USHCC Supports Small Business Owners in Utah through Goldman Sachs Initiative
WASHINGTON, July 18, 2012 /PRNewswire-USNewswire/ -- The United States Hispanic Chamber of Commerce (USHCC) today proudly announced its support of Goldman Sachs 10,000 Small Businesses launch in Salt Lake City, Utah. The $500 million initiative, which began in 2009, provides small businesses across the country with greater access to business education, lending support, and other management services.
USHCC President & CEO Javier Palomarez was in attendance with Goldman Sachs Bank USA CEO Esta Stecher and Utah Governor Gary Herbert as 10,000 Small Businesses launched its Utah initiative.
"As a 10,000 Small Businesses advisory council member and as CEO of the United States Hispanic Chamber of Commerce, we are so thrilled to be a part of this program," Palomarez said. "We could not be more excited that Goldman Sachs is launching this effort in Utah."
The initiative promises to benefit Utah's rapidly growing Hispanic business community. According to recent U.S. Census data, the number of Hispanic businesses in the state grew by about 78 percent in the past decade. There are now approximately 9,200 Hispanic owned businesses in Utah and between 2002 and 2007, their revenue increased by 136 percent, from $555 million to $1.3 billion.
Nationally, Goldman Sachs has committed $200 million for practical business and management education. These funds are directed to program partners, including local community colleges and business schools, to teach small business owners valuable marketing skills. 10,000 Small Businesses is also contributing $300 million to Community Development Financial Institutions (CDFIs) in order to increase the amount of capital available to small businesses.
The program has already helped nearly 700 businesses in seven cities across America. Among the first five groups of participants, 70 percent of graduates increased their revenues within six months of graduation and about 50 percent created new jobs. The program promises to help Utah's small businesses meet similar success
Palomarez later added, "By partnering with Goldman Sachs, Governor Herbert, the Pete Suazo Business Center, and local chambers of commerce, we are confident that Utah small business owners are well positioned to match the success the program has seen across the nation."
Utah has received extensive national recognition for its positive business climate. Forbes Magazine named Utah #1 Best State for Business and Careers and the country's Most Fiscally Fit State. Under Governor Gary Herbert 's leadership, the state has been named the Best Managed State by Governing Magazine.
Mr. Palomarez is undertaking an economic development tour of the city, which has included meetings with local business leaders from the Utah Hispanic Chamber of Commerce, the World Trade Center of Utah, the Governor's economic development team, and Hispanic legislators.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that combined generate in excess of $465 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. For more information, visit www.ushcc.com. Follow on Facebook at www.facebook.com/ushcc & Twitter at www.twitter.com/ushcc.
SOURCE United States Hispanic Chamber of Commerce
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