Today, Congressman Jim Himes (CT-4) visited SPLURGE gift shop and Tiger Lily’s interior design studio in Greenwich to discuss the challenges facing small business owners on the road to recovery. Congressman Himes met with SPLURGE owner Sonia Malloy and Tiger Lily’s owner Samantha Knapp and discussed the impact of the rising Delta variant, workforce challenges including child care and mental health issues facing small business owners and their employees, and obstacles to accessing capital.
The visits came as Goldman Sachs 10,000 Small Businesses Voices released new survey data showing that small businesses are still struggling amid pandemic-related headwinds, particularly when it comes to access to capital. Forty-four percent of small businesses owners say their business has less than three months of cash reserves, putting their businesses and employees in danger should a COVID-19 related shutdown or emergency occur. Showing a clear consensus, 88 percent of small business owners support the Federal government providing additional financial emergency assistance to small businesses given the rise of new COVID-19 cases – and 91 percent of small business owners support the Federal government creating a long-term, low-interest loan guarantee program to help businesses rebuild their balance sheets
“Almost half of US employees work for the small businesses that are vital to our economy and communities,” said Congressman Himes. “As small business owners, Sonia and Samantha have faced many challenges during the pandemic, and I’m committed to continuing fighting for them. All small businesses, especially those owned by women and minorities, need increased access to capital, critical resources to navigate the pandemic, and crucial mental health and child care services.”
“Small businesses continue to face enormous challenges and we are doing everything we can to continue to be there for our customers and communities. All we ask is that Congress continues to be there for us,” said Sonia Malloy, owner of SPLURGE gift shop and a member of the Goldman Sachs 10,000 Small Businesses Voices community. “I’m grateful for congressional champions like Congressman Himes who value small businesses and fight for our policy priorities in Washington.”
“For small business owners and their employees across the country, this has been – and continues to be – an immensely difficult time,” said Samantha Knapp, owner of Tiger Lily’s interior design studio and a fellow member of the Goldman Sachs 10,000 Small Businesses Voices community. “I’m thankful that Congressman Himes and others in Washington lend their voices to support small businesses and take meaningful actions to advance small business policy priorities.”
Recent national surveys and reports on access to capital and procurement reform from Goldman Sachs 10,000 Small Businesses Voices have shown that small businesses continue to face major challenges. From concerns about inflation, increasing costs of operating their businesses, and challenges accessing capital to obstacles retaining and hiring employees and insufficient resources for mental health and child care, small businesses are struggling. The ongoing strain from navigating the pandemic continues to take a toll on the mental health of small business owners and their employees.
“Goldman Sachs 10,000 Small Businesses Voices is committed to helping small business owners advocate for much-needed policy changes that will help their businesses – including increasing access to capital, procurement reform, and enhancing workforce resources to address mental health and child care challenges,” said Lauren Anstey, Policy Director of Goldman Sachs 10,000 Small Businesses Voices. “We’re incredibly grateful that Congressman Himes joined us for this important conversation and continues to be a champion for small business.”
Goldman Sachs 10,000 Small Business Voices “Road to Recovery” is a cross-country series of bipartisan events connecting elected officials with small business owners. Participating elected officials at the local, state, and federal levels can listen and learn from small business owners directly about the challenges they are facing.
ABOUT 10,000 SMALL BUSINESSES VOICES
Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states, Puerto Rico, and Washington D.C. Learn more at www.gs.com/10ksb-voices.
