Financial Assistance for Struggling Businesses
Immediate Resources
Section titled “Immediate Resources”Small Business Center at FTCC
Section titled “Small Business Center at FTCC”Free confidential business counseling.
| Service | Cost |
|---|---|
| Financial analysis | Free |
| Cash flow planning | Free |
| Loan application help | Free |
| Business plan revision | Free |
Contact: 910-678-8400
SCORE Mentoring
Section titled “SCORE Mentoring”Free mentoring from experienced business professionals.
Website: score.org
Emergency Funding Options
Section titled “Emergency Funding Options”Business Assistance Loan Program
Section titled “Business Assistance Loan Program”The City’s subordinated loan can help with:
- Working capital
- Equipment
- Inventory
- Lease obligations
Max Amount: $125,000 (25% of total financing)
Contact: Economic Development, 910-433-1596
SBA Disaster Loans
Section titled “SBA Disaster Loans”If your business was affected by a declared disaster:
- Economic Injury Disaster Loans (EIDL)
- Physical Disaster Loans
Check eligibility: sba.gov/disaster
Cost Reduction Strategies
Section titled “Cost Reduction Strategies”Parking
Section titled “Parking”Switch to Hospitality Permits ($25/month) for hourly employees instead of full monthly leases ($50/month).
Utilities
Section titled “Utilities”Contact providers about:
- Budget billing programs
- Payment plans
- Efficiency audits
Discuss with landlord:
- Temporary rent reduction
- Deferred payments
- Percentage rent (based on sales)
Slow Period Strategies
Section titled “Slow Period Strategies”Based on foot traffic data, Monday is downtown’s slowest day (only 16% of peak traffic).
Consider:
- Closing Monday to reduce costs
- Reduced hours on slow days
- Special promotions to drive traffic (Monday lunch deals)
- Using slow days for inventory, training, maintenance
Getting Help
Section titled “Getting Help”Key Contacts
Section titled “Key Contacts”| Resource | Phone | Best For |
|---|---|---|
| FTCC Small Business Center | 910-678-8400 | Free counseling |
| City Economic Development | 910-433-1596 | Loan programs |
| SCORE | score.org | Mentoring |
| Downtown Alliance | faydta.com | Advocacy, connections |
Workforce Challenges
Section titled “Workforce Challenges”NC Works Career Center
Section titled “NC Works Career Center”Help finding and training employees.
- Job posting assistance
- Training grants
- Apprenticeship programs
Location: Cumberland County
On-the-Job Training
Section titled “On-the-Job Training”Employers may receive wage reimbursement for training new hires.
Contact: NC Works Career Center
Weather-Related Slowdowns
Section titled “Weather-Related Slowdowns”Weather significantly impacts downtown traffic:
| Condition | Traffic Impact |
|---|---|
| Rain | -15 to -20% |
| Cold (<40°F) | -20 to -30% |
| Extreme heat (95°F+) | -40 to -57% |
| Ice/Snow | -80 to -90% (NC shuts down) |
Strategies:
- Use weather alerts to adjust staffing
- Communicate hours changes via social media
- Don’t fight it - close safely when conditions warrant