Goldman Sachs 10,000 Small Businesses

download (5) Mountain West Small Business Financial has partnered with Goldman Sachs to support Goldman Sachs 10,000 Small Businesses in Utah. Goldman Sachs 10,000 Small Businesses is a $500 million initiative designed to help small businesses create jobs and economic growth by providing entrepreneurs with access to capital, a practical business education, and business support services. Applicants must demonstrate a commitment to growing their business and creating jobs within their community. MWSBF’s 10,000 Small Businesses Loan Fund is generally available to any small businesses located, or planning to locate in Utah. Applications will be accepted on a rolling basis based on the following criteria: Eligibility: Small businesses meeting the following criteria are encouraged to contact MWSBF to discuss eligibility:

  • Employ at least four employees
  • Have revenues between $150,000 and $4 million
  • Have been in operation for at least two years
  • Are located in the state of Utah
  • Priority given to businesses that are located in a low to moderate income census tract or primarily employ low to moderate income individuals

Uses of Funds: The 10,000 Small Businesses Loan Funds are available for new projects related to:

  • Working capital
  • Machinery and equipment
  • Building improvements
  • Leasehold improvements

Loan Terms: The 10,000 Small Businesses Loan Funds are available with the following terms:

  • Loan Amount: $50,000 to $250,000
  • Term: 3 – 6 year maximum term; 3 – 6 year amortization
  • Interest Rate: 6% – 8%
  • Collateral: All 10,000 Small Businesses loans must be secured by available assets
  • Equity: 10% minimum equity contribution

To apply:

  • Applications are accepted on a rolling basis.
  • To discuss eligibility or to make application, please contact Jeff Vanchiere at 801.412.3796 or jvanchiere@mwsbf.com.
  • What you will need to apply:
    • Personal financial statement and tax returns of any individual with 20% or more ownership in the company
    • Company or borrower financial statement or tax returns
    • Project narrative w/ proforma projections
    • List of project costs and proposed sources of funding

To learn more: View the Goldman Sachs 10,000 Small Businesses Video here »