Issuu

SPONSORED BY

Carolina HealthWorks

Designed with your business – and budget – in mind

Stronger together Carolina HealthWorks¹ is a small business health insurance option exclusively offered to members of the NC Chamber and its

Works for businesses:

participating local chambers. Blue Cross and

- Competitive rates

Blue Shield of North Carolina serves as the

- Fixed monthly payments

administrator, providing the experience and

- A variety of plan options

support employers expect from a trusted

- Easy to manage

health benefits partner.

Works for employees: - Affordable coverage

Carolina HealthWorks gives businesses with 2 to 50 employees access to savings of up to 45% compared to the Affordable Care Act.

- Broad, nationwide network - Health & wellness programs

Eligible businesses must: - Have 2 to 50 eligible employees - Be headquartered in NC - Be members of the NC Chamber or a participating local chamber 1 The NC Chamber is the sponsor and plan administrator of Carolina HealthWorks, which is a selfinsured non-plan Multiple Employer Welfare Arrangement (MEWA). Third-party administrative services are provided by Blue Cross and Blue Shield of North Carolina. The NC Chamber and Carolina HealthWorks are separate entities and do not provide Blue Cross or Blue Shield products or services. Benefits are provided by the NC Chamber Benefit Trust, with excess coverage from a licensed insurer. The Trust isn’t backed by a guaranty association but is regulated by the NC Department of Insurance. 2 Carolina HealthWorks offers lower health plan costs – up to 45% savings compared to the ACA. Source: Projected rate comparison savings reflected. Results may vary due to census changes and plan selection. Blue Cross NC. (2026, February 16). Actuary RAF Modeling Report – January 2026 Renewals.

THANK YOU TO THE 2026 SPONSORS PLATINUM SPONSORS

GOLD SPONSORS Delta Dental Small Business and Technology Development Center (SBTDC) Economic Development Partnership of North Carolina

Allegacy Financial NC Chamber N.C. Community College System

BRONZE SPONSORS NC Military Business Center U.S. Bank

PLATINUM SPONSOR COMMENTS

Growing a business starts with the right relationships. Building a business takes vision, hard work, and people who understand where you’re headed. Allegacy Financial® is rooted in North Carolina, helping local businesses move forward with personal guidance, financial expertise, and solutions for every stage of growth. Because when businesses here thrive, our communities grow stronger, too. We’re proud to support the people putting down roots, creating opportunity, and building what’s next across our state.

Connect with us at > Allegacy.org/small-business

Health insurance made with small businesses in mind. For too long, small businesses have faced the highest health care costs. Carolina HealthWorks gives companies with 2-50 employees access to more affordable, competitive coverage — built specifi cally for North Carolina’s small businesses, their teams, andtheir families. Offered exclusively to members of the NC Chamber and participating local chambers, the program is administered by Blue Cross and Blue Shield of North Carolina.

Learn more > https://ncchamber.com/carolina-healthworks/

One State Network. 58 Local Centers. Endless Success Stories. The North Carolina Small Business Center Network is a statewide force for entrepreneurship, powered by 58 local Small Business Centers as part of the North Carolina Community Colleges. Together, we create a single, connected network with a distinctly local presence—meeting entrepreneurs where they are, in every corner of the state. From the first spark of an idea to launching, growing, or strengthening an established business, Small Business Centers provide entrepreneurs with confidential one-onone counseling, practical training, connections to resources and funding, and the guidance they need

to move forward with confidence. While our network is statewide, our impact is personal: a local business owner with a big idea, a family turning a passion into a business, an entrepreneur creating jobs in their hometown, or an established company finding a new path to growth. Every center is connected to the larger Network, allowing us to share expertise, partnerships, innovation, and resources across the state. One State Network. 58 Local Centers. Endless Success Stories. Because when North Carolina’s entrepreneurs succeed, our communities, our economy, and our entire state succeed.

Learn more > NCSBC.NET

NORTH CAROLINA SMALL BUSINESS HANDBOOK

SMALL BUSINESS AND TECHNOLOGY DEVELOPMENT CENTER 701 Corporate Center Drive, Suite 340, Raleigh, NC 27607 EXECUTIVE STATE DIRECTOR Byron Hicks DEPUTY STATE DIRECTOR Ariana Billingsley

CONTENTS 5

2026 STATE OF SMALL BUSINESS Opening letter from SBTDC Executive State Director Byron Hicks

CASE STUDY: CYBERSECURITY Iguana Cyber - Charlotte

CASE STUDY: WORKFORCE Action Vet Tech - Mutliple locations in N.C.

CASE STUDY: FINANCE ShineLight - Fayetteville

14 CASE STUDY: MANUFACTURING Feller Power Cords - Leland 16 SMALL BUSINESS RESOURCES SBTDC N.C. Small Business Center Network State agencies Public & private nonprofits

PUBLISHER Ben Kinney WRITER Kathy Blake SPECIAL PROJECTS EDITOR Pete M. Anderson CREATIVE DIRECTOR Cathy Swaney

Small Business Handbook is produced by Old North State Magazines LLC, 1230 West Morehead Street, Suite 308, Charlotte, NC 28208. Telephone 704-523-6987. Fax 704-523-4211. Editorial content provided by the SBTDC. The SBTDC is funded in part through a cooperative agreement with the US Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All rights reserved. The contents of this publication may not be reproduced by any means, in whole or in part, without prior written consent of Old North State Magazines LLC and the SBTDC.

NORTH CAROLINA SMALL BUSINESS HANDBOOK

WELCOME

STATE OF SMALL BUSINESS 2026

Byron Hicks, Executive State Director Small Business and Technology Development Center (SBTDC)

he NC SBTDC is delighted to once again partner with Business North Carolina to provide important information for our small businesses in the state. This handbook provides insight into key issues that our small businesses face, as well as inspiring stories from many small businesses in our communities.

The Big Picture Our state is growing. People want to live in North Carolina. This growth sets the stage for many small businesses to meet our growing population’s needs. North Carolina has experienced unprecedented new business growth in recent years. These new small businesses are solving problems with new innovation, creative approaches to reaching customers and building strong supply chains in our state’s economy. Small businesses grow our communities, employ many of our younger generations and provide needed services and products for all of us. They are the backbone of our state’s economy in rural and urban areas. We must support these entrepreneurs and small businesses that take risks every day as they survive, thrive and continue to grow.

Navagating Today’s Business Challenges In this edition, you can read about four key topics impacting small businesses today: • Finance • HR & Culture • Manufacturing • Cybersecurity Managing cash, accessing capital and understanding your financial data are key components of running a successful business. These key elements support sustainability and growth. Understanding your margins helps answer one of the most fundamental questions in business: Are you making money? A recent study showed that 50% of small businesses are impacted by current rising costs, but only 30% plan to increase prices for their customers. Rising costs could put a strain on your cash flow. You should closely monitor your profit margins and changes in the cost of doing business. Many small businesses have had to rethink the way they recruit and retain talent. It is no longer as easy as hanging out a “Help Wanted” sign. Clearly-defined HR processes and procedures can help your employees succeed, and creating the right

workplace culture is just as important. A strong culture can help you attract and retain talented people who believe in your company’s purpose and mission. If your business is in manufacturing, there are many opportunities for growth, particularly as initiatives aimed at strengthening domestic supply chains open new doors. However, taking advantage of these opportunities requires strategy and planning. You may need new equipment, additional space and a larger workforce. Government contracting and exporting can also help you reach new customers and markets. While these pathways may seem overwhelming, they can be valuable strategies for growing your business. And as we all know, technology is moving at warp speed. Your data and your customers’ data must be kept secure. Investing in cybersecurity is a must for your business, as expanding into online sales or social media marketing can create new cybersecurity risks and potential data breaches. Managing these risks can be daunting when you have limited resources, but cybersecurity should remain a top priority.

We Are Here To Help Please read more about these topics in this 14th annual Small Business Handbook, and as questions arise, please reach out to one of the many resources listed throughout. Two no-cost primary statewide resources include: The Small Business & Technology Development Center (SBTDC) is a statewide business advisory service of The UNC System. It has offices hosted by the 16 university campuses through which SBTDC professional staff provide in-depth business counseling and specialized services to small and midsize companies. The NC Community College System’s Small Business Center Network (SBCN) has offices at each of the 58 Community College campuses across the state and through which they provide training and business advice to startups and small businesses.

We encourage you to take advantage of these resources and see how we can help your business grow, adapt, or overcome a challenge. Together, we can continue to recognize, strengthen, and support the small businesses that contribute so much to North Carolina’s communities and economy.

NORTH CAROLINA SMALL BUSINESS HANDBOOK

CASE STUDY: CYBERSECURITY

Iguana Cyber | Charlotte

STANDING GUARD Iguana Cyber’s founder saw safety in speed, creating a unique computer network defense in the process. Efforts to increase funding and expand its customer base is spreading that protection.

arker Garrison logged onto his first cybersecurity class when he was 4 years old. And when an eighth-grade class project asked students to use analysis and digital forensics tools to locate two photos of a rhinoceros that were hidden in a computer hard drive, he found nine. “I knew soon after that was the field I wanted to pursue,” he says. Early in Garrison’s pursuit, he was a developer of a D3FEND framework, the industry’s current standard for cyber defense. “Also, when I was there, I worked on the top 25 [common weakness enumeration] vulnerabilities,” he says. “After that, I worked as an independent consultant and was constantly able to find a way around whatever defenses people used on their networks. They hired me, and I was able to find a way around it. Essentially, all those existing products have the same weaknesses — to make a judgement if traffic is good or bad.” Garrison, 28, founded Iguana Cyber two years ago. He and two part-time employees run it from a Charlotte co-working space, filling a critical gap in existing cybersecurity tools, which struggle to stop highly skilled attackers. Its “breakthrough solution” blocks cyber exploits as they appear. Instead of using these zero-day threats, he says essentially all other cybersecurity products compare past attacks. “Whether it’s [artificial intelligence] or traditional, they’re still relying on past data to determine if something new looks like a threat,” he says.

“We’re the first company to come out with a solution that looks at Windows-based and Linux [operating systems], which is common for web servers these days. In most cases, they respond 100% the same, and we can validate if there’s a match in a .01-second delay. In the case of an attack, the two responses will be different, because it would get a response from one operating system and not the other.” Garrison connected with the Small Business and Technology Development Center after presenting at a Raleigh-Durham Startup Week event last year. “At that time, I mentioned to Parker that the SBTDC provides advisory services to startups and small businesses located in North Carolina at no cost,” says Andrea Giska, an equity funding specialist at SBTDC’s Chapel Hill location. “In particular, our SBTDC Technology Commercialization Team assists entrepreneurs with all aspects of funding, both dilutive and non-dilutive. One of the ways we worked with Iguana Cyber was helping the founder prepare to present the company to potential investors. That included refining the pitch, clarifying the company’s value proposition, and making sure the presentation clearly communicated both the market opportunity and the business’s growth strategy. Our goal is to help entrepreneurs tell their story in a way that resonates with investors while remaining authentic to their vision.”

NORTH CAROLINA SMALL BUSINESS HANDBOOK

CYBERSECURITY CYBERSECURITY BY THE NUMBERS

FIVE CYBERSECURITY HABITS FOR SMALL BUSINESSES

86% of organizations experienced operational disruption following a data breach. 97% of organizations that experienced an AI-related security incident lacked proper access controls on AI systems.

Organizations that extensively used AI and automation identified and contained breaches 80 days faster.

Protect: Use multi-factor authentication, strong passwords, software updates, and backups

ORGANIZATIONS WITH FREE CYBERSECURITY RESOURCES:

BUILD YOUR INCIDENT RESPONSE PLAN

Cybersecurity and Infrastructure Security Agency (CISA) Best for: Practical guidance, alerts, and cybersecurity planning

Designate someone to lead your incident response efforts

Federal Trade Commission (FTC) Best for: Protecting customer information and complying with privacy requirements The National Institute of Standards and Technology (NIST) Small Business Cybersecurity Corner Best for: Building a long-term cybersecurity program U.S. Small Business Administration (SBA) Cybersecurity Resources Best for: Cybersecurity education tailored to small businesses

Document key contacts and their roles

Respond: Have an incident response plan and know who to contact

Establish how and when incidents will be reported Practice your response plan before you need it Review every incident and update your plan based on lessons learned

Garrison says cybercrime costs business $10.5 trillion annually. And it takes big money to stop it. “[Iguana Cyber] began raising its pre-seed round in mid-November 2025, securing $60,000 by year end in what is typically the slowest fundraising period,” reported a SBTDC blog in March. “The company has since reached $200,000 toward its $750,000 goal with growing investor interest and an anticipated close by mid-April. This early support comes from investors who believe strongly in both the founder and the company’s minimum viable product.” SBTDC says one adviser invested in the company and helped with connections to several managed security service providers, which connected Iguana Cyber to major software resellers who could become distribution partners. Garrison also receives funding through personal connections. Those include a professional group he led and a former math professor. Garrison attended an RSA Conference in San Francisco, a major annual cybersecurity event. “We got to validate our approach and took first place in their competition the last three years,” he says.

Detect: Monitor for suspicious activity and use antivirus protection

Recover: Restore systems quickly, review what happened, and improve your defenses

Source:s: NIST Cybersecurity Framework 2.0 - Small Business Quick Start Guide IBM Cost of a Data Breach Report 2025

Identify: Know your devices, software, and sensitive information

“I gave an exploitation challenge. No one was able to get into the one protected by Iguana Cyber. No one could make an exploitation work in Windows and Linux at the same time. So, we’ve had angel investors since then.” Iguana Cyber’s next project is an automated process that can take on multiple customers at once instead of interacting with them individually. “In five years, we will be the standard in cyber defense and a solution in that we’ll be able to defend against AI attacks that are becoming more common,” Garrison says. “AI has been able to write attacks like nothing that’s ever been seen before, and Iguana Cyber is the only company that can defend against them.” ■

IGUANA CYBER Charlotte info@iguanacyber.com www.iguanacyber.com

NORTH CAROLINA SMALL BUSINESS HANDBOOK

CASE STUDY: WORKFORCE

Action Vet Tech Services | Multiple locations

PRESCRIPTION FOR SUCCESS Action Vet Tech Services cares for animals and its staff. Its founder has created a nurturing environment, where support and communication are constant companions.

acklyn Phillips turned her fondness for animals into her perfect job 23 years ago. Working independently as a registered veterinary technician, she filled in at veterinary hospitals that were short-staffed or had an open position. “I could jump in anywhere and be part of that clinical environment,” she says. “It was easy to integrate. I didn’t do any marketing. My name just got passed from clinic to clinic, and I was working so much, like 50 hours a week. And I was loving it.” Phillips’ job provided the chance to work with different teams, travel a bit from her Durham home and acclimate to different practices. “I knew medicine,” she says. “I knew animals, and I was getting to be more in demand than what I could do with just myself.” Now she has an entire team to help. Phillips started Action Vet Tech Services in 2019. It provides professional services throughout North Carolina, including relief staffing, training and continuing education, and animal CPR certification. Her team also includes consultants, who help practices overcome challenges, identify opportunities and provide better care, and the Small Business and Technology Development Center. The latter helps with the technical side — licensing, legal counseling, bookkeeping, and managing payroll and human resources — “everything you would need to have for a secure, legal business,” Phillips says.

NORTH CAROLINA SMALL BUSINESS HANDBOOK

Jacklyn Phillips

WORKFORCE BENEFITS EMPLOYEES EXPECT:

HOW TO BUILD CULTURE INTENTIONALLY:

1. Physical health programs

Foster flexibility where possible: Consider hybrid work, flextime, compressed workweeks or work-from-anywhere policies.

3. Paid leave 4. Flexible work options 5. Family care benefits 6. Professional development

The true costs of employee turnover: REPLACEMENT OF LEADERS AND MANAGERS: Costs around 200% of their salary REPLACEMENT OF PROFESSIONALS IN TECHNICAL ROLES: Costs around 80% of their salary REPLACEMENT OF FRONTLINE EMPLOYEES: Costs around 40% of their salary

Invest in employee growth: Find opportunities for experiential learning, mentoring, cross-training and on-the-job development. Support employees beyond the workplace: Benefits like paid family leave, mental health resources, caregiving support and financial wellness programs can support employees’ overall well-being. Listen and adapt: Regularly seek employee feedback through oneon-one conversations, stay interviews, or informal check-ins and use what you learn to improve workplace policies, benefits, and culture.

TOP TEN DRIVERS OF EMPLOYEE ENGAGEMENT / RETENTION 1. Manager-employee relationship

6. Workload balance

7. Competence & skill mastery

Role clarity & expectation

3. Recognition & appreciation

8. Psychological safety

4. Growth & career pathways

9. Positive colleague relationships

5. Autonomy & trust

10. Connection to the mission/purpose

Source: Gallup and SHRM 2026 Employee Benefits Survey

2. Retirement savings

Joel Harper, SBTDC’s Chapel Hill center director, has worked with Phillips since she started her company. They review, discuss and plan at quarterly virtual meetings. “Business owners who love finance and numbers become accountants,” he says. “Business owners who enjoy making a widget, whatever that widget is, may not enjoy the numbers but still have to understand them. That’s where the SBTDC helps. We help business owners understand the profits, so they can make informed decisions. And that’s been our wonderful relationship with Jacklyn. She’s our shining star. She started from scratch, as the only employee, and now she has 38 and is going strong.” David Cowan, who works with the Academy of Veterinary Emergency and Critical Care Technicians and Nurses, also provides input to Phillips. His background includes stints as a technician supervisor and education and training coordinator, and he now works relief shifts at emergency and general practice veterinary hospitals. “Dave handles a different layer of our business in continuing ed and training,” Phillips says. “Staffing is our bread-and-butter, and continuing ed is his.”

NORTH CAROLINA SMALL BUSINESS HANDBOOK

Phillips creates a work environment where employees feel like teammates, relying on each other for opinions and support. She wants her vet techs to blend in with the veterinary hospital where they serve. “I look for self-starters, professionals, maturity, people who are insightful and open,” she says. “The majority of my interviewing process is understanding that person’s character and integrity. When we go into these hospitals, our job isn’t to tell them what to do or say that they’re doing it the wrong way. It’s to adapt to their way.” A vet tech’s role includes drawing blood, calculating drug doses, taking dental X-rays, administering anesthesia and completing other tasks. Phillips compares the role to a physician’s assistant with human patients. Salaries range from $30 to $50 per hour. “The people I hire have at least five years’ experience already,” she says. “They’ve been exposed to a lot of different scenarios. I always tell them I’m open to have them please call me, please vent to me. I’m here to support you.” While most of Action Vet Tech Services’ work focuses on dogs and cats, it does assist NC State with larger animals such as those typically living on a farm. Whatever the environment, Phillips prioritizes communication. One means is her company’s app. “We can have group chats, updates, discuss the hospitals they work at,” she says. “We have quarterly meetings where we can share our goals and our questions about how we can better support each other and give feedback to make sure they’re happy.” Phillips says employees shouldn’t fear their manager. “We talk often,” she says. “With one of my employees, I asked, ‘Hey, can I call you? It’s too much to text or email.’ And she asked if she was in trouble.” The employee wasn’t. “How I lead is how I would like to have been supported in my previous jobs,” Phillips says. “I appreciate that I can customize the needs of the clinics and the needs of my vet techs, not be a corporate entity that’s cookie cutter.” ■

ACTION VET TECH SERVICES Durham. NC 27713 info@actionvettechs.com 765.748.2111 www.actionvettechs.com

NORTH CAROLINA SMALL BUSINESS HANDBOOK

CASE STUDY: FINANCE

ShineLight | Fayetteville

HELPING HAND ShineLight makes the world brighter for people with autism and developmental disabilities. But to do that, it first needed to see its needs as a business.

ikki Creecy heard her calling, and it told her to help others. “I was newly graduated from UNC Chapel Hill with a psychology degree, and the intent was to work with at-risk youth,” she says. “But I wasn’t able to find employment. I started working with the Autism Society, and I saw a need. The society had some housing options, but they didn’t have a lot for adolescents. So, I decided I wanted to fill that need.” Creecy’s first effort was Genesis: A New Beginning, which provided adolescents a group-home setting, in 2006. It evolved into ShineLight a few years later. “Genesis was a common name,” she says. “So, when we rebranded it, I brought in a brand specialist, and we did some research. The theme of light kept coming up. I’m a Christian. I’m a believer. And that is what we saw. It’s our dedication and commitment.” Today, Fayetteville-based ShineLight has several locations, 40 employees and a network that aids and encourages people with autism spectrum disorder and intellectual and developmental disabilities. CEO Creecy says it provides assistance with daily living, life skills and job searches. It operates two group homes for adolescents and one for adults across Cumberland and Robeson counties. Its service area also includes Wake, Sampson, Scotland, Duplin, Wayne, Lenoir, Greene, Wilson, Edgecombe, Johnston, Cumberland, Hope and Bladen counties, and Durham. Every successful business starts somewhere. Creecy didn’t have an office at first, and she learned it would take time to get

licensed. “Every time we expand, we know we’re going to be paying rent and utilities for a year before we start making money,” she says. “And when we get the license, we already have to have the staff. It takes a lot of financial planning and preparation, because you have to be able to pay that rent and not have income for some time. We’ve been blessed, because I was able to partner with people who understood the situation.” Creecy contacted Ron Duffer, a business counselor in the Small Business and Technology Development Center’s Fayetteville office. “ShineLight came to the SBTDC seeking assistance with developing a comprehensive budget and gaining a better understanding of how financial planning impacts organizational stability,” he says. “Using Profit Cents, one of the SBTDC’s financial analysis tools, the organization’s performance was benchmarked against industry standards to identify strengths, opportunities for improvement and key financial indicators. Those insights guided the development of a realistic operating budget based on revenue, expenses, cash flow and staffing needs.” Creecy says Duffer helped most with budgeting and employee retention. “There are some things you want to do yourself, even though you have an accountant, and it’s a dayto-day responsibility,” she says. “He’s helped us with the hiring process and surveying the people we serve and their families. And the list goes on and on.”

NORTH CAROLINA SMALL BUSINESS HANDBOOK

Duffer points to other support. “Guidance was also provided on interpreting financial statements and using financial information to support sound decision-making,” he says. “Discussions expanded to employee recruitment and retention, demonstrating how effective financial planning strengthens workforce stability, organizational growth and long-term sustainability.” ShineLight’s services fall into four categories, beginning with community living and residential support. They help individuals 16 years and older live in their own home with help from the company’s dedicated support professionals, who provide personalized, one-on-one assistance wherever it’s needed. The Medicaid-supported service helps ASD individuals with essential skills, daily tasks, work and social engagement. Residential support is 24-hour care. ShineLight says its three homes, “provide a sense of comfort, safety and belonging, where residents enjoy shared routines, celebrate each other and build meaningful connections in a supportive, community-focused environment.” Social skills training helps residents develop practical tools and confidence to handle real-life interactions, according to ShineLight’s website. And supported employment helps individuals gain and maintain meaningful jobs. “A lot of times, we go in and create systems for the employer to kind of understand what the individual is going to need,” Creecy says. “That’s done through a job coach. Many times, if the person we serve has more intense needs, that job coach will go to work with them every day, because they would not be able to maintain their job without that.”

ShineLight’s work is a group effort. “We started getting inundated with calls from people who didn’t have the insurance for the services we provide,” Creecy says. “We were literally helping people for free. As we grew, I literally could not do that. So, now we have a nonprofit in the Connect Foundation and a Donate Now link.” Donations help the Connect Foundation provide financial support to the growing number of families struggling with the high cost of disability care. It fills funding gaps, ensuring ASD individuals receive the needed services that develop life skills. The Foundation also helps with necessary treatments. “We’re definitely in need of donations,” Creecy says. Looking back at her calling to help others, and fill a need, Creecy says: “We have been able to bring people into our group home, and they do so well that they’re able to go back home,” she says. “It’s happened. They were successful, and it’s a testament that we are doing something right.” ■

SHINE LIGHT 203 Rowan Street Fayetteville, NC 28301 info@shine-light.org 910.323.1335 www.shine-light.org

Serving Fayetteville, Wake, Sampson, Scotland, Duplin, Wayne, Lenoir, Greene, Wilson, Edgecombe, Durham, Johnston, Cumberland, Hoke, Robeson, and Bladen Counties

NORTH CAROLINA SMALL BUSINESS HANDBOOK

FINANCE CHOOSING THE RIGHT FINANCING OPTION

TOP REASONS FOR SEEKING FINANCING

Checklist before you approach a lender:

SBA-backed loan: Growth, equipment or major investments

56% to meet operating expenses

A quick check, financing may make sense if you’re:

46% to expand the business, pursue a new opportunity, or acquire business assets

Investing in growth, such as expanding your business

42% to have credit available for future use as needed

Purchasing productive equipment that supports production or service delivery

Updated financial statements Cash flow projections Business plan or executive summary Credit review Tax returns Existing debt schedule

Bank loan: Established businesses with strong financials Line of credit: Short-term or seasonal cash flow gaps Microloan: Smaller funding needs Equity investment: High-growth businesses willing to share ownership Grants: Specific projects that meet eligibility requirements

28% to refinance or pay down debt 26% to make repairs or replace capital assets

Bridging a temporary cash flow gap caused by seasonal or project-based fluctuations

WATCH OUT: If you need financing primarily

to cover ongoing operating losses, borrowing may add debt without addressing the underlying issue. Consider reviewing your pricing, expenses, profitability and cash flow first.

NORTH CAROLINA SMALL BUSINESS HANDBOOK

Source: 2026 Federal Reserve Small Business Credit Survey

BEFORE YOU BORROW

ARE YOU LOAN READY?

CASE STUDY: MANUFACTURING

Feller Power Cords | Leland

PLUGGED IN Feller Power Cords in Leland plugs in to global market

very three weeks, a massive container ship carrying raw materials from Austria sails up the Cape Fear River to the Port of Wilmington, where its contents will be trucked to Feller Power Cords’ 50,000-square-foot factory and warehouse in Leland Industrial Park, the company’s only U.S. location. Feller’s 37 Brunswick County workers use those raw materials to make power cords for medical and analytical instruments; information technology, office and consumer electronics; and home and household appliances. “Leland, for us, is a very good manufacturing location in terms of having the port next to us and in finding good employees,” says Feller President and CEO Achim Dalibor. “Inside, you see a very clean, organized working environment. There are big spools of cable, PVC granulates and pellets being molded; you see wire being processed and PVC being processed through injection molding.” Feller annually produces more than 40 million meters of cable; that’s nearly the Earth’s circumference. But that product isn’t simply plug and play. Standards for electrical components vary by country, and the company meets more than 90 approvals worldwide. “If you look at your outlet, then look at the back of your printer, your printer has different connectors,” Dalibor says. “Each nation has different standards. In the U.S. it’s called the UL, and Canada uses the same. Different regions in the world use different plugs. They’re different shapes, so each of those requires being made with different tools. If you are at home and have any kind of device, look at the plug. Those are the molds we make.”

Feller’s in-house tool-and-die shop is filled with state-of-theart machinery, which is capable of creating the variety of plugs. Its website says it has more than 70 mold tools for national plug configurations and more than 60 for connectors. Almost 100 special and customized mold tools are maintained, updated and built for Feller’s four factories. That helps Feller meet needs worldwide. While they are not traditional small businesses, small-scale manufacturing returning to North Carolina can be an important economic driver, creating jobs and strengthening local workforces. By supporting companies like Feller, the SBTDC helps foster economic growth in small and rural communities across the state. Dalibor, who has worked in Leland for five years, checks in with SBTDC’s UNC Wilmington office at least twice a year. “They ask what our needs are and how they can help us,” he says. “They do a competitive analysis to see who’s out there and see what we need.” Qingyuan Zhang is the international business counselor at UNC Wilmington’s SBTDC office and the lead counselor for Feller. “I have been supporting Feller since July 2024,” she says. “My colleagues and I in Wilmington have had the privilege of witnessing our clients’ success and supporting their growth through competitive analysis, industry intelligence, economic and market data, employee surveys and [customer relationship management] system evaluations and recommendations.” Feller was represented at a recent medical design and manufacturing trade show in Anaheim, California, and a data

NORTH CAROLINA SMALL BUSINESS HANDBOOK

MANUFACTURING READY TO EXPORT? Can you check them all?

IS GOVERNMENT CONTRACTING RIGHT FOR YOU? Do you have a proven track record? Can you deliver quality, on time, and on budget?

Can you meet production demand?

Is your business f inancially prepared?

Can you finance expansion?

Do you have a diverse customer base?

Can you sustain a lengthy sales cycle? Are you ready for electronic invoicing and payments?

Is your IP protected?

MANUFACTURING BY THE NUMBERS (2025)

Does your product meet foreign requirements? Do you understand shipping and customs? Have you chosen secure payment methods? Do you understand export regulations?

$107.3 billion

Manufacturing accounted for approximately 12% of North Carolina’s GDP in 2025

$41.5 billion

North Carolina exported $41.5 billion in manufactured goods, representing nearly 95% of the state’s $43.8 billion in total exports

132,000 jobs

North Carolina’s manufactured goods exports supported an estimated 132,000 jobs Sources: SBA Federal Contracting Guide: Assess Your Business, International Trade Association U.S. Department of Commerce - Assessment for New Exporters NC Economic Fact Sheet - NC Department of Commerce State Benefits of Trade - North Carolina (USTR)

center event in Washington, D.C. Dalibor says the company has doubled sales since 2025, and he expects a 60% to 70% increase this year. “There’s a big focus on expanding our business to data centers,” he says. That’s where we see the growth, and I see a lot of potential to grow even more. We work with the data center builder, because we do optimized solutions. We’re seeing a lot of business right now because of data centers and artificial intelligence. In those data centers, you have racks and connecting devices for power, and those demands are increasing. We work with the builders and equipment manufacturers, so we just ship to the warehouse and the companies distribute it. We don’t ship to the center. It goes to a central warehouse.” Feller turns to Brunswick Community College for assistance with workforce training and ESL for Spanish-speaking employees. “The partnership between Brunswick Community College and Feller is a great example of what can happen when education and industry work together,” says Steve Hulon, the college’s director of customized training. “BCC has been proud to support Feller’s commitment to its employees with on-site customized training focused on leadership development, organizational skills, safety and professional growth.” Hulon says Feller’s leaders understand that investing in

employees strengthens their entire business. “Their commitment to employee development has created opportunities for team members to build new skills, grow professionally and contribute to a safer workplace,” he says. “Supporting industry and helping people reach their potential is at the heart of what we do at BCC. Seeing employees grow and contribute to our local economy is what makes partnerships like this so rewarding. This is another great example of why manufacturing is successful in North Carolina.” ■

FELLER POWER CORDS 9100 Industrial Blvd. NE Leland, NC 28451 910-383-6920 sales@feller-us.com www.feller-us.com

NORTH CAROLINA SMALL BUSINESS HANDBOOK

1 The Small Business and Technology Development Center (SBTDC) is a business advisory service of the UNC System. With 16 offices across the state, business counselors help entrepreneurs make better business decisions, create and retain jobs, and improve the economy of North Carolina. The SBTDC offers specialized assistance in exporting, technology commercialization, and government contracting.

Byron Hicks, Executive State Director Small Business & Technology Development Center (SBTDC) bhicks@sbtdc.org

8 2

13 11

BOONE Appalachian State University asu@sbtdc.org

CHARLOTTE UNC Charlotte

10 FAYETTEVILLE Fayetteville State University

wcu@sbtdc.org

uncc@sbtdc.org

GREENSBORO N.C. A&T State University

uncp@sbtdc.org

12 WILMINGTON

UNC Wilmington uncw@sbtdc.org

13 GREENVILLE East Carolina University

DURHAM N.C. Central University

14 ELIZABETH CITY Elizabeth City State University

HICKORY Appalachian State University

15 KILL DEVIL HILLS Elizabeth City State University

nccu@sbtdc.org

fsu@sbtdc.org

CHAPEL HILL UNC Chapel Hill ncch@sbtdc.org

ncsu@sbtdc.org

WINSTON-SALEM 11 PEMBROKE Winston-Salem State University UNC Pembroke wssu@sbtdc.org

RALEIGH NC State University

CULLOWHEE Western Carolina University

ncat@sbtdc.org

919-715-7272 | sbtdc.org

State Administrative Office (SAO) 701 Corporate Center Drive, Suite 340 Raleigh, NC 27607 (919) 715-7272 sbtdc.org

asu@sbtdc.org

ecu@sbtdc.org

ecsu@sbtdc.org

NORTH CAROLINA SMALL BUSINESS HANDBOOK

FILMS MADE

$1.4B IN-STATE PRODUCTION SPENDING

MEMORIES MADE

$270B IN VISITOR SPENDING

A DECADE IN THE MAKING. In 2014, an organization was formed. Its impact has been seen and felt throughout our state’s 100 counties. From an increasingly diverse workforce to a thriving tourism industry and a favorable business climate, the Economic Development Partnership of North Carolina is shaping the future of where we live, work, and play. Learn more at edpnc.com.

CAREERS MADE

178K JOBS CREATED

IMPACT MADE

$57B IN BUSINESS INVESTMENT NORTH CAROLINA SMALL BUSINESS HANDBOOK

State agencies

N.C. STATE INDUSTRY EXPANSION SOLUTIONS

N.C. DEPARTMENT OF AGRICULTURE & CONSUMER SERVICES The N.C. Department of Agriculture & Consumer Services can assist business owners in planning, expanding or financing new or existing agribusiness-related industries. The Marketing Division leads the Got To Be NC campaign, which promotes North Carolina-made products across the state. The department also oversees the issuance and regulation of licenses and permits for a wide variety of industries.

919-707-3000 ncagr.gov

Industry Expansion Solutions, an outreach and extension organization affiliated with the N.C. State College of Engineering, was established in 1955 to help North Carolina industries grow and prosper. IES’ tailored solutions, university and community connections, and engineering know-how help companies stay abreast of the latest technologies and best practices in engineering and business management.

919-515-2358 ies.ncsu.edu

N.C. SECRETARY OF STATE’S OFFICE BUSINESS REGISTRATION DIVISION

N.C. DEPARTMENT OF COMMERCE The N.C. Department of Commerce is the state’s lead agency for economic, community and workforce development. NCDOC works with local, regional, national and international organizations to fulfill its mission to improve the economic well-being and quality of life for all North Carolinians. It provides local communities with grants and planning services to spur infrastructure development and economic growth and administers the state’s economic incentive programs.

919-814-4600 commerce.nc.gov

The Business Registration Division is responsible for the examination, custody and maintenance of the legal documents filed by more than 400,000 corporations, limited partnerships and limited liability companies. The office ensures uniform compliance with the statutes governing the creation of business entities, records the information required to be kept as a public record and provides that information to the public.

919-814-5400 sosnc.gov/divisions/business_registration NCWORKS ONLINE

N.C. DEPARTMENT OF LABOR The N.C. Department of Labor is charged with promoting the health, safety and general well-being of more than 4 million workers in the state. The department administers the state’s workplace safety program and enforces employment discrimination and wage legislation.

800-625-2267 labor.nc.gov

NCWorks Online is a powerful online job seeker/workforce services system, designed specifically for job seekers, students, employers and job trainers. The system provides fast access to a complete set of employment tools in one website. Business owners can use the site to post jobs, recruit employees, research salaries and labor market information, and communicate with job trainers.

ncworks.gov

COUNCIL FOR ENTREPRENEURIAL DEVELOPMENT

N.C. DEPARTMENT OF REVENUE The Department of Revenue oversees collection of state business taxes and provides information on changes to tax laws that concern business owners. DOR offers online filing and payment services, as well as an online business registration, which allows business owners to electronically register for an account ID number for income tax withholding, sales and use tax, and machinery and equipment tax.

The CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, forums, workshops and programs on entrepreneurial management and finance.

919-549-7500 cednc.org

877-252-3052 ncdor.gov

N.C. DIVISION OF EMPLOYMENT SECURITY The duty of the Secretary of State is to ensure uniform compliance with the statutes governing the creation of business entities, record the information required to be kept as a public record, and provide that information to the public. The Business Registration Division acts in an administrative capacity only and cannot give legal advice.

888-737-0259 des.nc.gov

RESOURCE: DIGITAL MARKETING GUIDE

The SBTDC’s Digital Marketing Guide is designed to help businesses get started with digital marketing. Topics include branding and messaging, websites, email marketing, social media, and crafting a digital marketing plan. It also includes worksheets and other tools to help businesses through the process. Available at https://sbtdc.org/resources/ publications/digital-marketing-guide

NORTH CAROLINA SMALL BUSINESS HANDBOOK

Public & private nonprofits

ECONOMIC DEVELOPMENT PARTNERSHIP OF NORTH CAROLINA

In October 2014, the N.C. Department of Commerce entered a contract with a new public-private organization, EDPNC, to take the lead in recruiting and marketing functions. EDPNC oversees the state’s efforts in business and job recruitment and retention, international trade, and tourism, film and sports development. The partnership fosters collaborations between business and government, and provides a robust analysis of facilities and sites available for relocation.

919-447-7777 edpnc.com

Formerly known as North Carolina Institute of Minority Economic Development, the Institute has 35 years of experience helping clients harness the power of diversity to achieve business and economic objectives. It brings deep industry knowledge of how to help business owners turn barriers of race, gender and disability into opportunity; companies diversify their supply chains; and communities broaden their business base. NCIMED helps clients focus on three core elements — money, markets and management — to create diverse, globally competitive companies.

919-956-8889 theinstitutenc.org

NORTH CAROLINA BIOTECHNOLOGY CENTER

The North Carolina Biotechnology Center is a private, nonprofit corporation established in 1981 as the United States’ first statewide initiative in biotechnology. The center’s primary focus is to strengthen the biotechnology research capabilities of the state’s universities; assist biotechnology business development; educate the public about the science, issues and application of biotechnology; encourage collaborations among the state’s universities, industry and government; and strengthen North Carolina’s national and international leadership in biotechnology.

919-541-9366 ncbiotech.org

NORTH CAROLINA BAR FOUNDATION ENTREPRENEURS ASSISTANCE PROGRAM

NC EAP provides pro bono legal services to low-wealth entrepreneurs who are starting or expanding their businesses in North Carolina. Through one-on-one representation, community education and self-help materials, NC EAP empowers low-wealth business owners to build businesses in North Carolina that create jobs, improve communities and boost participants out of the poverty cycle. Services range from basic transactional legal needs as struggling entrepreneurs strive to establish their businesses and create jobs, to potential long-term client-counselor relations as their businesses grow.

NCMBC was created to leverage military and other federal business opportunities to expand the economy, grow jobs and improve quality of life in North Carolina. NCMBC’s Business Development Team includes 12 experienced business development and procurement specialists operating from 10 community colleges across the state to identify lucrative federal contract opportunities, notify firms of specific opportunities and help businesses prepare winning proposals. NCMBC also administers the state’s official web portal for federal contracting www. MatchForce.org.

877-245-5520 ncmbc.us

NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT

919-677-0561 ncbarfoundation.org/our-programs/ entrepreneurs-assistance-program/

NORTH CAROLINA MILITARY BUSINESS CENTER

N.C. RURAL ECONOMIC DEVELOPMENT CENTER

The Rural Center’s mission is to develop, promote and implement economic development strategies that improve the quality of life of North Carolinians in the state’s 85 rural counties, with a special focus on individuals with low to moderate incomes and communities with limited resources. Key programs include capital access and microenterprise funding initiatives, entrepreneur and youth business counseling and a leadership development institute.

919-250-4314 ncruralcenter.org

SERVICE CORPS OF RETIRED EXECUTIVES

SCORE is a national nonprofit dedicated to helping businesses get started and grow, supported by the U.S. Small Business Administration. Retired business executives provide mentoring, counseling, local workshops and online webinars to business owners.

800-634-0245 score.org

VETERAN’S BUSINESS OUTREACH CENTER

The Veterans Business Outreach Center Program is designed to provide entrepreneurial development services, such as business training, counseling and resource partner referrals to transitioning service members, veterans, National Guard & Reserve members and military spouses interested in starting or growing a small business. Located at Fayetteville State University, it serves all of North Carolina.

910-672-2683 fsuvboc.com

WOMEN’S BUSINESS CENTERS IN NORTH CAROLINA

The U.S. Small Business Administration provides funding for five WBCs in North Carolina in conjunction with local partners including NCIMED, The Support Center and the N.C. Center for Economic Empowerment and Development. WBCs seek to level the playing field for women entrepreneurs, who still face unique obstacles in the business world. They provide entrepreneurs, especially women who are economically or socially disadvantaged, comprehensive training and counseling on a variety of topics.

sba.gov/local-assistance/resource-partners/ womens-business-centers

NORTH CAROLINA SMALL BUSINESS HANDBOOK

232483 9/24

Small Business Handbook 2026