NC Small Business Resource Guide – Business NC
Provided by Business NC, November 2022 Publication Small_Business_Handbook_2022.indd (businessnc-com-images.s3.amazonaws.com)
The Small Business & Technology Development Center (SBTDC) is a statewide business advisory service of The University of North Carolina System. It has offices hosted by the 16 university campuses through which SBTDC professional staff provides in-depth business counseling to small to midsize companies in all 100 counties. This ranges from broad general business advice to specialized expertise in securing debt and equity capital, expanding into international markets, obtaining government contracts, and creating new strategies and organizational capacities for growth.
The North Carolina Small Business Handbook features profiles of successful small businesses, highlights on topical areas of interest, and resources that can help small businesses navigate through business and economic changes.
North Carolina has seen a record number of new business starts in 2021 and so far in 2022 we are on pace to break last year’s record. According to the Office of the Secretary of State in 2021 there were over 170,000 new businesses started in the state and this year the number is on track to surpass 190,000. Many of these new businesses were LLCs and holding companies driven by the escalated real estate market for vacation and rental properties. Another large percentage of these businesses are “side-gigs” or solopreneurs looking to establish additional income in addition to their “day job”. A large number of people decided they could stay at home and set up their own businesses as freelancers and contract workers. Some started to solve the next great problem. With continued growth in the number of new business startups and our strong small business resource ecosystem, if you dare to dream, now is the time and North Carolina is the place.
Now if you are an existing small business, where do you find new employees? How much do you have to pay new employees? What if you can’t find anyone with the right experience? Do you have an onboarding or training program? These were not frequently asked questions two years ago. Hanging a “help wanted” sign in the window will not fi ll your job openings. So, one of the most pressing questions small business owners ask now is about building a team. Many small businesses do not focus on culture and mission. But those seeking employment are looking for more than a paycheck. They want a purpose, they want to feel valued and they want to believe in the mission of the business. In short, they want to make a difference. Small business owners remember that feeling when they started their businesses, and need to incorporate that passion into their business culture.
Capital for small businesses Is available. It is just not where we are used to looking. The last two years have had a major impact on funding for small businesses. Banks jumped into action with the support of the SBA to offer the Paycheck Protection Program (PPP), the Economic Injury Disaster Loans (EDIL), the Restaurant Revitalization Program (RRF) and the Shuttered Venue Operators Grant (SVOG). These programs did help many small businesses. However, the criteria for the funding was based on an expected pandemic duration of a few months, not two plus years. These funds were not a permanent fix. Now with these funds expended, interest rates climbing, and too much debt on the books, many businesses are finding it difficult to obtain the capital they need to grow and reorganize their companies. So “where is the money?” In North Carolina there are many resources that can help. The recently announced States Small Business Credit Initiative (SSCBI) funded by the US Treasury and managed by the NC Rural Center will leverage $200 million into billions of dollars available for small businesses. The Community Development Financial Institutions (CDFIs) have grown and worked in tandem to assist small businesses. Credit Unions have entered the small business lending arena. Entrepreneurship resource partners offer funding. Many local municipalities and counties have set up small business grant and loan funds. The answer is ASK. Ask a resource partner, your banker, or your town council.
Most of all small businesses need trusted advisors, mentors and partners to thrive during these economic times. To help firms with both startup and ongoing business operations the state has two primary statewide resources available to help. They are:
The Small Business & Technology Development Center (SBTDC) is a statewide business advisory service of The University of North Carolina System. It has offices hosted by the 16 university campuses through which SBTDC professional staff provides in-depth business counseling to small to midsize companies in all 100 counties. This ranges from broad general business advice to specialized expertise in securing debt and equity capital, expanding into international markets, obtaining government contracts, and creating new strategies and organizational capacities for growth.
Jacquie Spearman
SBTDC
704-687-0440
jspearman@sbtdc.org
The NC Community College System’s Small Business Center Network (SBCN) which includes offices at each of the 58 Community College campuses across the state. They provide a broad, grass roots presence through which to provide educational programs and business advice to startups and micro businesses.
Gregory Cain
Small Business Development Center, Mitchell Community College
704.878.3227
gcain@mitchellcc.edu
The expertise and support of these two leading state resources for small businesses are readily accessible. Services are confidential and most are free of charge. Further information about these and other resources in North Carolina are included in the Small Business Handbook.
In addition to the resources above, the Iredell EDC published a Business Resource Guide for businesses to navigate local, regional, and state resources to help them expand and grow. You can download the guide here. Todd Black, existing industry manager with Iredell EDC is available to connect businesses with available resources.
Todd Black
Existing Industry Manager
Iredell County Economic Development Corporation
828.851.6051
Todd@iredelledc.com
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