Listen to this articleLawmakers and elected officials often refer to the small business community as the backbone of the American economy, but their actions too often contradict those words, according to recent findings.
In the latest Goldman Sachs 10,000 Small Businesses Voices survey, federal programs do not provide enough help and communication about available programs is insufficient.
The survey found that 63 percent of small business owners gave the feds a “C or lower” letter grade for available programs, services and tax credits. Additionally, 71 percent gave a grade of “C or less” in marketing and communications about those programs.
Only 34 percent of respondents said they have a good idea of what federal programs, services and tax credits are available.
A whopping 92 percent of the 1,453 small business owners surveyed said the Small Business Administration needs a comprehensive modernization. The last SBA reauthorization came in 2000, meaning current programs serve an economy from a past economy, Janice Jucker, co-owner of Three Brothers Bakery in Houston, said in a Goldman Sachs report. 10,000 small businesses program press release.
Despite negative sentiment toward government programs, 75 percent of respondents are optimistic about their financial trajectory in 2024, Goldman Sachs said.
Other findings:
» only 29 percent rate the federal government as excellent or good at offering assistance in accessing capital;
» only 34% say the federal government does an excellent or effective job providing technical assistance and business development;
» 57 percent expect to create jobs this year;
» 62 percent project an increase in profits;
» 28 percent rate the economy as good or excellent. That’s a 9 percent increase from the previous three months.
» Only 7 percent say elected officials keep their promises to small business owners all or most of the time.
The survey was conducted by Babson College and David Binder Research between January 15 and 19 and included business owners from 49 states, the District of Columbia and Puerto Rico.
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