Goldman Sachs is committing $15 million to help Utah small-business owners gain practical education, find support services and locate capital to expand their companies and add workers.
The New York-based bank, which has its second-largest U.S. operation in Salt Lake City, is pledging $10 million in lending capital to area businesses and another $5 million over five years toward mentoring programs for business owners and for classroom education taught at Salt Lake Community College.
Goldman’s pledge is part of a wider effort known as "10,000 Small Businesses." The bank, which has been criticized for paying huge bonuses to employees after receiving a $10 billion federal bailout during the financial crisis and is widely known for aggressive trading, has assembled $500 million to help small businesses create jobs by knocking down barriers to growth.
The program is aimed at owners with limited resources whose businesses have potential to get bigger, Goldman said. Salt Lake Tribune
