More than 2,000 small business owners from across the country, including 48 from Iowa, are traveling to Washington, D.C. this week for what organizers are calling the largest gathering of small business owners in the United States.
The Goldman Sachs 10,000 Small Businesses Summit, scheduled for Oct. 29-30, comes as new survey data shows 78% of small business owners remain optimistic about their business trajectory and 74% plan to grow in the next year, despite 72% reporting continued inflationary pressures.
“America’s small business owners are the engine of the American economy, and we are growing our businesses despite clear challenges to the business environment for small business,” said Lexi Matthews, owner of Uptown Coffee in Marion. “As we travel to Washington for the largest-ever gathering of small business owners in the nation, our focus will be speaking directly to lawmakers about the need for certainty and policies that foster growth.”
The survey of 1,471 Goldman Sachs 10,000 Small Businesses participants, conducted Sept. 23 through Oct. 2, included small business owners from all 50 states, the District of Columbia and Puerto Rico.
Seventy-two percent of respondents said it’s important for Congress to find a bipartisan solution to fund the government. Among those who said government funding is very important or somewhat important, 62% said customer demand will decline due to economic uncertainty and instability, while 24% reported their customers are often government employees whose spending will be impacted.
Twenty percent said they rely on federal agencies and contractors as part of their business, 18% depend on Small Business Administration services including loans and support, 16% are federal contractors or subcontractors whose revenue will be affected, and 9% rely on federal government licensing and permitting services.
When asked which federal government actions would most help their businesses grow, small business owners cited addressing inflation (54%), providing more policy certainty (40%), helping offer competitive benefits (40%) and increasing access to affordable capital (35%).
Forty-six percent of small businesses expect the recent Federal Reserve rate cut to positively impact their business, primarily by stimulating consumer spending (64%), lowering borrowing costs (56%) and creating opportunities to refinance existing debt (24%).
“Small business owners are resilient and are constantly seeking new ways to innovate, increase productivity, and grow,” said Jill McCarthy, national director of Goldman Sachs 10,000 Small Businesses Voices. “In order to succeed, small business owners need predictability, and as they head to Washington for the Goldman Sachs 10,000 Small Business Summit, they are ready to take their seat at the table alongside lawmakers to develop policies that support their growth.”
Eighty-one percent of small business owners believe small businesses don’t have enough of a voice in Washington, according to the survey.
Goldman Sachs 10,000 Small Businesses is a program that provides business education and access to capital and support services. The program has served more than 17,000 small businesses across the United States, reaching businesses from all 50 states, Puerto Rico and Washington, D.C.
