Goldman Sachs 10,000 Small Businesses Initiative
Excellent source of funding for machinery upgrades!
Date: 1/24/13
Last week, Mayor Michael A. Nutter announced a partnership between the City of Philadelphia and the Goldman Sachs 10,000 Small Businesses initiative to help create jobs and economic growth by providing small businesses in the area with practical business education, business support services and access to capital. Community College of Philadelphia will deliver the business education portion of the program, and Philadelphia Industrial Development Corporation (PIDC) will originate loans to small businesses in the City of Philadelphia. Goldman Sachs and the Goldman Sachs Foundation are committing $20 million to the program.

I am very excited about the launch of the Goldman Sachs 10,000 Small Businesses program in Philadelphia, said Mayor Nutter. This program is the latest in a series of economic development initiatives to help businesses start, stay and grow in this city. Small business owners will be able to take advantage of new capital and support services that will aid growth.

Goldman Sachs 10,000 Small Businesses is a $500 million program that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth for small businesses. The program is currently operating in Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York and Salt Lake City and will continue to expand to communities across the country.

The Goldman Sachs 10,000 Small Businesses initiative will offer:

- Access to Capital: Goldman Sachs is committing $10 million of lending capital to Philadelphia, originated by the Philadelphia Industrial Development Corporation (PIDC) to be used for equipment purchases or upgrades, inventory, building improvements, and working capital. Borrowers must have at least two years of operation and financial documentation, employ at least 4 people, and have annual revenues between $150,000 and $4 million.

- Business and Management Education: Small business owners will have access to a practical business education delivered in partnership with Community College of Philadelphia, the largest public institution of higher education in the City. Small business owners will develop a business growth plan to help them increase revenues and hire new employees. Classes are free to business owners accepted through a competitive application process.

- Business Support Services: Business advice, technical assistance and networking will be offered to participating small business owners through partnerships with Community College of Philadelphia, community-based partners and national business organizations, as well as the people of Goldman Sachs.

For more information on the lending portion of the program, please contact the Manufacturing Alliance of Philadelphia or Mike Cooper with PIDC at (215) 496-8183 or mcooper@pidc-pa.org.

Aaron Colsher - 215.948.9285 x105
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