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Philadelphia Small Businesses Get Helping Hand From International Investment Bank

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PHILADELPHIA (CBS) – It takes work, effort, and expertise to make something shine.

That’s how Safian & Rudolph Jewelers, located on Jewelers Row, has managed to stay open for 60 years.

Rich Goldberg, the third generation owner of a small family business, says this economy is a challenge.

“It’s starting to move back in the right direction and we’re seeing it, and it’s a great thing,” said Goldberg, “but we are always looking for new ways to take it to that next level.”

It will soon be easier for small businesses in the greater Philadelphia area to improve. Goldman Sachs is committing $20 million, part of their 10,000 Small Businesses initiative. Philadelphia is the ninth city to be chosen for the program. Small businesses can apply and have access to loans, as well as classes provided by Community College of Philadelphia.

“This program will help small businesses in Philadelphia and across the region by providing access to capital and a world class business and management education program,” said Mayor Michael Nutter during the announcement at City Hall Wednesday.

“We’re simply delighted to be here and invest in Philadelphia,” said Goldman Sachs Executive Vice President John Rogers.

The mayor said 70 percent of businesses actually saw an increase in their revenues. The program is something local small businesses, like Safian & Rudolph, say they’d absolutely apply for.

“Programs like this really help us to take that next step,” said Goldberg.

Grant Cusat, who runs the specialty cocktail bar called The Franklin Mortgage & Investment Company in Rittenhouse Square, agrees.

“It’s remarkable, for people to be able to get those funds that aren’t readily available through the normal means of going to a local bank, and getting the funds in that regards,” said Cusat, “I think it’s really good for the city.”

The program is taking applications. Head to www.ccp.edu/10KSB.

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