COVID-19’s Impact on US Small Businesses

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 8 April 2020

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, talks about COVID-19’s impact on US small businesses and explains the firm’s recent announcement to commit $500 million in capital for emergency loans to small businesses. Then, three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories -- Erin Andrews of Indi Chocolate, a Seattle-based chocolate factory, Ellen McNulty-Brown of Lotuff Leather, a Rhode-Island based leather maker, and Matt Jozwiak of Rethink Food, a New York City-based nonprofit.

Transcript

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0:00.0	This is exchanges at Goldman Sachs, where we discussed developments currently shaping markets, industries in the global economy.
0:14.1	I'm Jake Seawood, global head of corporate communications here at the firm.
0:17.1	Today we're going to talk all about small business.
0:20.0	First we'll hit up from Margaret Anaru, head of our Urban Investment Group, about our own recent efforts to commit $250 million in capital for emergency loans to small businesses, as well as $25 million in direct grants to community development financial institutions and other mission-driven lenders.
0:37.0	Then we're directly from three small business entrepreneurs, all graduates of the Goldman Sachs 10,000 small businesses program on how
0:45.2	COVID-19 and the resulting economic impact has affected their own businesses and
0:51.0	their lives. But first Margaret, welcome to the program.
0:53.7	Thank you so much for having me.
0:55.2	So give us the big picture first.
0:57.3	What's been the impact so far of the epidemic
1:00.3	on small businesses States.
1:03.0	Sure, I think, you know, I don't think this will surprise anyone.
1:05.0	It has been significant.
1:08.0	You know, we were actually able to survey, you know, huge amounts of our 10,000 small businesses scholars and we got to over
1:14.4	1500 of them and the feedback was clear. 96% of them had been impacted.
1:20.3	Over half of them felt if the situation did not change, they wouldn't be open in three months.
1:26.0	And then two-thirds of them were having a lot of uncertainty even figuring out how to navigate what was available from the federal government.
1:32.8	And so if you think about why that level of distress,
1:36.0	why that level of impact, small businesses are,
1:39.6	especially our mainstream,
1:41.5	main street neighborhood businesses. They rely on customers and that cash flow and being open every day.
1:47.0	And so when you're closed, you're not generating revenue.
	...

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