Despite uncertainty, 72% say they plan to grow their business in 2025
(NEW YORK) – America’s small businesses remain optimistic about their future and growth potential despite uncertainties beyond their control. Small business owners are clear that the lack of access to affordable capital and uncertainties around federal tax and trade policies are creating difficult operating conditions. These are among the key takeaways from the new survey data released today by Goldman Sachs 10,000 Small Businesses Voices.
Among small business owners who have applied for a business loan or line of credit within the last year, 81% found it difficult to access affordable capital, with 49% having to halt expansions and 41% limited in taking on new business. Fifty-one percent said that with current interest rates they are unable to afford to take out a loan.
Uncertainty around key federal policies – namely tax and trade – are leaving small business owners desperate for more predictable operating conditions. Eighty-two percent of small business owners say the current federal tax code creates an unequal playing field between large companies and small businesses, and 70% say the costs they incur related to tax compliance are expensive. Over ninety percent state certainty and predictability in the federal tax code is important to their financial planning success.
Trade policy is impacting small businesses, with 36% reporting they are currently feeling negative impacts from tariffs and another 38% saying they expect to in the future. Of those feeling or expecting to feel negative impacts, 77% say tariffs will create more uncertainty.
“Owning and operating a business is a challenge in the best of times, but American small business owners are struggling to navigate the uncertainty around important federal policies and our lack of access to affordable capital to grow,” 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.
Despite these uncertainties, small business owners maintain a positive outlook. Seventy-five percent are optimistic about the current trajectory of their business, and 72% plan to grow their business in 2025. As small businesses project for the future, artificial intelligence (AI) is a part of their plans: 68% are currently using AI, and 9% plan to begin using it within the next year. Most small businesses state AI is enhancing – not replacing – their workforce (65%). Those using AI report increased efficiency and productivity (80%), better data for decision-making (51%), and new capabilities (49%). However, 42% of small businesses do not have access to the resources and expertise necessary to successfully deploy AI.
“Small business owners remain remarkably resilient and focused on growth, even as they face significant headwinds,” said Jill McCarthy, national director of Goldman Sachs 10,000 Small Businesses Voices. "This new survey underscores the challenges they face and reinforces the urgent need for their voices to be heard in the policy decisions shaping their future.”
Small businesses are feeling like they are an afterthought for Washington. Eighty-six percent do not believe small businesses have enough of a voice in Washington.
Goldman Sachs 10,000 Small Businesses Voices conducted this national survey of small business owners who are graduates of the Goldman Sachs 10,000 Small Businesses program from May 5-13, 2025. The survey had 1,368 total participants and included small business owners from 47 U.S. states, 2 U.S. territories and the District of Columbia.
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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 16,000 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.
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The Bipartisan Policy Center is a mission-focused organization helping policymakers work across party lines to craft bipartisan solutions. By connecting Republicans and Democrats, delivering data and context, negotiating public policy, and creating space for bipartisan collaboration, BPC helps turn legislators’ best ideas into durable laws that improve lives. Since 2007, the Bipartisan Policy Center has helped shepherd countless bills across the finish line.
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