Goldman Sachs: 99% of Women-Owned Small Businesses Believe the Federal Government Could Do More to Support Them

At the start of Women’s History Month in 2023, Goldman Sachs released new data about the relationship between the federal government and female-driven entrepreneurship in America. The insights are from a survey of women-owned businesses that are a part of their 10,000 Small Business Voices program. 

Key findings from Goldman Sachs’ research include:

• 99% of women-owned small businesses believe the federal government could do more to support them.

• 72% of female small business owners give the federal government a “C” or below grade for effectiveness.

• When asked how the government could better support female entrepreneurs, the top response was improving the marketing of federal resources and programs aimed at women-owned small businesses, such as the Women-Owned Small Business Federal Contract program.

In light of this data, Goldman Sachs called on Congress to reauthorize the Small Business Administration for the first time in over two decades, to modernize and equip it to meet the needs of contemporary small business owners. “There are a lot of good programs out there, but we need to ensure female small business owners have the resources, time, and awareness to take advantage of them,” said Janetta King, a Vice President at Goldman Sachs 10,000 Small Businesses Voices. “Modernization would improve marketing and communication tools with small businesses and update technology to help streamline application processes,” the company said in their release.

Shannen Patel is Managing Editor of the Data Catalyst Institute.