Ashley Risting, One of 8 In Iowa To Descend On Washington Representing Link Grinnell

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Rural Small Business Owners Descend on Washington to Advocate for Policy Solutions to Drive Economic Growth

Sixty small business owners call on Congress to improve access to capital, address workforce challenges, expand affordable child care, reduce regulatory burdens, and help level the playing field to unlock opportunity

(WASHINGTON) – Goldman Sachs 10,000 Small Businesses Voices brought 60 small business owners from rural communities to Washington, D.C. – including eight from Iowa – to deliver a message that they’re poised for growth but need Congress to address the persistent challenges faced by entrepreneurs in America’s heartland. The small businesses, hailing from 16 different states, were joined by Small Business Administration (SBA) Administrator Kelly Loeffler, policymakers, and lawmakers. Rural small business owners will participate in over 35 meetings on Capitol Hill where they will bring actionable policy proposals directly to their lawmakers to prioritize growth, innovation and opportunity.

Rural small businesses drive economic growth in their communities, operating over 84% of establishments in rural counties and collectively employing more than half of the local workforce. According to a recent Goldman Sachs 10,000 Small Businesses Voices survey of rural small business owners, 74% have plans to grow, and 45% expect to create new jobs in 2025. However, they are clear that challenges need to be addressed to achieve their growth potential.

According to the survey:

  • 76% of rural small business owners are concerned about their ability to access capital
  • 66% of rural small business owners believe the tax code should be simplified for small businesses
  • 63% of rural small businesses say their business is being held back by regulatory red tape
  • 54% of rural small business owners say they would like the federal government to address inflation
  • 38% say increasing access to capital would help them grow their business
  • 38% say they want support in offering more competitive benefits to their employees

“Rural small businesses are engines of economic growth and job creation, and that’s why it’s critical for policymakers in Washington to understand the challenges they face,” said David Solomon, chairman and CEO of Goldman Sachs. “If we can create a favorable operating environment and policy landscape, small businesses will thrive and communities across America will benefit.”

Rural small businesses face unique challenges in their communities, according to the survey.

Workforce Development

  • 70% of rural small business owners say attracting workers to live and work in the community where they do business is challenging versus 42% in suburban areas and 45% of small business owners in urban areas.
  • Rural small businesses are also more likely to say that a lack of affordable child care is a challenge to attracting workers to live in their community (47%) versus suburban (24%) or urban small businesses (33%).

Innovation & Opportunity

  • Only 52% of rural small businesses are using AI vs. 63% of suburban small businesses and 61% of urban small businesses.

“Small businesses are the backbone of America’s economy, and in rural communities like Grinnell, we’re also the community’s heartbeat,” said Ashley Risting, Executive Director of LINK Grinnell, and an alumna of the Goldman Sachs 10,000 Small Businesses program. “While many small businesses face similar challenges, the solutions can’t be one-size-fits-all. From the Farm Bill, to expiring tax provisions and far-reaching regulations, Washington has ample opportunity to help unleash rural small business growth in 2025.”

Eight Iowa small business owners joined the delegation of rural small business owners in Washington. While in Washington, the small business owners met with Rep. Randy Feenstra (IA-04), Rep. Ashley Hinson (IA-02), Rep. Zach Nunn (IA-03), and Sen. Join Ernst, who chairs the Senate Small Business Committee. The Iowa small businesses who traveled to Washington included:

In 2023, Goldman Sachs 10,000 Small Businesses announced a $100 million Investment in Rural Communities across America. To date, the program has launched a leading business education program in ten states with significant rural populations and unlocked $37 million in support for Community Development Financial Institutions. The initiative has plans to reach 20 states in five years.

This rural small business fly-in to Washington is an extension of Goldman Sachs 10,000 Small Businesses Voices’ ongoing effort to elevate the issues facing rural communities and promote policy solutions to increase economic vitality across the country. Radio and television personality Bobby Bones, who hosts the nationally syndicated radio program The Bobby Bones Show, also joined the rural small business owners. Bones, a native of Mountain Pine, Ark., population 764, talked about the Power of Advocacy as the small business owners prepare to go to Capitol Hill.

In January, Goldman Sachs 10,000 Small Businesses Voices and the Bipartisan Policy Center released a new report providing a policy strategy to unleash legislative efforts to level the playing field for small businesses. The playbook gives entrepreneurs the tools to compete for workers, cut red tape, remove barriers that stall their success, and foster an environment to drive technology investment and innovation. Read more about the “Small Towns, Small Businesses, Big Opportunities” policy plan here.

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About 10,000 Small Businesses Voices

Goldman Sachs 10,000 Small Businesses Voices, which in April will mark 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.

 

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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