Writer: Eleana Teran
2 min read May 2024 — Small businesses set the tone for the Charlotte region’s economy, with more than 40,000 firms operating in the area with less than 20 employees — representing about 75% of all businesses in the region, according to CLT Alliance and U.S. Census Bureau data.
Building on the momentum of Small Business Week at the end of April, Mayor Vi Lyles has announced Charlotte’s Small Business Month — aligned with a nationwide effort led by the U.S. Chamber of Commerce to promote the importance of this vital business segment in the economy. The celebration in Queen City includes various events designed to support and grow local small businesses, including the signature event at Heist Brewery. This networking gathering highlighted the success stories of numerous local entities.
Recognizing the challenges small businesses face, several resources are available to help. The CLT Alliance Foundation, Mecklenburg County and the Office of Economic Development will
offer workshops, mentoring programs, and funding opportunities. Notable initiatives by the CLT Alliance Foundation include historic access to capital opportunity and a partnership with Hooky Wellness to launch a free health and wellness series for entrepreneurs.
According to our latest Invest: Charlotte report, the Gaston County EDC developed several initiatives to attract and support businesses within the broader Charlotte region, including the Gaston County Small Business Investment Grant Program which rewarded businesses that saw a net increase in tax value between $10,000 and $1 million with a grant covering 50% of the net new taxes paid on specific investments.
Furthermore, Mecklenburg County has increased its support for small businesses by bringing free services to several towns, including Cornelius, Davidson, and Huntersville. The county’s Office of Economic Development will host “Township Connections” events to connect business owners with vital resources.
Additionally, a series of events scheduled throughout the month will serve as platforms for aspiring entrepreneurs, providing them with opportunities to network, collaborate, and transform their business visions into viable ventures.
“Small businesses play a significant role in the local and national economy; they create jobs, help diversify the economy and lead to neighborhood revitalization. Strategic initiatives aligned to this include the County’s Small Business Concierges & Consulting Services; the educational series known as What’s Next, Get Up & Grow, and Business LaunchPad; and the loan program, Meck Lending, that has non-standard lending features and helps small business owners access capital up to $75,000,” stated Leslie Johnson, deputy county manager of Mecklenburg County, as cited in Invest: Charlotte 2022-2023.
Within the wider Charlotte-Concord-Gastonia metro area, 267,739 small businesses represent 99.1% of all businesses with fewer than 500 employees in the region and account for 41.8% of the area’s employment. According to the 2023 Small Business Profile report, North Carolina is home to 1 million small businesses, which constitute 99.6% of all state businesses and employ 1.8 million people.
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