Goldman Sachs has opened applications in Utah for its $100-million initiative aimed at providing education and loans to small businesses in rural communities. This initiative extends the firm’s 10,000 Small Businesses program, which offers education, capital, and support services to small-business owners through a comprehensive 12-week curriculum. After witnessing significant success in urban areas, Goldman Sachs committed $100 million in 2023 to broaden the program’s reach to rural communities across 20 states over the next five years.
Applications for this program are available online and will remain open until July 16. The first cohort in Utah is set to commence in October. This expansion allows businesses outside the metropolitan Salt Lake area to benefit from top-tier educational programs, access to capital, and essential peer networks.
Utah marks the 11th state included in this rural communities investment. According to Goldman Sachs, while 86 percent of small businesses in rural areas plan to grow, less than 10 percent believe they possess the necessary resources. The $100 million investment encompasses $75 million allocated specifically for small business loans.
The 10,000 Small Businesses program has graduated 16,600 participants nationwide over its 15-year span, significantly exceeding its original goals. Recently, Salt Lake City hosted a graduation ceremony for its 35th cohort, which included nearly 30 business owners, celebrating the milestone of its 1,000th small business graduate. This cohort has generated 24,000 jobs and $2 billion in revenue within Utah.
Governor Spencer Cox, present at the graduation event, emphasized the critical role of small businesses. He joined discussions on the challenges small businesses face, particularly in rural areas, due to limited educational resources and access. Highlighting Utah’s leadership in economic growth and entrepreneurship, Cox noted the state’s unique emphasis on collectivism, which contributes to its success.
The achievements of the 10,000 Small Businesses program in Salt Lake City mirror Utah’s broader business success. Graduates of the program are reportedly growing their businesses at a faster rate, creating more job opportunities for families and communities statewide.
Looking ahead, Goldman Sachs aims to graduate 20,000 entrepreneurs from the program. Further details about the 10,000 Small Businesses program can be found on the Goldman Sachs website.