Skip to main content

Goldman Sachs 10,000 Small Businesses Program at SLCC yields success

A new national impact study from Babson College shows that the Goldman Sachs 10,000 Small Businesses program administered in Utah through Salt Lake Community College is among the more successful business education and training programs in the country.

Within 6 months of graduation, Salt Lake business owners who have completed the program outpace the national averages for revenue increases and job growth for their companies.   Program research showed that 70.2 percent of participating businesses in Utah reported an increase in revenue within six months of starting the program, compared to 68% nationally. In that same time period, the report showed that 47.9 percent of business owners added jobs, compared to 46.2% nationally.  In addition, the national impact study shows that 18 months after graduation, 76% of participants reported an increase in their revenues and 57% reported creating net new jobs. Finally, the program has a 99% graduation rate and 84% of graduates are doing some form of business with each other.

“Salt Lake Community College is fortunate to be part of such an impactful program as 10,000 Small Businesses,” said SLCC President Deneece G. Huftalin. “The success of the program is evident in the numbers – a quantifiable portrait of a return on investment that reflects well on the local economy and on the state as a whole.”

“Utah's performance numbers reflect the dedication of the local Goldman Sachs 10,000 Small Businesses program team and key stakeholder partners in our state to providing one of the best environments in the country for growing small businesses,” said Karen Gunn, executive director of the Goldman Sachs 10,000 Small Businesses program at SLCC.

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 25 in the United States and Great Britain 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.

SLUG Magazine editor and publisher Angela Brown

Since the program began in Utah in 2013, seven cohorts representing 215 business owners have successfully completed the program.  Recent graduate Angela Brown, editor and publisher of Utah-based SLUG Magazine, said she knew immediately after being accepted as a 10,000 Small Businesses scholar into Cohort 5 that she would “never be the same.” And results soon followed. “Since completing the program, I have overcome my fear of asking for money,” she said at graduation in June. “I’ve taken out a line of credit. I have hired four new fulltime employees and identified a revenue stream that will triple SLUG’s annual revenue over the next three years.”

Brown was one of 93 scholars in three cohorts to graduate from the program in Utah in 2015. Combined, those businesses employ 1,611 people and represent a total of $145 million dollars in annual revenue. Recent graduate Amelia Wilcox, founder and CEO of Incorporate Massage,  has also commented on the program’s ability to help her create strategy to increase her monthly revenue,  hire additional employees, and look at national expansion of her company.  

Incorporate Massage founder and CEO Amelia Wilcox

Local program graduate Jeremy Conder, owner of the Salt Lake City-based screen-printing and design company Spilt Ink, said the program pushed his limits to be able to grow his business and increase revenue. “Since starting the program, Spilt Ink has enjoyed many successes,” Conder said. “We’ve doubled in employee count, now up to eight. To date our revenues are up over 50 percent – that’s over $140,000 in additional sales so far this year. We’ve been able to scale production by creating departments with specific purposes and responsibilities. And we’re currently working on an employee ownership plan to incentivize and secure our future leaders.”

Jeremy Conder, owner of the Salt Lake City-based screen-printing and design company Spilt Ink


Prospective applicants to the program should 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.  For more information about the 10,000 Small Businesses program and required qualifications, visit www.slcc10ksb.com or www.10ksbapply.com.

Comments

Popular posts from this blog

SLCC's Undergraduate Annual Research Conference Registration Deadline

Salt Lake Community College’s annual Undergraduate Projects, Performances, Presentations, and Research Conference (UP3RC) is set to take place on April 2, at the Taylorsville Redwood Campus, offering students a chance to showcase their academic achievements, fostering a culture of intellectual exchange.  The UP3RC is an annual event designed to celebrate and highlight the academic accomplishments of undergraduate students. It provides a supportive environment for students to share their work, hone their presentations skills, receive constructive feedback, and engage in meaningful discussions with their peers and faculty. All SLCC departments and programs, including faculty and staff, are encouraged to support and visit the day of the event. Students with their poster from last year's UPRC event “The goal of this event is to make sure every school and student is given the opportunity to participate,” says Dr. Kamal Bewar, interim director of the STEM Learning Center, who is chairin

SLCC Business School is Utah’s First to be Named Exclusively After a Woman

Salt Lake Community College (SLCC) proudly announces a partnership with the Larry H. & Gail Miller Family Foundation to modernize its Business Building and transform its School of Business. The improvements are made possible through a generous $10 million gift from the Miller Family Foundation and Gail Miller, the largest-ever single cash donation received by the college.  SLCC is renaming its Business Building the Larry H. & Gail Miller Family Business Building in honor of the Miller family’s legacy and contributions to the community. The business school will be named the Gail Miller School of Business in recognition of the strong business acumen Gail Miller displays as a community leader and as the owner and immediate past chair of the Larry H. Miller Company. This name change will make SLCC home to the only business school in Utah and one of only a few in the country to be named exclusively after a woman.  “We are deeply humbled by the generosity of Gail and the Miller fam

You’re Invited to A Party! Open House Kicks off New Herriman Campus

  Complimentary food truck fare, live music, and family activities spotlight new campus.   There’s something for everyone at the upcoming Herriman Campus Community Open House on Friday, August 4 (3:30 p.m. to 8:30 p.m.). See schedule below.   The public is invited to celebrate the opening of this new campus with festivities that include free local food truck fare, live music, and a Mocktail Mixer, where you can mingle with others, including Salt Lake Community College (SLCC) and University of Utah (U of U) faculty.   Families with kids can engage in face painting and a craft station, see the Super Mario Brothers movie, and high-five mascots Brutus, Swoop and Yeti.   This is an opportunity to have some summer fun for all ages and to check out the Juniper building on the new 88-acre SLCC Herriman campus.    At the open house, prospective students and their families can meet SLCC and U of U faculty and staff, take a tour the building, or even check out the Application & Transfer Lab a