New York small business owners plan to grow in New York; 84% expect growth, 55% to hire. New York’s Job Creators Are Ready to Grow—But Need a Seat at the Table | Goldman Sachs New York’s Job Creators Are Ready to Grow—But Need a Seat at the Table This National Small Business Week, nearly 100 Goldman Sachs 10,000 Small Businesses alumni are advocating for policies that help New York’s small businesses grow and create jobs. New York’s Small Businesses are Ready to Grow Small business owners in New York are starting 2026 with ambition according to the results from a recent survey of more than 150 alumni of the 10,000 Small Businesses program. 84% of NY small business owners plan to grow their business in the next 12 months, and 72% are optimistic about the current trajectory of their business. That growth is poised to have a real impact on jobs: 55% plan to create new positions in the next year, while 32% plan to maintain their current workforce. Despite this optimism, NY small business owners face a complex set of challenges. When asked what the biggest barriers to business growth are right now, they pointed to economic uncertainty (64%), cost pressures (51%), affordable employee benefits (46%), and workforce challenges (42%). Hiring Is a Major Challenge and Affordable Employee Benefits Are a Big Part of the Solution 67% of NY small businesses say hiring and retaining their workforce is a challenge right now. The reasons are clear: 71% who say it’s a challenge cite difficulty finding qualified candidates as the primary obstacle, while 53% point to the cost of competitive employee benefits. Small business owners know what would help. 90% say policies that reduce the cost of providing employee benefits (such as tax incentives or pooled plans) would help them attract and retain employees. An overwhelming majority (80%) also support a statewide policy to help small businesses provide child care benefits. Regulation and Capital Continue to Impact Growth Regulatory burdens and limited access to capital remain persistent obstacles for NY small businesses. Nearly half (49%) say overly burdensome regulations are negatively affecting their business, and delays in government processes compound the problem. 37% have experienced delays in government licensing, permitting, or approvals in their business in the past 12 months. Affordable capital is also proving to be a challenge for NY small business owners: 53% are concerned with their ability to access capital. If they had access to affordable capital, 52% of small business owners said they would create new jobs, 51% said they would reach more customers and 47% said they would increase revenue. Small Businesses Are Embracing AI, But Need Support to Keep Up 80% of NY small businesses are currently using AI and 91% of those using AI say it’s having a positive impact on their business. Yet, even among those already using AI, 39% cite lack of technical expertise. And small business owners want support: 80% said their business would benefit from additional access to the training and resources necessary to successfully implement and evaluate AI. What NY Small Businesses Need from Policymakers to Grow When asked what New York policymakers should prioritize, small business owners put support for competitive employee benefits at the top of the list — with 71% citing it as a top action needed, followed by increasing access to affordable capital (53%), reducing overly burdensome regulations (49%), and providing education on AI and digital tools (46%). The Disconnect: Programs Exist, But Many Small Businesses Aren’t Using Them New York has programs to support small businesses — but most owners aren't using them, and many don't even know they exist. In fact, 67% of respondents say they do not have a good understanding of the New York State programs designed to support small businesses and 77% have not utilized them. Only 9% are currently using state or local workforce programs, and 47% are not aware of them. Even when support exists, many small businesses aren’t accessing it. Why a Seat at the Table Matters New York small business owners want to be heard: 93% believe it’s important for small businesses to have a seat at the table with NY policymakers and 98% believe it’s critical that small business perspectives are considered in NY policy development. Small businesses are ready to grow, but policies must be shaped by real-world experience to ensure they are accessible, effective, and actually used. Survey of 158 Goldman Sachs 10,000 Small Businesses alumni in New York conducted by Babson College from April 2, 2026, to April 14, 2026. Our signature newsletter with insights and analysis from across the firm By submitting this information, you agree that the information you are providing is subject to Goldman Sachs’privacy policyandTerms of Use. You consent to receive our newsletter via email. © 2026 Goldman Sachs. All rights reserved. --- Source: https://www.goldmansachs.com/community-impact/10000-small-businesses-voices/insights/new-yorks-job-creators-are-ready-to-grow-but-need-a-seat-at-the-table sdDatePublished: 2026-05-04T07:11:00Z Topics: small and medium enterprise, employment, business financing, artificial intelligence, government policy, financial service Locations: New York