Author: Jake Keys

Greensboro Entrepreneurs: Your Guide to Financial Planning

October 8, 2025

If you’re interested in growing your business without constantly taking on debt or scrambling to find extra money to pay off debt, review our guide to financial planning for Greensboro-based entrepreneurs:

The Basics of Financial Planning

A financial plan is a document that includes details and strategies for improving your current financial situation and meeting your short-term and long-term financial goals.

Creating a financial plan helps entrepreneurs:

  • Pay bills on time
  • Identify and set priorities
  • Make a schedule to pay off debt
  • Set aside money for emergencies
  • Develop a plan for growing their business responsibly

3 Financial Planning Tips for Entrepreneurs in Greensboro, NC

Review our top three financial planning tips, especially for Greensboro entrepreneurs, below:

1. Understand Your Existing Finances and Create SMART Goals Based on Them

Start by listing your income, fixed monthly costs that don’t change (like rent), variable costs that do change (like supplies), any debt, your savings, and your business bank accounts. Next, calculate how much cash you spend each month and the minimum sales needed to pay bills.

Potential Actions to Take If You Find High or Unsustainable Expenses

As you list your expenses and income, you may find some costs that are too high to remain sustainable. Some common actions entrepreneurs take to reduce unnecessary expenses include:

  • Refinance high-interest debt: If you have a loan with a high interest rate, consider taking a new loan with a lower rate to pay it off. This new loan can reduce your monthly costs and the total you pay over time. Refinancing also provides your business with the opportunity to adjust your payment frequency to one that better suits your needs.
  • Reduce discretionary costs: Discretionary spending refers to nonessential costs that businesses can eliminate or adjust without directly affecting their core operations. Some common discretionary costs you might consider eliminating or scaling back include travel, investments unrelated to day-to-day operations, marketing, subscriptions for nonessential software, and entertainment-related spending.
  • Create a conservative budget: In general, most small businesses need to stick to a more conservative budget that anticipates uneven income in the early stages. To create a conservative budget, it should be based on the expectations of low income and high expenses. This approach prepares your company for the worst and often leaves businesses with extra cash at the end of the month due to higher-than-expected income or lower-than-expected costs.

How to Create SMART Goals

Once you have a comprehensive understanding of your expenses and have an idea about some actions you could take to reduce them (if needed), you can begin to create SMART goals to help you achieve them.

To successfully create them, your business’s goals should be:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound

Example of a SMART Goal for Entrepreneurs

  • Non-SMART Goal: I want my business to increase sales.
  • SMART Goal: Over the next six months, I plan to increase sales by an average of $5,000 per month.

2. Include Core Financial Best Practices in Your Plan

Whether it’s building a contingency fund or monitoring cash flow, you set your business up for future success by adding a few implementable financial best practices to your plan. These best practices include the following tips:

Separate Personal and Business Money

Instead of using your personal checking account or credit card to pay for your business expenses, open a business checking account and a business credit card. These new accounts should be used exclusively for business expenses and never for personal purchases.

Keeping money separate makes bookkeeping and tax filing easier, while also helping to protect your personal assets if your company is an LLC or corporation.

Keep Your Compensation Reasonable

Unless you’re planning on not taking a salary for some time, you’ll need to decide on sustainable owner pay.

Generally, owner compensation should cover your personal budget (meaning it’s sufficient for you to live on) without being so high that it starts draining the cash your business needs for day-to-day bills.

The U.S. Chamber of Commerce also offers a fairly detailed resource for calculating a business owner’s salary, which we recommend reviewing when determining your salary.

Build a Contingency Fund to Stay Resilient

Save an emergency fund for unexpected expenses, such as a broken machine or a slow month. Keep this money readily available, such as in cash or a savings account.

To build your contingency fund, allocate a percentage of your monthly revenue to be automatically transferred to the account each month.

Greensboro Chamber of Commerce Tip: Aim for at least three to six months of operating expenses when building your contingency fund. This buffer buys time to adapt during a challenging business period.

Create and Monitor Your Budget

Create a practical operating budget. List fixed costs like rent, payroll, and software, and variable costs like inventory and marketing.

Next, compare those costs to a realistic expectation of the revenue your business will generate each month and over the next year. Doing so will give you an idea of how much extra cash you can expect to have each month once all your expenses are covered.

Each week, compare what you planned to what you really spent and earned. Follow up on late payments, and try to buy big items when you have cash coming in.

Plan for Local, State, and Federal Taxes Year-Round

As a self-employed entrepreneur, you’ll need to pay quarterly payments to North Carolina and the federal government. While the penalties for missed quarterly payments are fairly low (under 1% currently), they can still be expensive if you have a lot of taxable income.

Do your research on how much you’ll owe each quarter, and set aside a percentage of every dollar you earn that matches the tax you’ll need to pay. Keep this taxed income in a separate account and ensure that you pay your taxes by the quarterly due date.

Greensboro Chamber of Commerce Tip: Don’t forget local taxes! You should check how much you owe to Greensboro, as the city taxes real property (e.g., commercial buildings and land) and personal property (e.g., equipment and machinery). You’ll also need to pay sales taxes to Guilford County.

3. Decide What Outside Assistance You Plan to Rely On

Any entrepreneur will eventually need outside assistance. Whether you’re raising capital, securing needed insurance, or finding a CFP, external partners and advisors can be essential to a new business’s success.

While looking for external help, follow these tips:

Choose Funding Sources Strategically, Not Emotionally
When looking for funding, start with low-risk money like savings, small grants, or help from friends and family. Raise only enough to reach your next goal, and understand the tradeoffs, such as giving up ownership or adhering to repayment rules.

Greensboro Chamber of Commerce Tip: If you’re unsure about raising capital, it can be well worth taking the time to join entrepreneurship programs in Greensboro that provide education on securing funding. Look for programs that also have opportunities for mentorships and networking.

Manage Risk With the Right Insurance
List the biggest things that could go wrong at work, and purchase insurance that protects your business from those risks.

Typically, most businesses will start with three common policies: General Liability (injury or damage claims), Property Insurance (damage to buildings, equipment, inventory), and Professional Liability for service businesses (claims that your advice or work caused a loss).

You may also need Cyber Liability or Business Interruption depending on your operations.

Work With a Fee-Only CFP and CPA Who Understands Entrepreneurs
Hire a fee-only Certified Financial Planner and a Certified Public Accountant who puts your interests first. They can help choose a business type, improve your financial plan, reduce taxes, and test big decisions. Meet twice a year to refresh your goals and plan.

Greensboro Chamber of Commerce Tip: Contact our team to receive recommendations for local CFPs and CPAs who have successfully worked with Greensboro entrepreneurs.

Connect With the Entrepreneur Center in Greensboro, NC, for Financial Planning Assistance

If you’re an entrepreneur ready to create your financial plan in Greensboro, the Greensboro Chamber of Commerce is ready to serve you. Our entrepreneur center in Greensboro, NC, is home to a variety of programs directed toward helping entrepreneurs. When you join one of our programs or contact us for assistance, a member of our staff can provide financial planning advice and connect you with trusted CFPs and CPAs.

Learn more about our Entrepreneur Center today!

JetZero in Greensboro, NC: Boosting Local Customers, Businesses, and Workforce Opportunities

August 21, 2025

In June of 2025, Governor Josh Stein announced that JetZero, Inc., would be investing close to $5 billion in North Carolina to build a manufacturing facility. While this news is great for the state as a whole, it’s even better for Greensboro, as JetZero plans to build the facility at the Piedmont Triad International Airport (GSO).
Learn more about what this investment will do for Greensboro, review our guide to JetZero and the benefits the company’s new aerospace facility will bring to the city.

JetZero: A Background

JetZero is a California-based aerospace startup founded in 2021 by Tom O’Leary and Mark Page. The company is pioneering the development of the Z4, the world’s first commercial all-wing aircraft, which uses a blended-wing body (BWB) design.
This innovative aircraft merges the wings and fuselage into a single lifting surface, significantly enhancing aerodynamic efficiency. The Z4’s unique design also reduces fuel consumption by up to 50% compared to traditional aircraft designs.
As the company still has more testing to perform, they’re aiming for the Z4 to have its first full-scale flight in 2027.

What Is JetZero Building in Greensboro?

JetZero is constructing a state-of-the-art, $4.7 billion manufacturing facility at GSO. The facility will be responsible for building the Z4, and once the facility is operational, JetZero plans to move its headquarters to Greensboro.
The 3-million-square-foot aerospace facility will integrate advanced digital and AI-driven manufacturing processes, aiming to streamline production and enhance operational efficiency.
Construction is slated to begin in early 2026, with the first deliveries of the Z4 anticipated in the early 2030s. By the late 2030s, JetZero estimates that the facility will manufacture up to 20 Z4s a month.

6 Benefits of JetZero for the Greensboro Workforce & Business Environment

The massive investment JetZero is making in Greensboro will provide several benefits to the city and North Carolina as a whole. From offering thousands of new jobs and supporting local businesses to enhancing infrastructure and providing new workforce training opportunities, JetZero will play a key role in Greensboro’s continued development.
Learn more about the top six benefits JetZero will bring to Greensboro below:

1. Thousands of New Jobs and Workforce Opportunities

When JetZero’s manufacturing facility opens up, the company plans to hire 14,500 employees to fill open positions. This substantial employment boost will contribute to the growing workforce in Greensboro, NC, creating job opportunities in aerospace manufacturing, engineering, and other sectors.
Alongside growing the workforce, prospective employees will be happy to know that salaries are expected to be high-paying. For example, the company’s average annual salary will likely be $89,340, which is close to $30,000 more than Guilford County’s average salary of $60,195.

2. More Business for Local Greensboro Businesses

The influx of jobs and greater investment in the Greensboro area will likely also increase business for other local companies, especially those located near GSO.
With potentially thousands of new employees moving to the area, demand for goods and services will rise, benefiting retail stores, restaurants, and other service industries.

3. Enhanced Infrastructure and Regional Development

To support JetZero’s operations, significant infrastructure improvements will be made, including road expansions, utility upgrades, and airport logistics enhancements.
These developments will improve regional accessibility, attract further investment, and foster long-term economic growth in Greensboro. The investments in infrastructure also make Greensboro a more attractive destination for other aerospace companies looking to build new facilities.

4. Advancements in Education and Workforce Training

JetZero is collaborating with local institutions like North Carolina A&T State University to provide specialized training programs in aerospace manufacturing and artificial intelligence. The North Carolina Community College System is also developing a customized training plan through the NCEdge program to develop and prepare students for an aerospace career.
JetZero’s partnerships with local educational institutions will help build a highly skilled workforce in Greensboro, NC, enabling local residents and Guilford Technical Community College students to access high-paying, future-oriented job opportunities.

5. Environmental Benefits and Sustainable Aviation

Since JetZero’s Z4 aircraft promises up to 50% greater fuel efficiency than traditional aircraft designs, the company (and Greensboro!) will play a key role in reducing carbon emissions in the aviation sector.
The facility will also be designed to integrate sustainable aviation fuels and explore hydrogen-powered aircraft, further contributing to environmental sustainability and reducing fossil fuel reliance. As a result, the facility will help Greensboro further establish itself as a forward-thinking, environmentally-conscious city.

6. Easier Access to a Greatly Improved Experience for Flyers

With JetZero building its Z4 aircraft in Greensboro, those who frequently travel out of GSO will likely find it easier to book a flight on a Z4 and receive a greatly improved customer experience.
When you fly on a Z4, you can expect personal space in every passenger class, dedicated overhead storage for each seat, and a seamless, stress-free boarding experience. All of these features equal a much more comfortable and convenient way to fly.
Greensboro Chamber of Commerce: Your Resource for JetZero Opportunities
Whether you’re a long-time resident of Greensboro or interested in relocating to the city, the Greensboro Chamber of Commerce can help you with the resources to find a job at JetZero. With hiring beginning in 2026, we’ve compiled a list of resources that provide information on relevant educational training programs, local events, and university degrees that can help you get a leg up on the competition.

A Helpful Guide to Greensboro Small Business Grants

July 16, 2025

Greensboro is home to a thriving small business community, and local business owners have a range of opportunities to secure funding through Greensboro-focused grants. The city and surrounding counties offer various financial support programs designed to help businesses grow, revitalize spaces, and enhance their operations. If you’re looking for a small business grant in Greensboro, our guide covers the top options and other NC-focused business grants.

5 Greensboro Small Business Grants

The primary provider of small business grants in Greensboro is Downtown Greensboro Incorporated (DGI), which supports businesses in the downtown area. If your business is located outside of downtown, Guilford Works and M&F Bank also offer grants to qualifying businesses. As you look for a grant, review the following five grants for Greensboro small businesses:

1. Facade Improvement Program

The Facade Improvement Program (FIP) offered by DGI is designed to enhance the visual appeal of the downtown area and stimulate new investments in local businesses. This program provides financial incentives for renovating building facades to improve their aesthetic quality, maintain the historic character of the area, and provide a better business environment.
DGI offers up to $5,000 for improvements to the exterior of commercial, institutional, or mixed-use properties located in downtown Greensboro. Eligible properties include any structure facing a street, from the roofline down to the ground level. To apply, a simple application must be submitted before starting construction.
Since the FIP fund doesn’t have a set deadline and only provides the grant until funding runs out, businesses should apply as soon as possible. If you’re interested in receiving this grant, review FIP’s guidelines before submitting your application.

2. DGI Catalyst Grant Program

The DGI Catalyst Grant Program is designed to support the revitalization of Greensboro’s Central Business District. This program offers financial assistance to property and business owners who are looking to enhance or redevelop their commercial spaces. The goal of this grant is to stimulate investment in older properties, help increase local sales, and encourage business retention downtown.
The Catalyst Grant focuses on projects that will:

  • Boost the local property tax base by encouraging investment in aging downtown properties.
  • Increase sales for both new and existing businesses, helping to expand the local sales tax base.
  • Aid in complex commercial projects requiring additional financial support.
  • Attract new businesses that meet the needs of residents, employees, and visitors.
  • Retain businesses that might otherwise relocate from downtown.
  • Provide targeted assistance to specific areas of downtown needing economic development.

Before beginning your application, ask yourself whether your business meets an unmet need in the downtown area, how your project will increase vibrancy, and the potential benefits it will bring to the community. If your project will create jobs or significantly increase investments, you may be eligible for this grant.

Review the Catalyst Grant’s guidelines and begin the application by filling out the grant’s interest form.

3. M&F Bank’s Empowering Growth Small Business Grant

The Empowering Growth Small Business Grant from M&F Bank supports small businesses by providing funding to help entrepreneurs take their businesses to the next level. The next round of applications will open on August 1, 2025, with a $10,000 grant available for one Greensboro-based business.
To be eligible, businesses must have gross revenues of $750,000 or less, be in operation for 10 years or less as of January 31, 2025, and have no more than 25 employees. Eligible businesses also have to operate in Forsyth, Stokes, Yadkin, Davidson, or Randolph County. Ineligible entities include nonprofits, real estate firms, businesses with ties to M&F Bank, and M&F Bank employees or their relatives.
The application deadline for this round is August 31, 2025, so make sure to mark your calendar if you meet the eligibility criteria.

4. DGI Vibrancy Grant

The DGI Vibrancy Grant is designed to support small businesses in downtown Greensboro with financial assistance for projects aimed at enhancing services, expanding commercial opportunities, and beautifying storefronts. This grant provides up to $2,500 for eligible expenses, including:
New technology for sales efficiency, such as point-of-sale systems and digital marketing/advertising efforts.
Investments to expand services and commerce, such as physical space improvements or new equipment.
Storefront beautification projects to increase the location’s curb appeal, such as painting, signage, lighting fixtures, and outdoor seating areas.
While this grant is not currently available for 2025, it has been offered in the fall of previous years (e.g., the grant was offered between September 9 and October 11 in 2024). To ensure you don’t miss out, stay up-to-date with DGI’s announcements for future funding opportunities.

5. Guilford Works Training Grants

Guilford Works offers two types of grants designed to support businesses in Guilford County by reimbursing them for training expenses. The following grants focus on enhancing employee skills and helping businesses grow their workforce:

  • On-the-Job Training (OJT) Grant: This grant reimburses businesses for up to 50% of training costs for new, full-time employees. The training can last from three to six months, and the company will receive monthly reimbursements for wages paid during this period.
  • Small Business Training Grant: This grant offers up to $20,000 to established businesses in Guilford County to help improve the skills of existing employees. The training must address identified skill gaps, and businesses can reapply for additional funding in subsequent years.

To qualify, businesses must operate in Guilford County, have at least five employees, and meet other eligibility criteria related to tax obligations and employee status. The application deadline is the last business day of each month, with reviews and decisions made within 30 business days. Review the guidelines for each of these grants before applying.

What Other North-Carolina-Based Grants Are Available to Small Businesses?

In addition to local grants in Greensboro, small businesses throughout North Carolina can access state-level funding opportunities. Some of the notable NC-based grant programs include:

Turn to the Greensboro Chamber of Commerce for Assistance With Greensboro Small Business Grants​

The Greensboro Chamber of Commerce offers a wealth of support for small businesses looking to apply for grants. With networking and mentorship opportunities, educational programs, and access to resources, the Chamber can guide you through the grant application process and help you take full advantage of the funding available to your business.
Learn more about how we can support your business today. If you have any questions about small business grants in North Carolina or our services, please contact us.

A Quick & Easy Guide to Small Business Insurance Options in North Carolina

May 14, 2025

Navigating the world of small business insurance can feel overwhelming, but it doesn’t have to be. Whether you’re launching a new venture or growing an established company, the right insurance coverage helps you manage risk and protect your future.

If you’re starting a small business in North Carolina, you’ll need to decide what insurance you’ll be purchasing. While North Carolina only requires businesses to purchase commercial auto insurance (for businesses that own vehicles) and workers’ compensation (for businesses with three or more employees), you can find a few other types of insurance plans that can be well worth the cost.
As you try to reduce your business’s financial risk, you should be aware of the primary types of small business insurance in North Carolina and what businesses they’re best for.

The 9 Types of Small Business Insurance in North Carolina

From general liability insurance and workers’ compensation to business owners’ policies and commercial auto insurance, you have lots of small business insurance options. Before you make a decision on which plan you need, take a moment to review the nine most common types of small business insurance plans in NC below:

1. General Liability Insurance

General liability insurance is the most popular type of small business insurance in North Carolina since it protects companies from common liability issues. For example, personal injury by a third party, property damage, and bodily injury are typically covered by general liability insurers. If your business has this insurance, you’ll be covered if you or an employee damages property that isn’t owned by your company or if a non-employee gets hurt.

2. Commercial Property Insurance

Another very common type of small business insurance in North Carolina is commercial property insurance. This type of insurance policy protects your equipment and property from loss, damage, or theft, making it a good choice for any company with expensive property and equipment. However, if your business primarily relies on remote workers, you may be able to skip this insurance without taking on much risk.

3. Business Owner’s Policy

If you plan to purchase general liability and commercial property insurance, you might want to consider a Business Owner’s Policy (BOP). This type of insurance policy combines general liability and commercial property insurance. Typically, the rate for BOP will be cheaper than if you bought commercial property and general liability insurance separately, making it a cost-effective option for companies that need both.

4. Workers’ Compensation Insurance

Due to the North Carolina Workers’ Compensation Act, businesses that have three or more employees must be certified as self-insured or have workers’ compensation insurance. These requirements apply to limited liability companies, partnerships, corporations, and sole proprietorships. If you select the self-insured option, your business will have to assume all financial responsibility for its employees’ workers’ comp claims and will have to manage the claims process yourself.
Since workers’ comp claims can be quite costly, many companies choose to purchase workers’ compensation insurance. With this no-fault insurance, the provider will pay workers for missed workdays due to injuries. Alongside covering lost wages, workers’ compensation should cover at least some of the medical expenses related to a work-related injury or illness.

5. Professional Liability Insurance

Also called errors and omissions insurance, professional liability insurance protects businesses from claims of service-related mistakes. Some professionals who provide advisory services may need this insurance to meet state licensing requirements. Accountants, real estate agents, brokers, IT professionals, and other professionals who provide advisory services often benefit from having this insurance.

6. Commercial Auto Insurance

Due to North Carolina’s laws, any business that uses vehicles in their work must have commercial auto insurance. If you use a vehicle in the course of business, commercial auto insurance will protect your company from financial losses due to injuries, accidents, or property damage involving company-owned vehicles. These plans are usually very similar to personal auto plans but with more tailored coverage for business risks. North Carolina’s minimum liability limits for a company’s commercial auto insurance include:

  • $30,000 per person for bodily injury
  • $60,000 per accident for bodily injury
  • $25,000 per accident for property damage

7. Business Interruption Insurance

Business interruption insurance protects companies from various events that could cause production to shut down. For example, supply chain problems and natural disasters could interrupt production, resulting in lost revenue. With business interruption insurance, you’ll insure your income and protect your company against financial loss.

8. Commercial Flood Insurance

Businesses located in parts of North Carolina that are at risk of flooding should seriously consider commercial flood insurance. This insurance plan protects your premises and physical assets from flood damage, which can save your business from having to pay for expensive repairs to your business, as well as any equipment and inventory you might have to replace.
Businesses that operate in parts of North Carolina that experience harsher winters with quick thawing in the spring are more prone to flooding and should usually purchase commercial flood insurance. Similarly, businesses in parts of North Carolina that deal with moderate to heavy rain often purchase it to protect themselves from flooding.

9. Insurance Plans for Employees

Alongside purchasing insurance for your business, you might want to extend insurance to your employees as part of a benefits package. Some common insurance plans offered by employers to their staff might include:

  • Health Insurance
  • Dental Insurance
  • Vision Care Insurance
  • Specific Disease Insurance
  • Medicare Supplement Policies
  • Hospital/Medical Expense Indemnity Insurance
  • Nursing Home/Long Term Care Insurance
  • Credit Insurance

FAQs About Small Business Insurance in NC

What Types of Business Insurance Are Businesses Required to Have in NC?

Worker’s compensation insurance is required for businesses with three or more employees and commercial auto insurance is required for businesses with vehicles.

Other forms of insurance aren’t required by state law, but are often recommended to reduce risk.

Can NC Businesses Opt Out of Worker’s Compensation Coverage?

Unless a business has fewer than three employees, you can’t opt out of worker’s compensation coverage.

However, corporate officers can choose to be excluded from coverage.

How Much Does Small Business Insurance Cost in North Carolina?

The cost of small business insurance will vary based on the business’s industry, type, location, number of employees, and other relevant factors. As a result, small business insurance costs can var y widely.

The varying costs means you should make sure to compare multiple quotes before you pick a plan. Doing so can prevent paying  for an overpriced premium.

Let the Greensboro Chamber of Commerce Help You Grow Your Business

Insurance is just one piece of the puzzle when you’re building a successful business. From startup guidance to networking with local experts, the Greensboro Chamber of Commerce is here to support your entrepreneurial journey every step of the way.

Learn more about how we can help your business today. If you have any questions about what we can assist your business with, please contact us.

4 Ways Greensboro Chamber of Commerce Supports Local Small Businesses

April 10, 2025

If you’re a small business owner who’s considering joining the Greensboro Chamber of Commerce, you might be wondering how the Chamber supports businesses like yours. From hosting networking events and helping new companies receive business licenses in Greensboro, NC, to supporting minority-owned businesses and advocating for Greensboro-centric legislation, we do our best to ensure businesses have all the support they need to succeed.
As you consider partnering with the Greensboro Chamber of Commerce, find out more about the four primary ways the Greensboro Chamber of Commerce helps small businesses.

1. Hosting Entrepreneurship and Educational Programs

When you’re planning on starting a new small business or already have a business that you want to improve, you can likely benefit from our Launch entrepreneurship programs. LaunchCamp is a weekend-long training program for entrepreneurs who are introducing new products/services or planning to launch a business. In the program, you’ll learn how to use the Lean Startup approach while creating a framework for growing your business.
LaunchLab 101 is another one of our programs for new business owners. This five-week program (held once a week) covers setting up a corporate and financial structure, developing customer personas, determining whether a business has intellectual property, and creating marketing strategies. Established business owners looking to grow their business can take part in LaunchLab Growth, which is a 14-work program that aims to accelerate your business’s growth. You can also receive advice about receiving business loans in Greensboro if you need more capital to scale.

2. Providing Networking Opportunities

The best business owners know that who they know can be just as important as what they know. Since having a diverse network of fellow business owners and leaders to rely on can be essential to a business’s success, the Greensboro Chamber of Commerce offers multiple networking opportunities to professionals and business leaders in Greensboro. Our most popular network events include Coffee & Conversation, WE Connect, and our new On the Go series. We even offer Networking Bootcamps to help business leaders make stronger connections.
With a wide variety of businesses and leaders attending these events, you can pick their brains for advice and information you’re not familiar with. For example, if you’ve realized you need small business IT support in Greensboro, you can talk with other participants about who they’ve worked with for their IT needs. You might also want to talk about business insurance in Greensboro, NC, or any other topic you’re looking for greater clarity on. Whatever your question, networking events are great ways to get answers!

3. Advocating for Greensboro-Centric Legislative Agendas

We’re proud to advocate for Greensboro small businesses and residents at the NC General Assembly, Greensboro City Council, and other relevant legislative bodies. For example, we supported North Carolina’s $8b 2021 infrastructure investment that aimed to modernize transportation, broadband, sewer, and public education infrastructure in the state. We also supported the 2019 Small Business Healthcare Act and Senate Bill 228 in 2021, which allowed employers to offer EPO Benefits Plans.
Alongside our past accomplishments, we’re currently advocating for the Eastern Triad Workforce, Ready Ready’s development of an Integrated Data System for children’s educational programs, and a variety of other initiatives, partnerships, and programs. If you believe your business could benefit from new legislation, the Greensboro Chamber of Commerce can help walk you through that process and give you additional support if the new program or initiative is implemented.

4. Helping Minority-Owned Businesses Scale

If you operate a minority-owned business in Greensboro, our Scale to Excel program is designed to help your business scale. The cohort-based program provides a business support system, executive education, and management know-how, helping business owners improve their business while making last connections with other entrepreneurs.
While the tuition cost for this program is $10,000, the Greensboro Chamber of Commerce and community partners subsidize the total tuition cost, making the program extremely accessible. Based on 2022 Assessment data, businesses that have taken part in the program have seen an average 36% growth rate in revenue, $2,400,000 in new contracts (per firm), and a 4x job creation rate compared to the private sector.

Join the Greensboro Chamber of Commerce

Due to the many ways we support many local Greensboro small businesses, we’re confident we can help you reach your goals. Whether you’re looking for entrepreneurship classes, advocacy for your business, minority-owned business assistance, or networking opportunities, we have a program or event for you. If you have an idea about how the Greensboro Chamber of Commerce could better serve businesses in the area, we’re always looking for ways to improve our efforts, and we’ll be happy to speak with you.
Learn more about our entrepreneurship programs and how to join the Greensboro Chamber of Commerce today.

If you have any questions about the ways we can help you improve your marketing efforts, please contact us.

 

North Carolina Small Business Grants Worth Applying For

March 29, 2025

If you own a North Carolina-based business and could benefit from additional funding, you can find many small business grants in North Carolina. Instead of having to give up equity in your business or pay back a loan, grants don’t have to be repaid under most circumstances and are a great funding option for businesses that qualify. Take a moment to review our overview of the top North Carolina small business grants.

1. One NC Small Business Program

The One North Carolina Small Business Program assists businesses in technology, engineering, math, or science. One North Carolina is made up of two programs: the SBIR/STTR Phase I Incentive Funds Program and the SBIR/STTR Phase I Matching Funds Program. The Incentive Funds program awards reimbursements to North Carolina businesses that have prepared and submitted a Phase I Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) proposal to the federal government. After submitting their proposal, a company can receive up to $12,000 in reimbursement costs caused by the proposal.

Once you’ve received a federal STTR or SBIR award, you can also receive a grant from the Matching Funds program. As the name suggests, this program provides matching funds to businesses in NC that have received a federal SBIR or STTR award. These funds aim to assist companies that are between the federal program’s Final Phase 1 payment and First Phase II payment while also increasing the amount of research performed in Phase 1.

North Carolina also offers a variety of other technology funding opportunities you can review to see if your business qualifies.

2. Job Development Investment Grant

If you’re starting a new company or expanding your business, you’ll want to apply for the Job Development Investment Grant (JDIG). This discretionary, performance-based incentive program gives cash grants to companies when they invest in the state and create jobs.

While these grants come with strict performance targets, they can provide a significant amount of funding to offset the cost of expanding or locating a facility in NC. If you receive the grant, the funding you receive will be based on the personal income tax withholdings associated with the new jobs your company is providing. Factors that JDIG takes into account before awarding funding include:

  • The net new jobs created in the state
  • The project’s location
  • The wages paid to workers compared to the average wage of workers in the company’s county
  • The industry sector of the company, alongside the industry’s alignment with NC’s targeted industry sectors
  • The amount of investment the company has made in NC
  • The county’s tier designation

3. Grants Provided by the MBDA

The Minority Business Development Agency from the United States Department of Commerce provides minority small business grants in North Carolina. If your company provides services that support the global competitiveness and growth of minority business enterprises, your business could qualify for a grant from the MBDA. Those interested in receiving these grants should monitor MBDA.gov for grant announcements.

4. NC Workforce Grants

North Carolina’s Workforce Grants are a collection of grant programs designed to benefit communities, employers, and workers. Typically, Workforce Grants help businesses upskill their employees by connecting them to training resources. By assisting and funding employee training, these grants make businesses more competitive and meet new industry needs. The primary grant programs offered through Workforce Grants include:

5. State Trade Expansion Program

North Carolina’s State Trade Expansion Program (STEP) helps fund small businesses in North Carolina that trade internationally. When you qualify for STEP, you can receive up to $12,000 in reimbursements for expenses related to doing internal trade. Through this program, North Carolina aims to reduce costs for businesses that export products out of the country, promoting international trade in the state.

As of 2025, the program offers $3,000 worth of travel funding for businesses that co-exhibit in an Economic Development Partnership North Carolina booth at a trade show. They also offer up to $8,000 for booth costs at trade shows, export services and marketing media used to reach foreign markets, e-commerce and website localization fees, and EXIM credit insurance fees, among other costs.

Where Can Businesses Find Other Grants By Industry?

If you’re looking for other small business grants in North Carolina, the state government has a list of grants they provide to businesses, organizations, individuals, and local governments. For federal grants, you can use Grant.Gov’s search page to look for potential grants that could apply to your business. Besides state and federal governments, you may be able to find grants on your local government’s website.

Grow Your Business With the Greensboro Chamber of Commerce

If you want to get the most out of any grant you receive, the Greensboro Chamber of Commerce is ready to serve you. Whether you want to learn more about entrepreneurship, connect with other business leaders about the grant progress, or attend a business conference, we have a program or event for you. We also have multiple programs aimed at developing Greensboro’s workforce by improving the skills of existing workers and bringing talented Greensboro natives back to the city.

Find out more about how we can help your business grow today.

How to Start a Business in North Carolina

January 31, 2025

If you’d like to start a business in North Carolina, it can be overwhelming to think about, especially if you’re not even sure what type of business you want to start. Once you know what steps to follow, however, starting a business in North Carolina isn’t all that difficult, with the state very friendly to entrepreneurs (NC has a 2.5% corporate tax rate, the lowest in the country!).

Whether you’re looking for a new business idea or want to know what you should do to launch your business, review our guide to starting a business in North Carolina.

What Is a Good Business to Start in North Carolina?

Small business entrepreneurs have lots of exciting opportunities in North Carolina. If you’re still trying to decide what your business should do, review the following business types that are perfect for entrepreneurs early in their careers:

  • Moving Company
  • Professional Services (e.g., doctors, architects, engineers, dentists, geologists, and social workers can all start a Professional Limited Liability Company).
  • Bed & Breakfast
  • Recruiting Agency
  • Virtual Assistant Business

Regardless of the type of business you start, you’ll be in the right state to do it, as CNBC has named North Carolina one of the top three states to do business in for five years straight.

Do You Need a Business Plan to Start a Business in North Carolina?

Small business entrepreneurs need a business plan before they launch their company in North Carolina. This type of plan will give your business a direction to follow, guiding your business’s growth and helping you meet challenges. A detailed business and financial plan should include the following information:

  • The product or service your business plans to offer
  • The amount of funding you have, where that funding is coming from, and how much it’ll cost to launch and run your business
  • Your business’s primary competitors
  • The target audience of your business and how large that audience is

Does a New Business in North Carolina Need a Business Name?

Before you register your business, you need a name for it. The best business names will let customers know what your business does while also being unique enough that the name doesn’t get lost in the crowd. You’ll also want to look up competitor names to get a sense of naming conventions in your industry and how professional-sounding your business’s name needs to be.

Once you have a name, you need to do a business name search to make sure someone else doesn’t already have the same name. You can conduct your search here.

Where Can You Receive Funding From a New Business?

If you have enough personal savings to launch your business and fund operations for a stretch of time, you’ll likely want to stick to those funds so that you can retain full ownership and control of your business. However, most small business entrepreneurs will need funding from outside sources. Besides personal funds, you can receive funding from the following sources:

  • Family and Friends
  • Small Business Loans
  • Small Business Grants
  • Outside Investors (e.g., other entrepreneurs and venture capitalists)

How to Register a Business in North Carolina

Once you’ve decided on a small business idea, have a name, and know your funding sources, it’s time to register it. During registration, you’ll need to decide whether your business is a Sole Proprietorship, Limited Liability Company (LLC), a C corporation, a Nonprofit, or a Doing Business As (DBA). Each option has different benefits and requirements, so do your research first and talk to other business owners before deciding.

Next, you’ll officially register the business with the North Carolina Secretary of State. When you register your business, you’ll need to file paperwork that contains information about basic business details, the business’s name, and the registered agent.

How to Start a Business in North Carolina After You Finish Registering

Once you’ve finished registering your business, you’ll need to follow the rest of North Carolina’s requirements for launching a business. Based on nc.gov’s page on starting a business, new businesses must do the following after registering:

  • Obtain necessary licenses and permits
  • If applicable, apply for sales and use tax number
  • Apply for an Employer Identification Number
  • Prepare for any applicable taxes
  • Obtain insurance
  • Comply with regulations (E.g., OSHA, ADA, and Environmental Regulations)
  • Arrange for business financing
  • Open a business bank account
  • Protect your business’s intellectual property

What Should You Do After You’ve Launched Your Business?

Once you’ve launched your business and have started its operations, one of the best ways you can continue to improve is by working with your local Chamber of Commerce. For instance, the Greensboro Chamber of Commerce is dedicated to serving small business entrepreneurs in Greensboro, NC. Some of the ways the Greensboro Chamber of Commerce helps business owners include:

FAQs About Starting a Small Business in North Carolina

Do I Need A General Business License In North Carolina?

North Carolina has no statewide “general” license. Requirements vary by industry and locality.

Most businesses check state/occupational licensing and any city or county permits before opening. NCBOLD lists state-level licenses.

How Do I Check If My Business Name Is Available in NC?

Search the NC Secretary of State’s Business Registry to confirm your name is unique before you file.

From there, you can reserve or proceed to formation, reducing the risk of rejections, delays, and costly rebranding. Search your name here.

What Is An Assumed Business Name (DBA) And Where Do I File?

File an assumed business name (DBA) with your county Register of Deeds. After, it will appear in a statewide database.

Because filings are searchable across counties, you can operate under your chosen name in multiple counties without duplicate paperwork.

Does a Business Need A Registered Agent in North Carolina, And Can I Be My Own?

Every LLC or corporation must keep a North Carolina registered agent, but you may serve as your own.

The agent must have a physical NC street address and be available during business hours to receive legal documents.

How Do I Get A Free Federal EIN?

Apply for a free EIN at IRS.gov only, and avoid third-party sites that charge fees.

After you apply for an EIN and receive approval, you can use the EIN to open bank accounts, hire employees, and handle federal and state tax registrations.

When Do I Register For Sales & Use Tax Or Withholding?

Register with NCDOR if you will collect sales tax or if you have employees for state withholding.

After you finish registering with NCDOR, you can collect and remit sales tax properly and withhold payroll taxes, helping you avoid penalties and interest.

What Are NC Annual Report Deadlines And Fees?

LLC reports are due April 15. Corporations file on the 15th day of the fourth month after fiscal year end.

Building a reminder system helps you avoid late fees and potential administrative dissolution for missed filings.

When Do I Need to Pay For Unemployment Taxes?

Businesses must pay for unemployment taxes if you pay $1,500+ in a quarter or employ 1+ worker for 20 weeks.

If you need to pay for unemployment taxes, you’ll file quarterly wage reports and pay contributions through the state’s employer system.

Do I Need Workers’ Compensation Insurance?

Most employers must carry workers’ compensation when they have three or more employees, with limited exceptions.

Coverage helps protect your team and your business by paying for work-related injuries and complying with state law.

Join the Greensboro Chamber of Commerce

Launching a business is incredibly rewarding, but it can also be stressful if you do it alone. The Greensboro Chamber of Commerce understands the pressures on small business entrepreneurs, and we have a lot of resources to help. Whether you’re interested in taking a small business class or are looking for entrepreneurs near you in Greensboro to network with, we have you covered.

Learn more about our entrepreneurship programs and other entrepreneurship resources today. If you have any questions, you can call us at (336) 387-8301.

We know and grow Greensboro.