As President Joe Biden prepares to deliver the State of the Union Address when he expected to tout the successes of Bidenomics,” the reality may be slightly different according to a recent survey the federal government is failing when it comes to supporting smaller firms.
Goldman Sachs 10,000 Small Businesses Voices survey reports that 63% of small business owners give the federal government a “C or below” on the effectiveness of programs for small businesses. That percentage goes higher to 71% who deliver a grade of “C or below” when it comes to the job the federal government does communicating about the programs available to small businesses. Just 34% of small business owners say they have a good sense of what federal programs, services, and tax credits are available to them.
Part of the challenge appears to be the Small Business Administration (SBA) as about everyone surveyed agrees the agency needs comprehensive reform.
Other data points regarding the survey:
Examining specific programs offered by the federal government:
- Only 18% say the federal government does an “excellent” or “good” job offering procurement assistance and support;
- Just 29% say the federal government does an “excellent” or “good” offering assistance in accessing capital;
- Only 34% say the federal government does an “excellent” or “good” job offering technical assistance and entrepreneurial development; and
- On a high note, 50% say the federal government does an “excellent” or “good” job offering disaster assistance or relief programs.
Additionally:
- 91% say they will “definitely vote” in the 2024 presidential election;
- 84% say a candidate’s small business policy positions will be an important factor in who they vote for in the 2024 presidential election; and
- Only 7% think elected officials keep their promises to small businesses all or most of the time.
Janice Jucker, co-owner of Three Brothers Bakery and an alumni of the Goldman Sachs business program, which aids entrepreneurs, is quoted as explaining that the SBA is rooted in a bygone economy. While Washington likes to talk a good game when it comes to small businesses, actions would be better.
