FLINT, Mich.–(BUSINESS WIRE)–A brand new Flint & Genesee Financial Alliance report discovered that bettering small companies’ entry to capital is important to serving to regionally owned enterprises succeed and diversifying the area’s economic system.
Moreover, the 2021 Genesee County Small Enterprise Evaluation discovered that an entrepreneurial assist system that fosters networks and cultivates robust leaders is important to the area’s long-term sustainability. The report additionally highlights the significance of accelerating the visibility of Flint & Genesee companies by way of goal advertising and marketing or “store native” initiatives as an efficient and environment friendly solution to construct a resilient and vibrant native enterprise neighborhood.
“We wish to cut back obstacles for small enterprise homeowners to achieve success whereas clearing a pathway for the event of latest and modern native industries,” stated Tyler Rossmaessler, govt director of the Flint & Genesee Financial Alliance. “From these findings, we are able to decide the sources and methods to help present and future native small enterprise homeowners and strengthen our native economic system.”
The report’s findings are based mostly on the enter of 350 small companies that responded to the Genesee County Small Enterprise Panorama Survey, carried out earlier this 12 months by Ann Arbor-based analysis agency EntryPoint. The report additionally consists of financial and enterprise information from different sources, such because the U.S. Bureau of Labor Statistics and CB Insights, and interviews with a number of respondents for extra detailed information of the county’s small enterprise neighborhood.
The research centered on registered small companies with 25 full-time workers or fewer and fewer than $10 million in common annual income.
- Companies within the skilled companies (31%), meals and beverage (17%), and retail (13%) sectors are probably the most outstanding, adopted by artwork, leisure and recreation and nonprofits.
- 83% of minority-owned companies are underneath 15 years outdated and greater than half are of their first 5 years of enterprise.
- 29% of small enterprise homeowners reported having problem acquiring exterior funding resulting from an absence of entry to the mandatory community of people or organizations who would possibly spend money on their firms.
- 75% of small enterprise homeowners anticipate needing extra exterior funding for his or her companies to proceed working efficiently.
- 61% of small companies consider the easiest way for coverage and financial growth organizations to assist their firms is to extend entry to capital or present monetary assist instantly.
Full report: 2021 Genesee County Small Business Analysis