Western North Carolina small business owners are making a significant economic impact by creating 980 jobs, launching 91 new businesses, and expressing consistent growth capital needs across the region. The 2024 Local Business Impact Survey, presented by Mountain BizWorks, highlights these key findings, underscoring the continued growth in the small business landscape and the emerging need for accessible funding to sustain and expand these enterprises.

Key Takeaways

• Strong Economic Contributions: Western North Carolina’s small businesses, supported by Mountain BizWorks, created 980 new jobs and launched 91 new ventures this year, demonstrating significant economic growth.
  

• Consistent Capital Needs: A substantial 74% of small businesses indicated a need for additional capital under $100K in the coming year, with entrepreneurs of color, particularly women, facing heightened challenges. This underscores the ongoing need for accessible and affordable funding options.
  

• Financial Management Insights: While 98% of surveyed entrepreneurs use some form of bookkeeping, with QuickBooks being the most popular tool, only 14% report excellent financial health. This highlights a need for enhanced financial management support and planning.
  

• Generational Wealth Opportunities: Despite economic fluctuations, 36% of entrepreneurs experienced a personal income increase of 5% or more, signaling progress towards building generational wealth. However, there remains a significant opportunity to further elevate these outcomes.

The 2024 Local Business Impact Survey offers a compelling snapshot of the resilience, challenges, and opportunities facing small businesses across Western North Carolina. Over the past year, Mountain BizWorks has played a pivotal role in supporting these entrepreneurs as they navigate growth and change. From the launch of new businesses to the retention of valuable jobs, the survey reveals not only the economic impact of these enterprises but also the ongoing need for accessible capital and robust financial management. This report delves into these key findings, highlighting the critical support systems that empower our local entrepreneurs to thrive in an ever-evolving marketplace.

Read the full report here.

Source: Mountain BizWorks