During the beginning of the pandemic, the impact of COVID-19 led to many small businesses closing their doors. From supply chain issues to staffing shortages, the pandemic is leaving many challenges behind for these small businesses.
To overcome these challenges, the City of Fayetteville’s Economic and Community Development Department partnered with local organizations to put together a microloan program for small businesses, an article from ncIMPACT recently outlined.
This initiative brought the community together to give resources and opportunities to those in need. Originally the program was set for low qualification entry to try to increase the number of eligible businesses that could apply.
In the end, $250,000 dollars were approved for microloans up to $10,000 dollars.
Consequently, 44 businesses received funding and were able to support 162 employees.
The Mid-Carolina Regional Council, serving Cumberland, Sampson, and Harnett Counties, helped support their communities by connecting regional employers and employees through NCWorks.
The Center for Economic Empowerment and Development provided a business center with resources and training to help business owners learn the ins and outs of running a small business while facing challenges and hardships.
Some educational institutions have also contributed to the cause by creating programs at their institutions that can help employees gain their post-secondary degrees and eventually join the workforce, to tackle the issue of staff shortages. Some of these include Fayetteville State University, with its Bronco FinishLine Grant program, a Fayetteville Technical Community College program that allows students to use funds to cover financial emergencies, and Sampson Community College’s expansion of their CDL training.
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