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Survey from Goldman Sachs: Ohio Small Business Growth Hindered by Lack of Affordable, Quality Child Care

The following is a press release from Goldman Sachs 10,000 Small Businesses Voices.


New survey data from Goldman Sachs 10,000 Small Businesses Voices shows Ohio small businesses are paying attention to and are negatively impacted by the lack of affordable, accessible child care in the state. Ohio small business owners cited difficulty finding and retaining qualified employees as the most significant problem currently facing small businesses; and an overwhelming majority say that it is difficult for working parents to afford high-quality child care programs for their children. Ohio small business owners also believe that increased employee access to child care would have a positive impact on their business.


Specifically, among Ohio small business owners:

  • 83% say it has been difficult for working parents to afford high quality child care programs for their children (66% very difficult; 17% somewhat difficult), while only 3% say it has not been difficult.

  • More than half (51%) say that where they live, there are not enough child care programs that are high quality and affordable.

  • More than a third (34%) say their employees have been forced to cut their work hours or forgo work entirely because of the cost and/or availability of child care.

  • 41% say that a lack of child care has had an impact on their ability to operate or grow their business.

  • 68% say that being able to offer a child care benefit to their employees would have a positive impact on recruitment and retention. 

  • 84% would support policymakers increasing federal funding programs that help families better access affordable child care.

  • 68% 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.


“Ohio small businesses are facing workforce challenges that can easily be traced back to a lack of affordable, quality child care,” said Janice Jokkel, Founder and CEO of The Biz Hive in Medina Ohio. “Small business owners are resilient and most are enduring despite the challenges, but the reality is, this is a dual workforce and child care crisis that’s impacting Ohio small businesses and our employees.”


“Small business owners in Ohio have made clear that the child care crisis is impacting the biggest challenge they’re facing right now – hiring and retaining qualified employees – and that it is ultimately affecting their bottom line,” said Janetta King, Midwest Regional 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.”


“The child care crisis facing Ohio isn’t just negatively affecting families and children, but is also hindering business growth,” said Shannon Jones, CEO, Groundwork Ohio, the state’s leading policy and advocacy organization uniquely focused on the needs of young children during the prenatal period to age five. “As this survey confirms – small businesses in Ohio are continuing to face workforce challenges, which are being made worse by the lack of quality, affordable child care. We are committed to continuing to work with Goldman Sachs 10,000 Small Businesses Voices and business leaders in our state to elevate this issue and find solutions for families, children and employers.”


The nationwide survey of 1,259 small business owners, including 120 in Ohio, 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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