New survey of New York small business owners shows they’re ready to grow and create jobs, but need support to address workforce, capital, regulatory, and innovation challenges—and need a seat at the table to help shape solutions
(ALBANY, N.Y.) - This National Small Business Week, Goldman Sachs 10,000 Small Businesses Voices is bringing together nearly 100 New York small business owners to advocate for policies that address the challenges of running and growing a business in the Empire State. These alumni of the Goldman Sachs 10,000 Small Businesses program will begin in Albany with meetings with members of the state legislature before gathering in New York City to meet with members of city council.
Their message is backed by a new survey from Goldman Sachs 10,000 Small Businesses Voices showing small businesses are poised for growth but face significant obstacles — across workforce, access to capital, regulation, and AI adoption — and want a seat at the table to help shape solutions.
According to the survey of 158 Goldman Sachs 10,000 Small Businesses program alumni in New York, 84% have plans to grow in the next 12 months and 55% expect to create jobs within that same period. However, key barriers remain. Over two-thirds (67%) of those surveyed say hiring and retaining employees is a challenge, driven by difficulty finding qualified candidates (71%) and the cost of offering competitive benefits (53%). Nearly half (49%) say overly burdensome regulations are hurting their business.
While 80% of New York small businesses surveyed report using AI, the same percentage say they would benefit from additional training and resources to successfully implement it, highlighting the need to better support businesses as they innovate and grow.
At the same time, many New York small business owners are not getting the most out of existing programs: 67% of respondents say they do not have a good understanding of state programs designed to support small businesses, and 77% have not used them. Looking specifically at state and local workforce programs, only 9% are currently using them, and 47% are not aware of them.
This gap presents a clear opportunity: Bringing small businesses to the table will help shape policies and programs that more businesses can use to grow.
“Small businesses across New York are ready to grow and hire but need a seat at the table with policymakers,” said Jessica Johnson-Cope, Chair of 10,000 Small Businesses Voices National Leadership Council and President of the Bronx-based Johnson Security Bureau, Inc., a third-generation family-run firm. “We’re meeting with leaders in Albany and New York City to help shape policies that reflect the realities of running and growing a small business—from hiring to accessing capital to navigating regulations and adopting new technologies.”
The small businesses surveyed identified actions that New York policymakers could take right now to better support small businesses:
“Small businesses are the backbone of New York’s economy. While our survey shows owners are optimistic about their growth potential, it also underscores clear steps lawmakers can take to remove barriers and strengthen support,” said Jill McCarthy, national director of Goldman Sachs 10,000 Small Businesses Voices. “National Small Business Week is a moment to elevate these issues, and our community is eager to work alongside leaders in Albany and New York City to develop and implement policy that supports small business growth.”
While the Voices members are in Albany, the Senate is expected to introduce a resolution and the Assembly is slated to introduce a proclamation in support of small businesses . According to a recent report from the State Comptroller that looked at 2023 data, small businesses represent 98.9% of all New York businesses, collectively employ nearly 4 million people, and generate nearly $1 trillion in sales and revenue. The survey of 158 Goldman Sachs 10,000 Small Businesses alumni in New York was conducted by Babson College from April 2 to April 14, 2026.
###
About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April marked its six-year anniversary, builds on Goldman Sachs 10,000 Small Businesses 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 18,000 small businesses across the United States, including over 1,300 in New York. 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.
Our signature newsletter with insights and analysis from across the firm
By submitting this information, you agree that the information you are providing is subject to Goldman Sachs’ privacy policy and Terms of Use. You consent to receive our newsletter via email.