In Focus: Some resources for women entrepreneurship in North Carolina
#WomenEntrepreneurs #NorthCarolinaBusiness #Empowerment #SmallBusinessSuccess #WomenInBusiness
North Carolina has earned the nickname “The Old North State” since colonial times and has now become a thriving hub for women entrepreneurs – offering a wealth of resources designed to support their growth and success. Women now own 44.3% of the state’s nearly 1 million small businesses, according to 2022 data from the U.S. Small Business Administration’s Office of Advocacy. Thus demonstrating a significant shift in the entrepreneurial landscape. However, challenges such as limited access to capital persist, making the available support systems more crucial than ever.
Empowering Women Entrepreneurs in North Carolina: Resources at Their Fingertips
The North Carolina Women’s Business Center plays a pivotal role in empowering women entrepreneurs by providing comprehensive training, mentorship, and financing opportunities. On a similar note, the Small Business Administration’s (SBA) Office of Women’s Business Ownership offers grants, counseling, and networking events tailored to the unique needs of women in business. Additionally, the N C Department of Administration’s Office of Small and Minority Business provides essential state-level resources – to further support female entrepreneurs.
Cities like Raleigh-Durham and Charlotte have also established women-focused business accelerators and incubators – fostering innovation & providing a supportive environment for startups. These initiatives aim to level the playing field, ensuring that women entrepreneurs in North Carolina have the tools and opportunities they need to succeed & contribute to the state’s economic development.
Here are some resources like initiatives, schemes and grants that are available for women entrepreneurs in North Carolina.
> Women’s Business Center of North Carolina (WBCNC)
The mission of the Women’s Business Center of North Carolina is – to promote economic self-sufficiency for all women in North Carolina through entrepreneurship. We empower women by offering tools and support to establish businesses, stabilize their companies, generate sustainable profits, strategize for future growth and contribute to the growth and economic development of the community.
The services offered by their business experts are: Customized, one-on-one business counseling; Seminars and classes focused on key business topics, such as marketing, finance, certification and small business resources; Review and feedback on written business plans; Loan package preparation assistance and lender referrals; Certification assistance and review; Networking opportunities to find mutual support, access to resources and business referrals & Global business development.
https://theinstitutenc.org/programs/womens-business-center-of-north-carolina/
> Western Women’s Business Center (WWBC)
Established in 2014, the Western Women’s Business Center (WWBC) aims to serve as a catalyst for the success of women entrepreneurs – in 22 counties in Western North Carolina. WWBC meets the needs of women entrepreneurs through – one-on-one business coaching, workshops, and access to capital. Their team of experts offer support on a range of topics small businesses need to start and grow.
The Western Women’s Business Center is a programme of Carolina Small Business Development Fund and is funded through a cooperative agreement with the US Small Business Administration.
https://www.carolinasmallbusiness.org/womensbusinesscenter
North Carolina Government Agencies
> North Carolina Secretary of State – Launching a Business in North Carolina
The business division of the Secretary of State’s Office helps business owners organize and register their business. Here you can go the whole way – choose a business structure, choose a name, register your business and maintain that business registration and also access the State’s new business checklist with many additional free resources.
> North Carolina Small Business Administration – SBA
The North Carolina SBA is supported by a main district office in Charlotte, as well as additional locations in Asheville, Raleigh and Wilmington. They provide a number of services including – funding programs, counseling, federal contracting, certifications, and disaster recovery. They can also connect you to partner organizations, lenders & other community groups that help small businesses succeed.
Examples of educational programs and events include – Small Business Federal Certification; Suitability and Marketing for the Federal Government; Government Contracting 101; and How to Start a Transportation Business.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-north-
carolina
North Carolina Agencies & Non-profit Organizations
> National Institute of Minority Economic Development – Women’s Business Center of North Carolina
National Institute of Minority Economic Development (The Institute) is a non-profit management consulting and services firm.
The mission of the Women’s Business Center of North Carolina is – to promote economic self-sufficiency for all women in North Carolina through entrepreneurship. They empower women by offering tools and support to establish businesses to stabilize their companies, generate sustainable profits, strategize for future growth, and contribute to the growth and economic development of the community.
The Women’s Business Center small business experts offer many facilities like:
– Customized, one-on-one business counseling.
– Seminars and classes focused on key business topics such as marketing, finance, certification, and small business resources.
– Review and feedback on written business plans.
– Loan package preparation assistance and lender referrals.
– Certification assistance and review.
– Networking opportunities to find mutual support, access to resources and business referrals.
> Greater Women’s Business Council
The Greater Women’s Business Council (GWBC) is a non-profit dedicated to women-owned businesses (WBEs). They are home to the most respected certification from the Women’s Business Enterprise National Council (WBENC); and they provide education, resources, funding & innovative networking opportunities to accelerate business.
The Greater Women’s Business Council region includes – Georgia, North Carolina and South Carolina.
> SCORE North Carolina
SCORE North Carolina and its volunteer business mentors are dedicated to – helping small business owners achieve their goals. Mentors are available – face-to-face or online & they are able and willing to aid in the success of small businesses.
SCORE North Carolina provides services at no charge or at very low cost. They provide:
– Volunteer mentors who share their expertise across industries
– Free, confidential business counseling in person or via email
– Free business tools, templates and tips online
– Inexpensive or free business workshops (locally) and webinars (online 24/7)
> National Association of Women Business Owners – NAWBO North Carolina
National Association of Women Business Owners North Carolina is an organization carefully designed – to fuel the success of women-owned businesses in the Charlotte and Raleigh areas.
NAWBO North Carolina is a one-stop resource, propelling women entrepreneurs into greater economic, social and political spheres of power via the following: Strengthening the wealth creating capacity of members and promoting economic development within the entrepreneurial community; Creating innovative and effective change in the business culture; Building strategic alliances, coalitions and affiliations & Transforming public policy and influencing opinion makers
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-north-
carolina
Funding – State and Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. The available funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Carolina Small Business Development Fund
Carolina Small Business is a statewide non-profit and Community Development Financial Institution (CDFI). They lend to start-ups and existing businesses across the state – with emphasis on businesses that have difficulty accessing financing through traditional lending sources.
Carolina Small Business Development Fund provides financing solutions & guidance to help entrepreneurs achieve their business goals. These include:
Loans up to $350,000 in a wide range of industries and with flexible terms to meet your needs.
Technical assistance and business needs assessments.
SBA Community Advantage Lending, as well as other specialized loan programs and products.
> Piedmont Business Capital
A community-based lender for the Piedmont Triad Area of North Carolina, Piedmont Business Capital’s (PBC) advisory and consulting services are designed to help anyone interested to start, develop and grow your North Carolina Triad Area Small Business.
They can help you in many ways like: develop a business plan with an understanding of what bankers look for, and the ability to manage business operations including taxes, accounting, employee insurance, payroll, marketing; set goals and develop strategies to make your business more productive and efficient; gain access to trusted advisors with established relationships and local expertise in business law, marketing, real estate, financing, and more; with workshops and tools you need to make your business run more efficiently and with lending programs including MWBE Contract Loan Program, the Small Business Expansion Fund (SBEF), and Greensboro Women and Minority Opportunity Recovery Enterprise (GROW-MORE) Fund.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-north-
Carolina
> The Job Development Investment Grant (JDIG)
The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program – that provides cash grants directly to a company, when the company creates jobs and invests in the state. To elaborate, grants are awarded only in competitive recruitment or retention situations. JDIG grants hold companies to strict performance targets, but the grants can significantly help offset the cost of locating or expanding a facility in the state.
Grant payments are paid annually over time, for terms of up to 12 years, following a yearly, rigorous performance review conducted by the Departments of Commerce and Revenue.
JDIG awards are calculated by weighing a number of factors, including:
– The location of the project
– The county tier designation.
– The number of net new jobs created in North Carolina
– The wages of the jobs, compared to the given county average wage
– The level of investment made in the state
– The company’s industry sector, and that industry’s alignment with the state’s targeted industry sectors.
JDIG grant payments are determined using a formula, that takes into consideration the new taxes generated by the new jobs that are created. A percentage of those newly generated funds are reimbursed to the awarded company, for the limited term of the grant and as long as the company meets its performance target.
https://www.commerce.nc.gov/grants-incentives
> WomensNet offers Amber Grants to Women
Those wanting to set up their own business, can start with – Amber Grants for Women. Business women from North Carolina (and in America) are eligible to win this grant. Their judges award three $10,000 Amber Grants every month. And if you become one of the monthly winners — you’re automatically eligible to win one of our three $25,000 year-end grants. That’s $35,000 in grant money in less than a year!!
https://ambergrantsforwomen.com/business-grants-women-north-carolina/#:
Avtar Madan
Himanshu
Shree Lahiri
