Last month, more than 2,500 small business owners from across the country – including nearly 90 from the Garden State – gathered in Washington, D.C., for the 2022 Goldman Sachs 10,000 Small Businesses Summit. The event, the largest gathering of its kind in the country, was held from July 19-20, bringing small business owners together with politicians, business leaders, entrepreneurs, celebrities, athletes and others.

“It is this type of interaction that allows us to bring the real stories from Main Street to the halls of the Senate so that Democrats and Republicans alike can hear about their fellow Americans,” U.S. Sen. Bob Menendez, a Democrat from New Jersey who participated in the event and met with Garden State small business owners, told NJBIZ. “It is through hearing and then sharing these personal accounts that we are able to provide the assistance needed for small businesses to not only recover, but to thrive.”

Over the past decade, Goldman Sachs‘ 10,000 Small Businesses has invested $750 million to support small businesses across the country, reaching more than 12,800 small business owners across all 50 states. The alumni collectively represent over $17.3 billion in revenues and employ 245,000 people.

Small business owners took advantage of the opportunity to meet with over 400 government officials to advocate for solutions to the unprecedented challenges they face in the fallout from the pandemic. A survey released ahead of the Summit found that 93% fear a recession within the next year and 89% reported that challenges, such as inflation, supply chain disruptions and labor shortages, continue to take a toll on their businesses.

“Entrepreneurs everywhere are facing a bumpy economic road ahead even as they have overcome the obstacles of the last few years,” said David Solomon, chairman and CEO of Goldman Sachs. “So, it’s important that we bring together leaders from the private and public sector who can work together to support the source of economic vitality in America: our small businesses.”

In addition to Solomon, featured speakers included: George W. Bush, Warren Buffett, Michael Bloomberg, Gwyneth Paltrow, Chris Paul, Ryan Reynolds, and a variety of newsmakers and business leaders, such as Jackie Reses, chief executive officer of Post House Capital and chair of the Economic Advisory Council of the Federal Reserve Bank of San Francisco. Reses is also the co-author of Self-Made Boss and a native of Atlantic City.

“Total Jersey girl,” Reses told NJBIZ.

Reses, a Goldman Sachs alum who also held a prominent role at payment systems provider Square, said she relishes the opportunity to share her knowledge and advice with small business owners in settings such as the Summit because there are few communities for small business owners to exchange insights.

“So, when business owners can share tips, offer advice, provide relationships, it’s an incredibly powerful format because there aren’t that many of them across the country where you can get pragmatic feedback for small business owners that’s relevant to you,” she said.

Reses described the mood at the two-day event as fantastic and complimented Goldman Sachs for providing a forum for American small business entrepreneurs. “This group is as passionate as it gets,” she said. “So, even though they’re faced with challenges in hiring employees, rising costs for inventory and supplies, and more volatility around supply chains, these are people who are pursuing what they love. And they are going for it.”

Many of the questions and topics brought up to Reses centered on the themes she covered in her book, including hiring and staffing, managing cash flow, marketing and obtaining credit.

“Those are the topics right now that are near and dear to people’s hearts,” she explained.

Those are certainly the types of challenges that Geraldine Keogh encounters in her businesses. Keogh is the co-owner of the Dessert Ladies in Stirling and Biens Chocolate Centerpieces in Denville. She owns both businesses with her daughter, Lindsay.

Keogh, a member of the Goldman Sachs 10,000 Small Businesses program, lost 70% of her revenues virtually overnight in March 2020 as events and corporate catering were washed out by COVID-19.

“We lost one contract after the next. And it was pretty scary,” Keogh told NJBIZ. “It all happened within a six-hour period.”

Her business was able to survive and she even managed to expand nationally during the pandemic. Keogh created a chocolate centerpiece that could be shipped across the country. She was awarded five patents and set up a new manufacturing plant in Denville to handle contracts with such companies as 1-800-Flowers.com Inc., Neiman Marcus, Lord & Taylor, Macy’s and others.

Despite being able to expand during the pandemic, Keogh is facing the same challenges and headwinds as other business owners, and in some cases, encountering it on a different scale than before. She cited labor issues, especially when competing with big box stores and larger competitors, child care and supply chain as her business’ main hurdles.

“So that’s why this Small Business Summit in D.C. has been such a timely, fantastic opportunity for us to come down and talk to these lawmakers,” said Keogh. “And just be able to share with them the concerns and the issues that we’re having.”

Keogh said the Summit offered the chance to feel like she and fellow small business owners had a seat at the table. “Millions of small business owners here in New Jersey and across America are still facing significant challenges today,” she said.

Chief among the asks of the small business owners gathered in the nation’s capital was a call for Congress to reauthorize the Small Business Administration so it can expand and modernize its systems and processes. “We need the SBA to work at the speed of business,” said Keogh. “It currently works at the speed of government.”

Echoing the concerns Reses heard from small business owners, Keogh said a major focus of discussion was about accessing capital because the cost of borrowing money and the criteria for lending are getting tighter.

Keogh made special mention of the time and attention given to the New Jersey small business owners by Menendez. “Sen. Menendez showed up in person and was extraordinarily patient and kind,” Keogh said. “He took notes and addressed all of our concerns.”

The Small Business Summit was an incredible opportunity to meet with small business owners from across New Jersey representing a wide range of industries and services.
— U.S. Sen. Bob Menendez

“Having the ability to speak with and hear directly from all of them about the challenges they continue to face as we continue to move out of the pandemic, is essential to how we support our small businesses and ensure that they have all of the tools possible to continue to be the backbone of our economy,” Menendez continued.

Menendez said he plans to continue dialogue with the small business owners that he met during the Summit. “When we have the opportunity to engage and hear their personal triumphs and struggles, we are best able to deliver for them in Washington,” he said.

“If someone takes away one tip that’s a gem that helps them build their business, a day like that is worth it,” said Reses. “And I suspect business owners will find valuable relationships that they maintain over a long time. They’ll get incredible advice that gives them insight into how to go build their business, and they’ll probably get some inspiration.”

Keogh said she was inspired by the entire event, especially the diverse group of speakers. She said it offered an opportunity to think and hear about other people’s journeys. “It just gave a chance to sit back and see scalability, see scope, and resilience,” said Keogh. “And it was like a day off from your life with meaning.”

Reses said such forums are helpful and remind current and would-be small business owners that despite the current series of challenges, the greatest businesses are often built in the most tumultuous times.

“Some of the most incredible companies in the world have been born out of the worst economic times,” said Reses. “And if you have a passion and you have a plan, go for it. Your own experiences at a local level can transcend the experience of any economic climate.”