According to the most recent Small Business Administration report (which frankly, isn’t all that recent) more than half a million small business opened in America in 2009. Regrettably, 100,000 more than that closed their doors the same year. While it’s true that 2009 was the height of the current recession, the number of small businesses that open is traditionally only slightly more than the number of small businesses that close in even the best year.
That same SBA report provides several reasons why so many small businesses close. The reason at the top of the list is insufficient planning. The second reason is insufficient operating funds.
Fortunately, there is a plentiful new source of substantial help on the way for Utah small business owners to overcome both of those insufficiencies.
This unexpected source of help for Utah small businesses is none other than the New York monetary monolith Goldman Sachs. Its “10,000 Small Businesses Initiative” is a $500 million pledge to provide training, capital, and ongoing business services to small business across America ... 10,000 small businesses, to be exact.
Goldman Sachs is operating the 10K Small Businesses program through Community Colleges in Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York and Salt Lake City.
While Salt Lake City does not have the same urban-density as the other cities, Goldman Sachs was anxious to open a program here because it employs more people in Utah than in any other state, except New York. Salt Lake City is home to the company’s second largest office.
For more information check out the Oct.4 edition of Davis Clipper.