Editor’s note: Small Business Saturday is Nov. 30.
Small businesses are the backbone of South Carolina’s economy, especially in Greenville County, where they employ nearly half of the workforce. As we strive to grow our local economy, it’s vital to celebrate the progress these entrepreneurs have made – and continue to support their success.
However, many small businesses still face significant challenges. According to the U.S. Small Business Administration, 99.4% of all firms in South Carolina are small businesses, employing 45.3% of the state’s workforce. Yet, access to capital remains a critical barrier, particularly for minority- and women-owned businesses. A 2021 Federal Reserve survey found that only 13% of Black-owned firms received all the financing they sought, compared to 40% of white-owned firms.
Since our founding in 2008, CommunityWorks has been dedicated to serving financially underserved families and communities. We aim to provide equitable financial products and services that build wealth and promote economic mobility. This year, with the help of Wells Fargo and other organizations, we’re continuing to offer flexible financing, coaching, and technical assistance to help businesses grow and thrive.
Our impact is clear. In 2023 alone, we provided nearly $1 million in small business loans to 44 businesses across South Carolina. This support has led to job creation, neighborhood revitalization, and stimulated economic growth. We’re proud to play a role in these success stories and remain committed to fostering the potential of South Carolina’s entrepreneurs.
While much can be done by nonprofits and the business community, there is a critical role for the government to meet these needs. As an example, U.S. Sen. Tim Scott has strongly advocated for opportunity zones, a federal program encouraging long-term investments in low-income communities. These zones have attracted capital to underserved areas, driving economic development and job creation. With the combined effort of the federal government and private and nonprofit sectors, we are making a tangible difference for South Carolina’s entrepreneurs and communities. This commitment to strengthening communities mirrors our own, and the support has helped us expand our reach and deepen our impact.
Looking ahead, I am inspired by the resilience and innovation of our state’s small businesses. For the remainder of this year and into the next, we will continue increasing access to capital, enhancing our coaching and technical assistance programs, and advocating for policies that support small business growth. We are firmly committed to advancing opportunity and ensuring that our services reach those who have historically been marginalized. This commitment is central to our mission, and we will continue to work towards a more equitable future.
Our vision is simple yet powerful: a future where everyone can attain financial equality and economic mobility. Together, we empower entrepreneurs in South Carolina and work towards a more prosperous and inclusive future for all.
LaTorrie Geer is the CEO of CommunityWorks, a U.S. Treasury-certified CDFI based in Greenville.
