2021 Interactive Report
COVID-19 Small Business Emergency Stabilization Loan Fund
Approved Loans
million in approved funds
A Personal Message
Letter from the Chair
Mecklenburg County continues to prove its economic resiliency in light of the COVID-19 pandemic. While nearly all industries have felt the effects of COVID-19, there have been many success stories over the past year and the local economy is poised to recover. The FY2020 Economic Development Annual Report highlights several of the County’s transformational economic development achievements accomplished over the last fiscal year. While much of the recovery is still underway, the County is in a strong position to support the local economy. In April 2020, Mecklenburg County launched the COVID-19 Small Business Emergency Stabilization Loan Fund intended to rapidly deploy working capital to meet the immediate needs of small businesses throughout the County before other Federal or State funds became available. This program has approved 175 loans for a total of $3.8 million in approved funds to-date. In the same month, Mecklenburg County also launched the Microbusiness Stabilization Fund to provide forgivable loans to small businesses with five or less employees in the Towns or County’s Extraterritorial jurisdiction (ETJ).
In addition to these programs, Mecklenburg County’s Office of Economic Development has experienced tremendous growth in the last year. Programs developed in recent years are continually adding clients with their own success stories. These programs include Existing Industries, Small Business Concierge and Capital and Credit Coaching. The Minority, Women and Small Business Enterprises Program is also nearing completion on its Enterprise Disparity Study to ensure all eligible businesses have the opportunity to participate in County contracts and purchasing.
Although there is much work to do, Mecklenburg County will always strive to be a place where people choose to live, learn, work and recreate.
George Dunlap
(D) District 3 Chairman
Key Initiatives
Programs
Capital & Credit Coaching
Small Business Concierge
Existing Industry
MWSBE
CAPITAL AND CREDIT COACHING
This program helps entrepreneurs manage their finances better for long-term stable growth and to better manage their capital needs. This service is provided in a one-on-one approach to provide a tailored and focused service to suit individual business needs.
3,874 persons reached in FY2020
173% increase from FY2019
SMALL BUSINESS CONCIERGE
Small business owners and entrepreneurs can get direct assistance in establishing and growing their businesses by working with the Small Business Concierge. While there are a significant number of small business support providers in the County, it is often difficult to know which agencies can provide the best support to small business owners.
11,935 persons reached in FY2020
29% increase from FY2019
EXISTING INDUSTRY
This program supports incumbent businesses in Mecklenburg County. The mission of the program is to maintain close relationships with key employers in the County to become the “first phone call” when considering growth and expansion and to provide ongoing support for existing industries.
63 client business visits in FY2020
42% decrease from FY2019 (decrease due to the COVID-19)
MWSBE
Mecklenburg County is committed to providing minorities, women, and small businesses
equal opportunity to participate in construction and professional services contracts. Through the Minority, Women, and Small Business Enterprises (MWSBE) Program, the County works to help clients grow and be competitive for governmental purchasing.
22,109 persons reached in FY2020
79% increase from FY2019
Testimonials
“As a new business, it was difficult obtaining financing from traditional banks. CSBDF provided the necessary loan I needed to start my business. Thanks to CSBDF and Mecklenburg County Economic Development,
I was able to start my business and purchase my first dump truck.”
— Evelyn Hawkins, Founder of JKEI Trucking, a division of JKEI Management, LLC