SALT LAKE CITY — As more than 2,000 small business owners from across the country – including 62 from Utah – travel to Washington, DC, for the largest gathering of small business owners in the U.S, new survey data shows strong optimism about their growth potential despite concerns about the economy and the government shutdown. Seventy-eight percent of small business owners are optimistic about the current trajectory of their business, and 74% have plans to grow their business in the next year. This strong optimism persists despite 72% saying inflationary pressures continue to increase.
The federal government shutdown is a cause for concern as 72% percent believe it’s important for Congress to find a bipartisan solution to fund the government. Of those saying it’s very important or somewhat important for the government to be funded:
- 62% say their customer demand will go down due to economic uncertainty and instability
- 24% report that their customers are often government employees and their revenue will be impacted
- 20% state they rely on federal agencies and contractors as part of their business
- 18% rely on Small Business Administration services, including loans and support
- 16% say they are a federal contractor or subcontractor, and their revenue will be impacted
- 9% report that they rely on federal government licensing and permitting services
“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 Ginalen Soto of Springville, owner of Roots Coffee. “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.”
Forty-six percent of small businesses expect the recent rate cut by the Federal Reserve to have a positive impact on 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 Goldman Sachs 10,000 Small Businesses Voices national director Jill McCarthy. “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.”
When asked which actions from the federal government would help their businesses grow, small business owners pointed to the following as the most impactful potential steps:
- Address inflation (54%)
- Provide more policy certainty (40%)
- Help offering competitive benefits (40%)
- Increase access to affordable capital (35%)
Eighty-one percent of small business owners believe small businesses don’t have enough of a voice in Washington and they’re heading to Washington, DC for the Goldman Sachs 10,000 Small Businesses Summit, in part, to change that.
The Goldman Sachs 10,000 Small Businesses Summit is Oct. 29-30, 2025, in Washington DC. Members of the press interested in covering the Summit can RSVP here.
The survey was of 1,471 Goldman Sachs 10,000 Small Businesses participants from September 23 - October 2, 2025. The survey included small business owners from all 50 U.S. states, the District of Columbia and Puerto Rico.
About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April marked its five-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 17,000 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.
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.