09 JAN 2013

10,000 Small Businesses Initiative Launches in Philadelphia

On 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 area 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.

Community College of Philadelphia 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.

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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