Goldman Sachs brings its small-business summit to Washington
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Hiring is under pressure, prices are still rising and tariff uncertainty remains. Goldman Sachs hopes to address these challenges this week during its 10,000 Small Businesses Summit in Washington, D.C., a mini-MBA for small-business owners.
Why it matters: Small businesses are the largest employers in the country, and Goldman hopes that its program can keep them on track amid a murky macro backdrop.
What they're saying: The company holds the summit because "we believe that it's vitally important for growth of the economy and growth of jobs, just given the role small businesses play in the U.S. economy," Goldman Sachs CEO David Solomon tells Axios.
- The program includes coaching on financial statements, leadership, marketing, negotiations and business planning.
- "We're basically forcing them to say, 'OK, how do I grow my business?'" Solomon says.
Zoom out: Solomon says the economy is in "reasonable shape," and he's not as concerned about credit risks as his counterpart at JPMorgan Chase.
- Still, entrepreneurs "have to adjust to what the policy environment and the market environment throws up," he says.
- The program allows participants to zoom out in a way they can't while dealing with the daily stresses of owning and operating a business, Solomon notes.
State of play: The 2,000 entrepreneurs heading to Goldman's summit, to be held Wednesday and Thursday, will meet with nearly 300 members of Congress, despite the shutdown, to have their "voices heard on priorities that will help them grow," Solomon says.
Threat level: The majority of participants surveyed by Goldman said the government shutdown could hurt their businesses.
- Banks are offering help to small businesses through fee waivers and loan assistance.
By the numbers: Graduates of Goldman Sachs' 10,000 Small Businesses have contributed an estimated $27 billion and nearly 150,000 jobs to the U.S. economy, the Wall Street firm estimates.
- Participants hire at four times the rate of the average small-business owner, Goldman Sachs says.
What we're watching: How small businesses think about adopting AI.
- Solomon advises small-business owners to play around with AI tools. "Are you thinking about how these tools can create productivity gains for you and your smartest employees?" he says. "Those are questions that I think they should be asking."
