For small business owners and prospective owners...
The City Of Concord works to help small business owners grow and prosper by providing easy access to needed services. Information and web links on this page connect with a network of business-building resource organizations in Concord, Cabarrus County, North Carolina, and elsewhere in the nation.
► Business Insurance
► Cabarrus Roots
► Doing Business with the Government
► Export Assistance
► Fire Insurance Rates
► Industrial Extension Service of N. C. State University
► National Federation of Independent Business
► National Association of Manufacturers
► North Carolina Institute of Minority Economic Development
► North Carolina World Trade Association
► Rowan-Cabarrus Community College Small Business Center
► Service Corp of Retired Executives (SCORE)
► Small Business Financing Options (BusinessFinancing.org)
► Small Business & Technology Development Center
► Southeastern Trade Adjustment Assistance Center (SETAAC)
► Specialized Business Groups
► Types of Business Ownership
► U.S. Small Business Administration
Through the N.C. Department of Insurance web site, there is information regarding insurance for businesses. A helpful publication entitled, Guide to Insurance for Your Business is available to view, or download.
Thank you for being part of Concord’s economy and business community. The City of Concord is partnering with Cabarrus Economic Development to keep existing businesses in Concord and help them grow and prosper. Visit Cabarrus Roots for more information.
Also known as "crowd funding", there are a number of online sites such as Kickstarter, RocketHub, PledgeMusic, Funding4Learning, ArtistShare, and FundRazr that encourage individuals to pool their money to increase the impact of their dollars. The support may go to artistic, educational, and business endeavors as well as to charities and disaster relief. Some sites, such as Kiva, specialize in small loans.
Doing Business with the Government
Some businesses provide special services to a government entity, including federal, state, and/or local. Below are some helpful sites that can help a business tap into the government market.
Business.gov (the official business link to the U.S. Government and the states):
Department of Defense:
IRS Guides to Doing Business with the Government:
State of North Carolina:
City of Concord
The U.S. Export Assistance Centers of North Carolina help NC businesses to excel in international markets. Experienced International Trade Specialists are located in Charlotte, Greensboro, and Raleigh. Specialists in the global network will assist U.S. firms to export products and services by identifying qualified international buyers and representatives, advocating on their behalf, and providing comprehensive solutions to whatever challenges they may encounter. The related U.S. Government web sites are www.export.gov andwww.BUYUSA.GOV.
To explore financing possibilities for expanding and start-up businesses, probably the best way to start is a face-to-face discussion with experienced counselors at the Small Business & Technology Development Center (SBTDC) in Charlotte. The SBTDC helps small business owners to review both traditional (bank), private non-traditional, and government-sponsored funding options. Ask for their excellent publication, Capital Opportunities for Small Businesses, which can be viewed via the Internet, or purchased in a hard-copy version.
8701 Mallard Creek Road
Charlotte, NC 28262-9705
Web Site: www.sbtdc.org
Other Financing Contacts:
Area Banks. Contact numbers for business loan representatives in Cabarrus County:
Bank of America: 704-786-2641
Cabarrus Bank & Trust: 704-262-3855
SunTrust Banks: 704-784-6805
F & M Bank: 704-857-1181
Fifth Third Bank: 704-721-4317
First Citizens Bank: 704-788-1194
Wells Fargo: 704-788-3122
U.S. Small Business Administration
The main SBA office serving North Carolina is located in Charlotte.
North Carolina District Office
6302 Fairview Road, Suite 300
Charlotte, NC 28210
(704) 344-6563 Phone
(704) 344-6769 Fax
1-800-827-5722 Phone toll free
Web Site: www.sba.gov
Venture Capital and Other Options
The SBTDC, and the Cabarrus EDC have further contacts for: sources of venture capital; Small Business Investment Companies (SBICs); and other funding possibilities.
Fire Insurance Rates
Fire insurance rates are based on a rating scale established by Insurance Services Office, Inc. (ISO). The rating system ranges from 1-10 with 1 being the best rating possible. The City of Concord was assigned an ISO rating of 2 by the North Carolina Department of Insurance effective June 1, 2013. This rating is only calculated every 10 years, or on the request of the city. The City of Concord requested this survey due to the fact that the City has been working diligently to reduce the rating.
There are 44,870 departments in the nation that are surveyed and given an ISO rating. The Class 2 rating places the City of Concord's Fire Department in the top three percent in the nation.
Industrial Extension Service of N. C. State University
NC State University's Industrial Extension Service, the first of its kind in the US, was established in 1955 to help North Carolina industries grow and prosper. On their website you will find information about the ways that they can help your company stay abreast of the latest technologies and best practices from both engineering and business management perspectives. The website describes their extensive products and services for continuing education; industrial and solar energy; environmental, safety, and health management; lean enterprise; and quality. Additionally, you can access true stories describing successful collaborations with North Carolina companies, and tap into a multitude of other resources.
National Federation of Independent Business
The National Federation of Independent Business is the nation's largest small-business advocacy group representing the consensus views of its 600,000 members. NFIB's purpose is to impact public policy at the state and federal level and be a key business resource for small and independent business in America. NFIB also gives its members a power in the marketplace. By pooling the purchasing power of its 600,000 members, the National Federation of Independent Business gives members access to many business products and services at discounted costs. NFIB also provides timely information designed to help small businesses succeed.
National Association of Manufacturers
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 10 additional offices across the county.
North Carolina Institute of Minority Economic Development
North Carolina World Trade Association
The North Carolina World Trade Association (NCWTA) serves professionals involved in the trade of goods and services internationally. The organization also promotes the growth of international commerce between North Carolina and the world. Recognized as the "voice of international trade in North Carolina," NCWTA acts as a nerve-center for individuals, companies, and organizations that seek trade expansion for the state.
Rowan-Cabarrus Community College Small Business Center
The Small Business Center at the local Rowan-Cabarrus Community College is designed to assist people starting a small business and to help people expand existing businesses. Through workshops, seminars, individual counseling, and referrals to other agencies, the centers are able to provide FREE assistance to the small business owner.
Since its beginning in 1992, the Small Business Center has assisted more than 500 small businesses. In addition, the center has individually counseled or provided seminars for more than 2,000 individuals who wanted to start a small business. There is a "How-to Booklet" you can view to gather information.
The RCCC Small business Centers provides free, confidential counseling services for new and existing businesses. Available on an as-needed basis, this free, confidential service acts as a sounding board for ideas and concerns you may have about your business. The professional staff will help you find solutions to your challenging business questions. No question is too simple or complicated.
Seminars are available on a variety of small business topics including:
How to Start a Business
How to Write a Business Plan
Recordkeeping and Taxes
Financing a Business
Marketing for Success.
Licenses & Permits
Rowan-Cabarrus Community College
South Campus (Cabarrus County)
1531 Trinity Church Rd
Concord, NC 28027
Special Assistant, Small Business Center
Website: Rowan-Cabarrus Community College Small Business Center
Service Core of Retired Executives (SCORE)
An expert advisor can help you make the right business decisions. Get free and confidential advice from SCORE.
Small Business Financing Options (BusinessFinancing.org)
There are many options available in financing a business. The BusinessFinancing.org resource outlines the types of financing options that are available to help raise the necessary capital to meet your business's current needs.
Small Business & Technology Development Center
(The following information is from the SBTDC)
The North Carolina Small Business and Technology Development Center (SBTDC) helps small business owners (and those interested in starting a business) meet the challenges of today's business environment, manage that ever-changing world, and plan for the future of their business. We do this by providing management counseling and educational services to small and mid-sized businesses throughout North Carolina from our 17 offices across the state - each affiliated with a college or university. Our mission is to help North Carolina businesses grow and create new jobs within the state. Most of our services are free of charge, and all SBTDC services are confidential.
Our General Business Services are well defined and are designed to meet our clients' needs:
Management Counseling - We help you with financing, marketing, human resources, operations, business planning, and feasibility assessment.
Management Education - We also provide targeted, research-based educational products which are focused on change management, strategic performance, and leadership development for your management team, employees, and board members.
Our Special Market Development Services are specifically designed to aid growing companies in expanding their markets and increasing competitiveness:
Business Research - We provide research and marketing support services for SBTDC clients, primary research on small business needs and economic impact, and special projects such as small business incubator feasibility studies.
Government Procurement - We can help you secure contracts by providing comprehensive assistance in selling your products and services to federal, state, and local governments.
International Business Development - Our staff helps businesses with export financing.
Marine Trades - The SBTDC provides business and regulatory services to marinas, boatyards, boat dealers, boat builders, marine construction firms, and product/service providers.
Technology Commercialization and SBIR - SBTDC counselors assist technology businesses through management counseling and Small Business Innovation Research (SBIR) outreach.
(Concord is served by the SBTDC office in the University City area of Charlotte.)
8701 Mallard Creek Road
Charlotte, NC 28262-9705
Southeastern Trade Adjustment Assistance Center (SETAAC)
Did you know that manufacturers in our area may be eligible for up to $75,000 in federal cost-share funding? Distressed firms that have experienced declines in both employment and sales, as a direct result of import competition, are eligible to apply for certification and assistance through the Trade Adjustment Assistance for Firms (TAAF) program.
The Southeastern Trade Adjustment Assistance Center (SETAAC) serves North Carolina and is one of 11 nationally operated centers responsible for the administration of the TAAF program. Over $500,000 of Federal cost-share funds is available each year to help U.S. manufacturers in the Southeast that have been hurt by import competition, including North Carolina; funding is provided to SETAAC by the U.S. Economic Development Administration under the Department of Commerce.
SETAAC is currently looking for manufacturers in North Carolina that would be interested in up to $75,000 of federal funding to help them improve their competitive position. Qualifying firms receive financial assistance through a cost-sharing model that helps U.S. firms develop and implement business recovery strategies to strengthen their competitive position in the global marketplace. Financial assistance is available for strategic projects such as marketing consulting, web site development, lead generation, sales literature, product development, process improvement, lean manufacturing, employee training, ERP installation, strategic planning and export assistance, to name a few.
For more information about the TAAF program, please contact SETAAC’s business development officer, Tracy Cole, at 770-531-4550 or via e-mail at firstname.lastname@example.org. More detailed program information may be found at www.setaac.org.
Specialized Business Groups
Through the U.S. Small Business Administration web site, there is information to assist current, or aspiring business owners including those of specialized groups. The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. The search tool will assist you in finding information for particular specialized groups such as Women Entrepreneurs, Veterans, Native Americans, Minorities and Young Entrepreneurs.
Types of Business Ownership
Several different legal structures exist for small businesses. The decision to select one over another affects the financial responsibility of the owner(s), how the business can be dissolved, and how taxes are paid. For advice on which legal status is best for you and your business, please consult with your attorney or accountant, or schedule a free counseling session with staff at the Small Business & Technology Development Center, 704-548-1090.
Sole proprietorship is the simplest legal structure for a one-owner firm. The business is not legally separate and distinct from the owner. Sole proprietors are personally liable for debts of their business. Taxable income from the business is included with the personal income of the owner, and reported on a standard IRS Form 1040.
In a partnership, the business is not legally separate from the owners, just as in a proprietorship. Under a partnership, however, business profits or losses are distributed to each partner in proportion to their percentage of ownership. Taxes must be paid by the individual owners. The partners are all personally liable for business debts and decisions, including business actions taken by other partners. Partnerships dissolve when one of the owners terminates his or her membership, dies, is found to be legally insane, or declares bankruptcy.
In a "C" corporation, individual owners are shielded from personal responsibility for the company's debts (except for their stake as shareholders). Taxes on any business profits are paid as a corporation, not through the tax returns of each owner. Establishing a corporation allows for raising capital from outside investors. It also makes continuation of the business easier in the event of the death of an owner, or other change in ownership. Disadvantages of corporation status include greater cost and complexity of legal documents.
A Subchapter "S" corporation is legally much like a regular "C" corporation, except that all company profits or losses are distributed to stockholders, who are individually responsible for taxes. No income tax is levied on the corporation itself.
The North Carolina Department of the Secretary of State provides a variety of information concerning partnerships, LLC’s and corporations. Such businesses must register with the Secretary of State. For forms and information you may write to the NC Department of the Secretary of State, or click on the link below.
NC Dept. of the Secretary of State - Corporations Division
2 South Salisbury Street
P.O. Box 29622
Raleigh, NC 27626-0622
Web Site: http://www.secretary.state.nc.us/corporations/
U. S. Small Business Administration
The mission of the Small Business Administration is to maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters. Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered about 20 million loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. For additional information about the Small Business Administration and the service they offer, visit http://www.sba.gov.
The SBA office serving North Carolina is located in Charlotte.
North Carolina District Office
6302 Fairview Road, Suite 300
Charlotte, NC 28210
(704) 344-6563 Phone
(704) 344-6769 Fax
1-800-827-5722 Phone toll free to SBA
Web site: http://www.sba.gov/nc/index.html
The SBA established an office to conduct research and represent the interests of small businesses. Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel's efforts. For more information on the Office of Advocacy, visit http://www.sba.gov/advo, or call (202) 205-6533.
Ten Steps to Starting a Business