Estimated read time: 2-3 minutes
- Goldman Sachs is bringing its $100 million small business program for rural entrepreneurs to Utah.
- 40 entrepreneurs will receive business education and capital access to drive economic expansion, as part of the program.
SALT LAKE CITY — Goldman Sachs on Tuesday launched its $100 million "Investment in Rural Communities" in Utah, marking the program's debut in the Beehive State.
The initiative is a key component of Goldman Sachs' 10,000 Small Businesses program, which aims to help entrepreneurs create jobs and economic opportunity by providing a comprehensive business education program and access to capital and business support services.
To date, the 10,000 Small Businesses program has served over 17,000 businesses across the country — including more than 1,000 in the Salt Lake metro area. According to a release from Goldman Sachs, graduates in the Salt Lake metro area alone represent over $2 billion in revenue and employ over 24,000 people.
The "10,000 Small Businesses is now reaching every corner of Utah — equipping entrepreneurs with the skills, network and confidence to turn their ideas into action," said Asahi Pompey, global head of corporate engagement and chairwoman of the urban investment group at Goldman Sachs, in a statement.
"After 13 years supporting Salt Lake City's small businesses, we're opening the door for even more Utah small businesses to access resources that can help them thrive and grow," she added.
The Investment in Rural Communities program is a Goldman Sachs initiative to reach rural small business owners in 20 states over the course of five years. Launched in 2023, Utah marks the expansion effort's 13th state to date.
And Goldman Sachs is hoping the latest venture can expand the financial institution's reach in Utah.
Forty entrepreneurs from across the state were welcomed into this cohort, enabling them to take part in the business education program "that will equip them with tools and access to capital that may help drive growth, create jobs and increase revenue," according to the statement.
"Throughout Goldman Sachs' 25 years growing alongside Utah's dynamic economy, we have invested directly into the community through programs like 10,000 Small Businesses," said John Waldron, President and Chief Operating Officer of Goldman Sachs, in a statement. "We are proud to support these 40 new entrepreneurs as they build the skills and confidence to grow their businesses, create more jobs and strengthen their communities."
For entrepreneurs, the 10,000 Small Businesses program is structured around a 12-week curriculum that includes practical lessons on critical skills for running a business, which can be immediately implemented into their businesses.
Additionally, the program will provide entrepreneurs with an actionable growth plan tailored to their business, as well as connections to a network of like-minded entrepreneurs through the alumni community.
"The Goldman Sachs 10,000 Small Businesses program was truly transformative for Kaddas Enterprises, providing the education and network that propelled our growth and allowed us to expand globally," said Natalie Kaddas, president and CEO of Kaddas Enterprises and a graduate of the first Salt Lake City cohort, in a statement.
"This program is more than just education," she continued, "it's a lifelong community of support and mentorship. It's incredibly exciting to welcome the first statewide Utah cohort and see this vital initiative reach even more entrepreneurs, especially in our rural communities."
