Mayor Nutter, Goldman Sachs Launch 10,000 Small Businesses Initiative in Philadelphia

Community College of Philadelphia, Philadelphia Industrial Development Corporation and

Community First Fund Join $20 Million Partnership to Create Jobs and Stimulate Growth

 

Philadelphia, January 9, 2013—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 Philadelphia region 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) and Community First Fund will originate loans to

small businesses. Goldman Sachs and the Goldman Sachs Foundation are committing $20 million to the

program in the greater Philadelphia area.

 

”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. I want to thank Goldman Sachs for

choosing to invest in Philadelphia and all of the partner organizations making this initiative possible.”

 

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.

 

10,000 Small Businesses is a good fit for Philadelphia because of the city’s strong local leadership,

engaged partners and economic need in the small business sector,” said John F.W. Rogers, Executive Vice

President of Goldman Sachs and the firm’s chief of staff. “We are pleased to work with our partners to help

create jobs and drive growth that will ultimately benefit the economy of the greater Philadelphia area.”

 

“When small businesses grow and create jobs, the effects are felt throughout the community,” said

U.S. Representative Chaka Fattah of the 2nd district of Pennsylvania. “I am pleased that the Goldman Sachs

10,000 Small Businesses program is coming to Philadelphia, and I look forward to seeing the program’s

success positively influence the broader economy both in Philadelphia and in Pennsylvania.”

 

“Small businesses are the backbone of our community, and their growth will help the city and the state

thrive,” said U.S. Representative Patrick Meehan of the 7th district of Pennsylvania. “I appreciate Goldman Sachs

for making this investment in the greater Philadelphia region and all of the local partners for their work to

help small businesses grow.”

 

Community College of Philadelphia will deliver the education portion of the program and will work with

partners and local organizations to encourage small businesses to apply for the education and/or capital

program components and to provide technical assistance to program participants. The Greater Philadelphia

Chamber of Commerce, the Greater Philadelphia Hispanic Chamber of Commerce and the Urban League of

Philadelphia will be key partners in helping with the recruitment of small business owners and

entrepreneurs in Philadelphia and providing outreach and business support services.

 

“Philadelphia is a city of vibrant neighborhoods, where small companies and firms serve as an important

economic engine,” said Community College of Philadelphia President Stephen M. Curtis. “Through the

new partnership with Goldman Sachs 10,000 Small Businesses, the College will strengthen this sector and

assist the legions of small companies and budding entrepreneurs. Since small businesses today employ half

of all private sector workers, they are a strategic partner for us as well as a potential employer for students.

The 10,000 Small Businesses program is a natural extension of the support services, customized training,

and workshops already provided through our Corporate Solutions team and the Small Business Center for

Education, Growth and Training.”

 

PIDC and Community First Fund will originate loans to small businesses. PIDC, a nonprofit, public-private

partnership between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, targets

the city of Philadelphia. Community First Fund’s target market consists of 13 counties in central

Pennsylvania. The bulk of Community First Fund’s lending is focused on the cities of Reading, Lancaster,

York and Harrisburg.

 

“PIDC is proud to partner with Goldman Sachs to bring the 10,000 Small Businesses initiative to

Philadelphia,” said PIDC President John Grady. “This initiative is another great example of the partnership

between the public and private sectors which PIDC embodies as a partnership between the City of

Philadelphia and the Greater Philadelphia Chamber of Commerce. With over 50 years of experience in

small business lending throughout all of Philadelphia’s neighborhoods, PIDC will use this new and muchneeded

financial capital to continue helping small businesses in the city to grow and succeed.”

 

“The loan capital provided through this partnership with Goldman Sachs 10,000 Small Businesses will

allow us to offer more loans across our entire multi-county region, especially for growth-oriented

businesses working in our downtowns and neighborhoods,” said Community First Fund President and CEO

Daniel Betancourt. “This loan fund investment is the largest in our 20-year history. We are excited that

this program will support our existing clients and new borrowers, especially businesses owned by lowincome

individuals, Persons of Color and women, with loans averaging $200,000, as well as providing

access to valuable business education resources.”

 

Goldman Sachs opened its Philadelphia office in 1920. Over this period of time, the office has supported

the Equities Division, Fixed Income Division and Investment Management Division. Today, the office is a

Private Wealth Management Office with a team of more than 60 employees. Since 2010, Goldman Sachs

Gives, the firm’s donor-advised fund, has made over $9 million in grants to Philadelphia area universities,

charities and nonprofits, and in 2012 through the firm’s Community TeamWorks program, 82 volunteers

contributed over 500 volunteer hours to Philadelphia-area nonprofits.

 

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

  • 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.

  • Access to Capital: Goldman Sachs is committing $15 million of lending capital to

Philadelphia and central Pennsylvania small businesses. The loans will be originated by local

community-based partners, PIDC and Community First Fund.

  • 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.

 

The program will begin in May 2013. Applications for the education component of the program are being

accepted, effective immediately, and can be downloaded at www.ccp.edu/10KSB. Please contact PIDC and

Community First Fund directly for information about the lending application process.

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