More than 90 entrepreneurs representing three cohorts of participants graduated this week at Salt Lake Community College from the Goldman Sachs 10,000 Small Businesses program and brought the total number of graduates to 215 since the program began in January of 2013
FatPipe Networks business owner Sanchaita Datta addresses graduates.
Over the past year, 93 business owners who took part in the program represented industries that include construction, manufacturing, retail and transportation. Together, these businesses employ 1,611 people and represent over $145 million in revenues. Participants received practical business and management education, business support services, and access to capital to help their businesses grow. A new report recently released by Babson College shows that 10,000 Small Businesses program graduates report revenue growth and job creation at a higher rate than small businesses nationally. Almost 100 percent of the scholars graduate, with 84 percent who report doing business with each other after graduation. In addition, 76 percent report increased revenues by 18 months after graduating and 57 percent report the creation of new jobs 18 months after graduating.
Graduates listen to Vérité CEO Kim Jones speak.
“Each graduate of the Salt Lake program deserves recognition for a substantial time commitment dedicated to completing a rigorous training program that has repeatedly proven to help grow businesses,” said Karen Gunn, executive director of the Goldman Sachs 10,000 Small Businesses program at SLCC. “We are proud to honor 93 business owners whose lives and companies have been transformed because of their investment in themselves, their businesses, and in the local economy.”
Nationally, the 10,000 Small Businesses program started in 2009 and, with more than 125 partners and affiliate organizations, has helped nearly 5,000 small business owners through 23 sites and a national blended learning program. A $500 million investment by Goldman Sachs and the Goldman Sachs Foundation supports the project in partnership with Babson College and the Initiative for A Competitive Inner City. Local partners in Utah include the State of Utah Governor’s Office of Economic Development, SLCC, Mountain West Small Business Finance, and the Salt Lake and Utah State Hispanic Chambers of Commerce.
Prospective applicants to the program are required to have between $150,000 and $4 million in revenues, have been in business for at least two years, and have at least four full-time employees.
A graduate waves to his family.