South Carolina’s Focus on Supporting Small Businesses

News Summary

As Small Business Saturday approaches, South Carolina emphasizes the critical role small businesses play in the economy, particularly in Greenville County. These businesses employ nearly half of the local workforce and represent the majority of firms in the state. However, financing challenges persist, especially for marginalized communities. CommunityWorks, a CDFI in Greenville, has been providing crucial support through loans and partnerships, aiming to foster economic growth and empowerment for small enterprises across South Carolina.

South Carolina is gearing up for Small Business Saturday on November 30, highlighting the essential role small businesses play in the state’s economy, particularly in Greenville County. These enterprises are vital, employing nearly half of the local workforce and accounting for 99.4% of all firms in South Carolina. According to the U.S. Small Business Administration, small businesses in the state employ approximately 45.3% of the overall workforce.

As Small Business Saturday approaches, many companies continue to grapple with obstacles, especially when it comes to securing necessary financing. A 2021 Federal Reserve survey revealed a significant disparity in funding access, with only 13% of Black-owned businesses receiving the full financing they sought. In stark contrast, 40% of white-owned firms reported that they received all requested funds.

To address these challenges, CommunityWorks, a certified Community Development Financial Institution (CDFI) based in Greenville, has been actively supporting South Carolina’s small businesses since its inception in 2008. This organization is dedicated to serving financially underserved families and communities by offering equitable financial products and services aimed at building wealth and promoting economic mobility.

In 2023 alone, CommunityWorks has extended nearly $1 million in small business loans to 44 different businesses across the state. This financial support is crucial as it contributes to job creation, neighborhood revitalization, and overall economic growth. The organization emphasizes the importance of collaboration, partnering with institutions such as Wells Fargo to provide flexible financing options, alongside coaching and technical assistance to support small business growth.

In recent years, U.S. Senator Tim Scott has been a staunch advocate for opportunity zones, a federal initiative designed to attract long-term investments in low-income communities. These zones have successfully drawn capital into underserved areas, fostering development and creating new jobs. CommunityWorks underscores the significance of combined government and private sector efforts in effectively nurturing South Carolina’s entrepreneurs and communities.

The organization’s mission revolves around addressing the needs of historically marginalized communities. By increasing access to capital and enhancing coaching and technical assistance, CommunityWorks aims to create a more equitable future for small businesses in the region. Additionally, the organization is actively involved in advocating for policies that promote small business growth, ensuring that these enterprises have the resources they need to thrive.

CommunityWorks aims to elevate the financial health of small businesses and strengthen their role in the local economy. By focusing on inclusive financing solutions, the organization plays a pivotal role in enhancing economic stability for families and communities throughout South Carolina.

With Small Business Saturday approaching, the spotlight shines on the importance of supporting local businesses. CommunityWorks continues its commitment to providing the resources necessary for these small enterprises to flourish, reflecting the broader goal of fostering economic mobility and empowering communities across the state.

Deeper Dive: News & Info About This Topic

• Greenville Journal: Empowering South Carolina’s Small Businesses
• Greenville Business Magazine: Marchant Bateman Receives Small Business Award
• GSA Business: Marchant Bateman Small Business Award
• Business Insider: Greenville, South Carolina – Best US City to Visit
• Upstate Business Journal: Q&A with David Lominack
• Wikipedia: Small Business
• Google Search: South Carolina small businesses
• Encyclopedia Britannica: Small Business
• Google News: South Carolina small business news