small business owners across the United States are facing significant challenges in accessing affordable financing. A recent survey conducted by Goldman Sachs’ 10,000 Small Businesses Voices program reveals that over half (53%) of small businesses cannot afford to take out loans at current interest rates, and 88% believe that lower rates would benefit their operations .Morningstar+4Goldman Sachs+4Goldman Sachs+4
Rising Costs and Limited Access to Capital
The survey highlights that 80% of small business owners who applied for new loans or lines of credit in the past year found it difficult to access affordable capital. This difficulty is compounded by rising operational costs, with 75% of firms citing increased expenses for goods, services, and wages as a primary financial challenge .Goldman SachsHome
Regulatory and Tax Concerns
Beyond financing hurdles, small business owners are also grappling with regulatory and tax burdens. Approximately 57% report that their businesses are hindered by regulatory red tape and compliance issues. Additionally, 73% express concerns that the current federal tax system is unfavorable for small businesses, citing complexities and a lack of scalable incentives .Goldman Sachs
Calls for Policy Reforms
In response to these challenges, small business owners are advocating for comprehensive policy reforms. Key priorities include increasing access to affordable capital (50%), reducing regulatory burdens (47%), supporting workforce development and training (34%), modernizing communication systems and technology (34%), and enhancing small business procurement goals and accountability (32%) .Goldman Sachs
Conclusion
The financial strain on small businesses in 2025 underscores the need for targeted policy interventions to alleviate high borrowing costs and regulatory pressures. Addressing these issues is crucial for sustaining the vitality and growth of the small business sector, which remains a cornerstone of the U.S. economy.
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