New Times Square Billboard, Steps from Debate Host ABC News, Calls for Moderators to Ask Presidential Candidates about Small Business Issues on September 10th

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Small business owners, who are disappointed with a lack of detailed policy discussions on issues important to them in the presidential election, are about to make a big splash. Ahead of the presidential debate on September 10th, Goldman Sachs 10,000 Small Businesses Voices today launched a new billboard in Times Square calling on ABC News to ask the candidates how they will address the most pressing issues facing small business owners.

“ABC News’ presidential debate moderators play a critical role in this moment of our democracy – holding candidates accountable and seeking answers to the challenges our nation faces,” said Jessica Johnson-Cope, president and principal of Johnson Security Bureau, Inc., a third-generation family-owned security services firm based in the Bronx. “Small businesses are the backbone of the American economy, accounting for 44% of America’s gross domestic product and employing nearly 50% of American workers. Given the importance the economy will play in this election, we believe candidates for president need to be asked to provide more detail on their proposals to support Main Street.”

Small business owners do not feel candidates for president are talking enough about small business issues. According to a 10,000 Small Businesses survey, 55% of small business owners say they’re dissatisfied with the way candidates have been addressing small business issues, with just 27% saying they are satisfied. Small business owners do not believe the following issues are being sufficiently addressed by candidates: inflationary pressures (73% cited), small business tax policy (72% cited), regulatory burden on small businesses (70% cited), access to affordable capital (66% cited) and workforce training (59% cited). Seventy-eight percent said a candidate’s small business policy position is an important factor as they decide how to vote in the 2024 elections. A question about small business policy was not asked in the June presidential debate.

The National Leadership Council of Goldman Sachs 10,000 Small Businesses Voices is sending a memo to ABC News outlining the questions they believe deserve answers from the presidential candidates.

The questions include:

1. Public Policy: Candidates for office often visit small businesses on the campaign trail but stop short of offering specific policy proposals to help small businesses succeed. According to recent survey data, small businesses are struggling with inflation, workforce, and access to capital. What specific policy proposals will your administration implement to support America’s small businesses and help them compete?

2. Access to Capital: 10,000 Small Businesses Voices surveys show that high interest rates and limited loan options are making it challenging for small business owners to access the capital they need to grow their businesses. What is your plan to make it easier for small businesses to access an affordable loan or line of credit?

3. Child Care: Small business owners report that their employees are increasingly having to cut back on hours or forgo work altogether due to a lack of affordable child care. A recent 10,000 Small Businesses Voices survey found that 84% of small business owners believe it is difficult for working parents to afford high-quality child care. What is your plan to make affordable child care more accessible for small businesses and their employees?

4. Affordability: Small business owners report that the cost of doing business has increased substantially, forcing them to raise costs for their customers. What is your plan to address inflation and rising operating costs for small businesses so that they can compete?

5. Workforce: Data shows that there are currently more job openings in the U.S. than there are qualified workers to fill them. How will your administration support small businesses that are eager to invest in workforce development and skills training to bridge this gap?

6. Artificial Intelligence: AI is a powerful tool that can help all businesses, including small businesses, become more productive. How will you ensure small businesses' voices don’t get left behind in the implementation of AI and that they are supported to benefit from the opportunities AI brings?

For more information, please visit www.gs.com/10ksb-voices.

About 10,000 Small Businesses Voices

Goldman Sachs 10,000 Small Businesses Voices, which in April marked its four-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 15,000 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.

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