New Survey Data: Small Business Owners Brace for Negative Impact of Government Shutdown
- 91% of Small Business Owners Say It’s Important for Federal Government to Avert a Government Shutdown
New York, Sept. 25, 2023 – America’s small business owners overwhelmingly say it’s important to avoid a government shutdown and fear the effect it would have on their businesses. Small business owners are likewise concerned about U.S. spending levels and national debt. These are two of the key findings from a Goldman Sachs 10,000 Small Businesses Voices survey of small business owners.
A nearly unanimous 91% of small business owners surveyed said it’s important for the federal government to avert a government shutdown. 70% of small business owners surveyed said their business would be negatively impacted by a government shutdown. Of those small business owners (70%), 93% believe their revenue would take a hit as a result.
As the U.S. government barrels toward a shutdown driven in part by disagreements over federal government spending, small business owners expressed concern over the national debt and current spending levels. Almost all small business owners–96%–voiced their concern about both the national debt and federal government spending.
“Small businesses shouldn’t suffer the consequences of Washington dysfunction,” said Gloria Larkin, President and CEO of TargetGov and an alumna of the Goldman Sachs 10,000 Small Businesses program. “A government shutdown would slow the economy, undercut consumer demand, and disrupt access to government resources small businesses depend on. Congress must come together to find a solution that both addresses government spending disagreements and keeps the government running.”
Other key data points from the survey include:
- Among small business owners who say they will be negatively impacted by a government shutdown (70%):
- 67% said their customer demand would go down due to economic uncertainty and instability;
- 24% rely on Small Business Administration services, including loans and support;
- 21% are federal contractors or subcontractors; and
- 21% said their customers are often government employees and their revenue would be impacted.
This data is based on a survey of 1,554 Goldman Sachs 10,000 Small Businesses participants conducted from August 29-September 7, 2023.
For more information, please visit, https://www.goldmansachs.com/citizenship/10000-small-businesses/US/voices/.
About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April marked its three-year anniversary, builds on 10KSB and organizes program participants to advocate for policies that matter to them. Learn more at www.gs.com/10ksb-voices.
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing a comprehensive business education program and access to capital and business support services. To date, 10,000 Small Businesses has served over 14,000 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at www.gs.com/10ksb.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.