Small Business Owners Plan to Grow, Bullish on AI Productivity Despite Concerns Over Government Shutdown

74% have plans to grow their business in the next 12 months despite increasing costs

72% say it's important for Congress to find a bipartisan agreement to get the government open

Survey released as more than 2,000 small business owners prepare to travel to Washington Oct. 29-30^th for the largest U.S. gathering of small business owners

WASHINGTON, October 24, 2025 - As more than 2,000 small business owners from across the country prepare to 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. 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 uncertainty regarding a federal government shutdown, as 72% percent believe it's important for Congress to find a bipartisan solution that avoids a shutdown. Of those who say it's very or somewhat important, 62% note concerns that their customer demand will go down due to economic uncertainty and instability.

The cost of doing business is squeezing small business owners.

• 72% report that inflationary pressures continue to increase.
• 65% said they disagree that it is affordable for average Americans to own and operate a small business
• 75% of small business owners who applied for a business loan or line of credit within the last year found it difficult to access affordable capital

"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 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. "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."

Small business owners are increasingly bullish on artificial intelligence (AI): among those who use AI in their business, nearly all (94%) say it's having a positive impact on their business. When asked about the benefits of AI, 85% said it has increased their efficiency and productivity, and 81% say it's augmenting - not replacing - their workforce.

Small businesses view AI as a transformative tool for growth, with 81% saying it will be essential for their business within the next five years. Yet many still lack the knowledge and resources to fully harness its potential. Even among adopters, barriers remain - 45% cite a lack of technical expertise, and 47% say it's difficult to choose the right tools. A strong majority (88%) want more training and support to implement AI successfully, underscoring the need for practical resources to help small businesses integrate these technologies for long-term success.

"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 Businesses 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:

• Addressing inflation (54%)
• Providing more policy certainty (40%)
• Help offering competitive benefits (40%)
• Increasing 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 D.C. 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.

Survey of 1,471 Goldman Sachs 10,000 Small Businesses participants conducted by Babson College and David Binder Research 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.

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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 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.

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.