Assemblymember Michaelle Solages Tours Long Island Small Business
Small Businesses Owners Express Optimism about Economic Recovery, But Challenges Remain Ahead
(VALLEY STREAM, NEW YORK) – Today, Deputy Majority Leader Michaelle Solages met with a group of local small business owners at Alpha Care Supply in Valley Stream to discuss the challenges they are continuing to face on the road to recovery. The Valley Stream small business owners — Chung H. Lee of Alpha Care Supply, Sophia Parchment of Brownin Transportation, and Shakeel Rahman of Pencol Contracting — who are members of the Goldman Sachs 10,000 Small Businesses Voices community, discussed issues facing small business owners, including access to capital, labor shortages, and rising operating costs.
“Small businesses are the backbone of the economy, but even as shops reopen here in Long Island, it’s clear that challenges remain for our small business owners,” said Deputy Majority Leader Solages. “I’m committed to supporting hardworking small business owners like the ones I met today in Valley Stream, particularly when it comes to access to capital, procurement challenges, labor shortages, and rising costs.”
A recent national survey from Goldman Sachs 10,000 Small Businesses Voices showed that while small businesses are on the road to recovery, they are still facing major roadblocks including rising operating costs, access to capital and labor shortages. The survey found that of the 71 percent of small businesses currently hiring, 81 percent are finding it difficult to recruit qualified candidates. At the same time, 83 percent of small business owners report an increase in operating costs in the past few months and 82 percent are concerned about the impact of inflation on their businesses. As a result, almost half of small businesses (48 percent) have had to increase their prices. Locally, Long Island small business owners continue to face significant challenges.
“Long Island businesses like mine are welcoming customers again, and these signs of recovery are heartening, but many obstacles remain on the road ahead. Operation costs are higher than they were prior to the pandemic, the recruitment of workers – including competing for them with big businesses who had a different pandemic experience – remains a significant barrier, and small businesses are in need of more capital,” said Chung H. Lee, Managing Director of Alpha Supply Care. “Despite these challenges, we’re grateful to the Goldman Sachs 10,000 Small Businesses program for providing strategic guidance during this tumultuous time and organizing a space for our businesses to advocate for small business priorities with Deputy Majority Leader Solages.”
“Goldman Sachs 10,000 Small Businesses Voices is committed to helping Long Island small business owners advocate for policy changes that will help their businesses, including access to capital, childcare, health care, and procurement reform. As small businesses continue on their road to recovery, Goldman Sachs 10,000 Small Businesses Voices is proud to help advocate for small business priorities,” said Jane Moffat, Deputy National Director of Goldman Sachs 10,000 Small Business Voices. “America’s economic recovery is dependent on the strength of small businesses across the country, and we’re grateful that Deputy Majority Leader Solages joined us for this important discussion and to hear the urgent needs of Long Island’s small business community.”
Goldman Sachs 10,000 Small Business Voices “Road to Recovery” is a cross-country series of bipartisan events connecting elected officials with small business owners. Participating elected officials (local, state, and federal) will have the opportunity to listen and learn from small business owners directly about the challenges they are facing coming out of the pandemic.
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ABOUT 10,000 SMALL BUSINESSES VOICES
Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states, Puerto Rico, and Washington D.C. Learn more at www.gs.com/10ksb-voices.
