Goldman Sachs 10,000 Small Businesses
Date: 1/15/13
Goldman Sachs 10,000 Small Businesses is a $500 million initiative designed to help small businesses create jobs and economic growth by providing access to capital, business education, and business support services. Goldman Sachs and the Goldman Sachs Foundation are committing $20 million in the greater Philadelphia area.

PIDC and Community First Fund will originate loans to participating small businesses. Community College of Philadelphia will provide the education portion of the program and will work with other partners and local organizations to provide technical assistance and encourage small businesses to participate in the program.

Eligibility:
PIDC's 10,000 Small Businesses Loan Fund is generally available to any small businesses and non-profits located, or planning to locate in Philadelphia. Applications will be accepted on a rolling basis
-Applicants must demonstrate a commitment to growing their business and creating jobs within their community.
-Employ at least four employees
-Revenues between $150,000 and $4 million
-Have been in operation for at least two years
-Priority given to businesses located in a low to moderate income census tract or employ low to moderate income individuals

Funds Available either for new projects or refinancing related to:
-Working capital
-Machinery and equipment
-Building improvements
-Leasehold improvements
-Real estate acquisition & construction (speculative real estate ventures are not eligible)

Loan Terms:
-Loan Amount: $50,000 to $750,000
-Term: 3 - 6 year maximum term; 3 - 6 year amortization
-Interest Rate: 7% - 9%
-All 10,000 Small Businesses loans must be fully secured
-Equity: 20% minimum equity contribution
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