The 2021 Genesee County Small Business Anlaysis is a comprehensive research report about the small business community in Genesee County. In recent years, Genesee County has navigated social, political, and economic ups and downs and demonstrated the incredible resilience needed to succeed in the face of adversity. A critical part of Genesee County’s perseverance is its strong small business community. Small businesses are pillars of the community as their owners work tirelessly to bring economic stability, value and vibrancy to the region.
Key Findings from the 2021 Genesee County Small Business Analysis
- Businesses in the professional services (31%), food and beverage (17%), and retail (13%) sectors are the most prominent, followed by art, entertainment and recreation, and nonprofits.
- 83% of BIPOC-owned businesses in Genesee County are less than 15 years old. Over half of these companies are in their first five years of business.
- 29% of small business owners in Genesee County reported having difficulty obtaining outside funding because they did not have access to the necessary network of individuals or organizations who might invest in their companies.
- 75% of small business owners anticipate needing additional outside funding for their businesses to continue operating successfully. Small businesses in Genesee County hope to obtain over $180 million in outside funding over the next 18 months; on average, this is 3x what they have acquired in the past.
- Prior to the pandemic, the most common sources of capital historically accessed by small businesses in Genesee County were friends and family, high net-worth individuals, and foundation/corporate grants.
- Net income for personal care businesses was down 100% in 2020 – the largest decrease in income of any sector followed by businesses in the art, entertainment and recreation, and construction sectors.
- 61% of small businesses across Genesee County believe the best way for policy and economic development organizations to support their companies is to increase access to capital or provide financial support directly.
featuring entrepreneurs of Genesee County
At EntryPoint, we foster inclusive and vibrant communities across the Midwest through research and community-focused programming. Over the last six months, we have been fortunate to have the opportunity to speak with hundreds of business owners across the county about the needs, challenges,
and opportunities they see for the future of Genesee County. Based on our research and those conversations, we developed this comprehensive analysis of Genesee County’s small business ecosystem and all of the highlights and struggles that characterize this diverse and unique community.
This independent report, funded by the Flint & Genesee Economic Alliance, is intended to serve as an annual resource that provides Genesee County with the insights necessary to serve the small businesses in the community, reduce obstacles, and help business owners navigate challenges that arise when growing their companies. We at EntryPoint love working with organizations that value listening to the needs of community members and are passionate about building opportunity in their communities. It is our belief that comprehensive and ongoing research is critical to helping economic developers and nonprofits better address the specific and constantly evolving needs of the small businesses, measure the effectiveness of existing initiatives, build more inclusive programs, support a more diverse and equitable community, and better advocate for small businesses in the region.
At EntryPoint, we LOVE working with economic development organizations and nonprofits that are strategic, value listening to the needs of community members, and are passionate about building more opportunity and vibrancy in their communities.
EntryPoint is a registered 501(c)(3).