Goldman Sachs drops NIL ad amid March Madness to press Congress on SBA reauthorization
College basketball stars on NIL deals feature in the ad calling out Congress.
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March Madness is back, and Goldman Sachs is using the hype to call out Congress about its inaction on modernizing the SBA. The call out is in the form of a TV ad featuring University of Iowa women's basketball player Caitlin Clark, and University of North Carolina men's basketball player Caleb Love, who are beneficiaries of the relatively new NIL deal signed by the NCAA, allowing the athletes to profit off the use of the names, likenesses and images.
Sponsored by Goldman Sachs 10,000 Small Businesses Voices, the ad goes on to call for the modernization of the Small Business Administration (SBA), and also features Iman McFarland, a former college basketball player, owner of 21st Century Expo Group in Prince George's County, MD and alumna of the Goldman Sachs 10,000 Small Businesses program.
McFarland pointed out:
It’s been more than 20 years since Congress reauthorized the Small Business Administration.
In the first time NIL advertising has been used to advocate for a federal policy, Goldman Sachs and the Bipartisan Policy Center also released the Small Agency, Big Mandate report, which details a bipartisan roadmap for modernizing the SBA for the first time in over 20 years.
“In the time since then, the challenges facing small businesses have grown and evolved. It’s past time for Congress to modernize the Small Business Administration so that federal programs and services are tailored to meet the needs of today’s small business community,” added McFarland.
What's in the report?
The report includes policy recommendations to improve equitable access to capital, increase government contracting opportunities, and modernize business development resources.
Specifically, the report urges policymakers to:
- Close small business financing gaps across race, gender, age, and geography to help small businesses reach their full economic potential
- Improve small business participation in the federal procurement marketplace
- Support 21st Century small business development as effectively as possible, including improved customer service, marketing and technical assistance
Keep an eye out
The ad, which will air on nationally connected television and digital platforms, features Clark and Love, both 21 and born after the SBA was last reauthorized.
“Caitlin and Caleb might be best known for their work on the court, but in this fun ad they are showing America that reauthorizing the Small Business Administration should be a layup for Congress. We’re grateful that Caitlin and Caleb are joining our full-court press to modernize the SBA,” said Joe Wall, National Director of Goldman Sachs 10,000 Small Businesses Voices.
For more information on the effort, click here.