New program will provide ‘coaching’ to assist small business owners in North Carolina

Small business owners in North Carolina struggling during the pandemic can receive assistance through a new coaching program.

The program, launched by economic development nonprofit Carolina Community Impact in partnership with affiliated nonprofit Consumer Education Services Inc., provides business and personal credit reviews, business plan critiques and assistance with business financial statements.

The program was developed in anticipation of the expiration of many programs that have so far kept people afloat during the pandemic.

“The reality of COVID still hasn’t really hit us yet— there’s been a lot of forbearance, there’s been a lot of deferment by creditors whether that’s on credit side or mortgage side or small business side,” said Mike Croxson, CEO of Consumer Education Services. “A lot of that is coming to an end now and more and more people are going to end up in a gig kind of job for a while or they’re going to decide its time for me to go into my own business.”

According to Carolina Community Impact, micro-businesses compose almost 90% of the nation’s businesses. These businesses represent an even higher share of businesses in low-wealth communities, which have been especially hard-hit by the pandemic.

Owners of micro-businesses struggled with their finances long before the pandemic, Croxson said, often using personal credit to finance their business in slow times.

That’s been especially true for business owners of color who have had “less access to resources in the past,” Croxson says.

Lack of access to resources or relationships with banks has also made it more difficult for smaller business owners to access relief programs during the pandemic, as previously reported by The News & Observer.

As the pandemic continues to spur layoffs, Croxson expects that many more people will begin working as freelance contractors or start their own business.

“There will be a lot of people who have never done it but always dreamed about it, and there will be people forced into it because they don’t feel like they have any other choice,” he said. “That is essentially what we are trying to help people be prepared to do.”

People interested in receiving the coaching services with CESI and CCI can learn more by emailing the manager of the initiative for CCI, Joe Battle, at jbattle@ccifund.org.

This story was originally published September 21, 2020 at 4:35 PM with the headline "New program will provide ‘coaching’ to assist small business owners in North Carolina."