Philadelphia, PA — The City of Philadelphia announced a partnership with 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.
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.
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
