Goldman Sachs pledges millions to help small businesses in Utah
Wednesday, July 18, 2012
Posted by: Kristina Moy
by Paul Beebe, The Salt Lake Tribune
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,"
Read more about the components of this program