Since 1989, Mountain BizWorks has helped more than 1,900 businesses in the 26 westernmost counties of North Carolina get started, and helps more than 1,000 businesses each year in a variety of capacities.

Their 29 staff members and 60 coaches provide services including entrepreneurial development tools, peer-to-peer classes like Business Foundations, one-on-one business coaching, and capital lending for businesses at stages ranging from start-up to scale-up.

Capital

As far as capital lending, Executive Director Matt Raker said that Mountain BizWorks is a “mission lender focused on funding for entrepreneurs who aren’t able to access lending from a bank.” Loans in the amount of up to $500,000 for startups and/or growing businesses to provide help in purchasing equipment, obtaining property, or other costs may be available.

Though some businesses may need these large loans, Raker said that no ask is too small. “Some of our largest local businesses started by coming to us needing just enough capital to get them a booth at a local farmers market,” he said. “Now, some of these businesses are thriving with 50 or more employees.”

With around 150 clients per year receiving capital lending, Mountain BizWorks provided a total of $10.6 million in 2022, and Raker believes it will be a similar total in 2023.

“We are expanding access to opportunities for everyone,” Raker said. “Whether it’s people in rural areas or those who don’t have access to startup funds, we want to make sure the local economy looks like the local community. Right now, about half of those receiving loans from us are women, and we try to maintain a good overall diversity in other aspects as well.”

More than just startup assistance, established businesses may also need assistance for a variety of needs when it is time to grow and expand. Raker said it is really helpful when a business already has actual numbers and data, and that conversations regarding needs can move more quickly. The Alpine and ScaleUp programs can help in developing growth strategy and hone in goods costs, and once that is dialed in, Raker said it is easier to figure out how to finance the business.

According to Raker, growing businesses must also continue looking at the market for unmet demand. As a business grows, it is really important to have solid financials, and a good CFO. He noted that a CPA, or bookkeeper is a necessity. It’s also key to discover where systems are scalable and where problems may lie.

Education

With 1/3 of capital lending going to startups, Raker said that some entrepreneurs come to Mountain BizWorks with nothing but an idea and a desire to get started. The Business Foundations course can help people figure out the market, perform an analysis, and determine if their idea is viable or not. Once they are ready, the entrepreneur can then apply for a loan.

“Over 10,000 people have completed our Foundations course,” Raker said. “This course helps business owners learn the basics so that they are well prepared and equipped as they begin their business. We also offer the Alpine and ScaleUp courses for those needing support further along in their journey.”

Within one-on-one coaching programs, topics can vary widely. Raker said that the coaches at Mountain BizWorks are area business owners with a variety of expertise who want to give back to the business community, and can help with anything from establishing a general business plan to financials to marketing.

Learning Program Associate Lilley Washburn said that sometimes business owners may think that growth is the solution to their challenges, but that’s not always the case. She said sometimes it’s more of a focus on the profitability of what a business is currently doing and tuning that in that can open up opportunities.

“When a business is marginally profitable, market research analysis is extremely helpful,” said Washburn. “Capturing the customer segment a business is targeting and where they can be found is key, and it’s possible to run experiments and see what happens to demand. Minor adjustments can make a big difference.”

There are also several specialty programs that highlight important areas of opportunity for the community. For example, focusing on the artsy nature of the region, Washburn said that Craft Your Commerce is a twice-yearly program focused on local crafters, makers, and artisans. The program is helping those creative and craft-centered businesses understand strategies through business training classes that were designed by makers.

Washburn also said WNC is a great region for small businesses. “Our communities are super locally focused and love local businesses,” she said. “They think local first, which creates a great environment in which to get started. The high level of collaboration and connectivity allows entrepreneurs to grow teams within programs and organizations which can give each other a good edge and support when they need it.”

Transitions

When business owners are ready to sell their business, they can also turn to Mountain BizWorks for help. The organization now offers a Market Advisors program that can help both buyers and sellers looking to transition into or out of business ownership.

“We are in a decade of transition,” Raker said. “Over half of area business owners are older than 55, and 80% of those will look to shift out of their business in the next decade. There is a whole other avenue to business ownership through acquisition, and we are helping entrepreneurs realize those opportunities.”

Raker said that the goal is to help retain these established local businesses because small businesses were struggling to find buyers.

“We can help increase the market and help these businesses do more,” Raker said. “Entrepreneurs can take advantage of this economic opportunity and be their own boss, realize their dream, create financial security, and gain value from their predecessor without having to build something from the ground up.”

Tips

Raker and Washburn agree that though some entrepreneurs may be hesitant to share their ideas, the opposite is more beneficial. They said it is really important to gather different points of view and different opinions, and that people have to get over the hesitancy to share their ideas.

Raker and Washburn also shared that there are lots of great organizations working on various aspects of small business support. “We work closely with small business centers at local colleges who offer very specific classes, whereas we offer more in overall strategies,” Washburn said. 

“Whether it’s through any other organization, we try to do a good job of referring people back and forth,” Raker said. “The important thing is that entrepreneurs can reach out to any of us; just get started somewhere and one of us will get you plugged in to where you need to be.”