A majority of small business owners say child care benefits could help solve their biggest challenge – hiring and retaining workers.
(NEW YORK) – New survey data from Goldman Sachs 10,000 Small Businesses Voices highlights a significant barrier to small business growth: the lack of affordable and accessible child care. A majority of small business owners report that there are insufficient affordable child care programs in their communities. Over one-third of owners noted that their employees have been forced to cut their work hours or forgo work entirely because of child care challenges. Furthermore, small business owners are eager for policy solutions to address these issues, including federally-funded programs and tax credits to offer child care benefits.
Specifically, the new survey of small business owners found:
The new data identifies potential policy solutions that small businesses would support to address this challenge. Seventy-seven percent of small business owners would support policymakers increasing federal funding programs that help family’s better access affordable child care. And 70% would support legislation to increase the tax credit available to businesses who want to locate or provide child care for their workforce from $150,000 to $500,000.
Goldman Sachs 10,000 Small Businesses Voices recently revealed that small business owners overwhelmingly believe that their issues are not being sufficiently addressed by 2024 candidates. Specifically, 55% of small business owners said that access to affordable child care has not been sufficiently addressed on the campaign trail.
“Small business owners like me are grappling with workforce challenges directly tied to the lack of affordable, quality child care,” said Dawn Kelly, Owner of The Nourish Spot in Queens, NY. “We are resilient and will continue to endure despite these hurdles, but this child care crisis is weighing down our businesses and our employees. The ability to offer child care benefits would be a significant first step in helping our businesses compete and grow.”
“Small business owners have made clear that the child care crisis is exacerbating the biggest challenge they’re facing right now – hiring and retaining qualified employees,” said Jill McCarthy, National Director, Goldman Sachs 10,000 Small Businesses Voices. “Ensuring small business owners’ voices are heard on this issue by our local, state and federal elected officials is a priority for Goldman Sachs 10,000 Small Businesses Voices.”
“When child care is hard to find or impossible to afford, it doesn’t just affect working families. Child care challenges are business challenges,” said Sarah Rittling, Executive Director of the First Five Years Fund. “In recent years, polls like this have showcased that these challenges can be devastating for employers while robbing families of peace of mind and young children of the opportunity to learn and grow in a safe environment. Addressing this will take a variety of approaches, including sustained federal support and updates to tax provisions that help businesses and families. We look forward to working with Goldman Sachs 10,000 Small Businesses Voices and federal lawmakers to find solutions for families and employers.”
The nationwide survey of 1,259 small business owners was taken April 15-19, 2024. Respondents came from 47 U.S. States, Puerto Rico and Washington, D.C.
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About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April marked its four-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 14,000 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.
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