A recent research survey conducted by the North Carolina Secretary of State’s office in collaboration with Fayetteville State University has revealed that access to capital, economic conditions, and taxes are the main challenges hindering new businesses from becoming self-sufficient. The survey, which included responses from over 6,500 entrepreneurs, estimates that a small increase in the number of businesses reaching $50,000 in annual revenue could potentially create tens of thousands of new jobs in North Carolina.
Secretary of State Elaine Marshall emphasized the importance of providing small business owners with the necessary information and resources to ensure their success in the competitive market. The research findings also highlighted the significance of addressing issues such as credit readiness, referral networks to community development financial institutions, and the need for a comprehensive online directory of resources.
Marshall further reiterated that while North Carolina’s economy is strong compared to the national average, there is still a need to help new business creators navigate challenges related to access to capital, economic conditions, and taxes at an early stage to ensure their sustainability. The NCSOS office has already taken steps to support entrepreneurs through initiatives like Rural RISE NC, a searchable database that connects new businesses with essential resources at the local, state, and federal levels.
Overall, the survey’s recommendations stress the importance of investing in entrepreneurial support programs, strengthening referral networks, and providing a centralized online directory of resources to help aspiring business owners overcome barriers to self-sufficiency and contribute to the state’s economic growth.
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