Interested entrepreneurs can access more information at the Goldman Sachs website.