Goldman Sachs pledges millions to help small businesses in Utah

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.

"We believe that contributing to the growth of small businesses will positively benefit communities in Salt Lake City and the state of Utah," Esta Stecher, CEO of Goldman Sachs Bank USA, said in a statement Tuesday.

"By bringing the ... program to this area, we hope to positively impact local communities where our employees have lived and worked since our Salt Lake City office first opened in 2000," Stecher said.

Read more about the components of this program