Written by Nicky Smith
December 21, 2024
As Greensboro continues to experience substantial growth fueled by strategic investments and major projects, the city stands at a crossroads of opportunity. While large-scale developments like the Toyota Battery Manufacturing facility and Boom Supersonic plant dominate headlines, Greensboro’s potential lies equally in its ability to cultivate small to medium-sized businesses (SMBs). These businesses are the backbone of any thriving economy, driving job creation, innovation, and local revenue. Here’s how Greensboro can expand existing businesses and create an ecosystem that incentivizes SMBs to grow and hire more employees.
The presence of large-scale projects such as the Toyota Battery Manufacturing facility and Boom Supersonic plant offers an unprecedented opportunity for local SMBs.
Toyota Battery Manufacturing Facility: Located at the Greensboro-Randolph mega site, this $13.9 billion investment is expected to create over 5,000 new jobs. The facility’s focus on cutting-edge battery production allows local suppliers, contractors, and service providers to integrate into its supply chain, fostering significant economic ripple effects across the region.
Boom Supersonic: Situated at the PTI Aerospace mega site, Boom Supersonic’s $500 million project aims to employ 1,750 workers by 2030. The company’s goal of producing sustainable, supersonic aircraft creates opportunities for businesses specializing in high-tech manufacturing, logistics, and professional services.
Greensboro can integrate SMBs into these industrial giants’ supply chains by creating subcontracting and supplier opportunities. Moreover, ancillary businesses—logistics, maintenance, catering, and more—can thrive by servicing these large projects. The city should actively market these opportunities and mentor SMBs navigating the complexities of contracting with major corporations.
The Greensboro City Council and Economic Development teams play a pivotal role in fostering an environment where businesses feel confident in growing and investing locally. Action items they can implement include:
Public Safety Investments: Ensuring Greensboro remains a safe place to live and work by funding effective community safety programs.
Regulatory Simplification: Streamlining the permitting and licensing processes to reduce barriers for new and expanding businesses.
Infrastructure Upgrades: Prioritizing investments in transportation, utilities, and digital infrastructure to support economic growth.
Nicky Smith, a Greensboro business leader with over 45 years of experience, brings invaluable insight into what local businesses need to thrive. His extensive background in business operations and community engagement positions him as a key advocate for policies that benefit SMBs. Smith’s leadership can help bridge the gap between policymakers and business owners, ensuring that decisions reflect real-world business challenges and opportunities.
Greensboro can amplify its economic footprint by becoming a hub for innovation. Partnering with institutions like NC A&T State University, UNCG, and Guilford Technical Community College (GTCC), the city can establish innovation hubs and incubators that focus on emerging sectors like renewable energy, advanced manufacturing, and technology.
Access to capital is another critical factor. Greensboro can expand grant and low-interest loan programs specifically for startups and SMBs. Establishing a venture capital fund to support high-growth potential businesses would further enhance the city’s appeal to entrepreneurs.
Incentives are a proven tool to stimulate economic growth, but they must be targeted effectively. Greensboro can implement:
Tax Credits: Provide tax relief for SMBs that meet specific hiring goals or invest in expanding their operations within the city.
Grants: Offer grants to businesses that innovate, upskill their workforce, or adopt green technologies.
Workforce Subsidies: Partner with the state to offer wage subsidies for SMBs that hire locally.
Infrastructure Support: Provide reduced-cost access to co-working spaces, affordable office locations, and industrial facilities.
A skilled workforce is essential for business growth. Greensboro can expand its collaboration with GTCC and local universities to create specialized training programs tailored to the needs of growing industries. Apprenticeships, internships, and on-the-job training initiatives can bridge the gap between education and employment, ensuring businesses have access to a steady talent pipeline.
Navigating regulations and securing resources can be daunting for SMBs. Greensboro should establish a centralized business resource center that provides:
Guidance on licensing, permits, and compliance.
Access to business planning tools and consulting services.
Workshops on digital transformation, marketing, and financial management.
Additionally, by digitizing city services, Greensboro can make processes like permitting and tax filing more efficient, saving businesses valuable time and resources.
To attract and retain SMBs, Greensboro must effectively market its strategic location, affordable cost of living, and robust infrastructure. Campaigns targeting entrepreneurs and small business owners nationwide should highlight the city’s economic growth, access to major markets, and commitment to supporting SMBs.
A vibrant community attracts and sustains businesses. Greensboro should continue investing in downtown development, public transit, and greenways to create a dynamic environment where people want to live and work. Affordable housing initiatives will also ensure that workers can reside near their places of employment, enhancing productivity and reducing commute times.
Greensboro’s economic growth is at a tipping point. The city can create a resilient economy that benefits all residents by focusing on small to medium-sized businesses. Through strategic incentives, workforce development, and community investments, Greensboro can position itself as a model city for SMB growth and innovation.
With the leadership of experienced business professionals like Nicky Smith and actionable support from the Greensboro City Council, the city is well-poised to achieve its full economic potential. Now is the time to act boldly, building an economic future where businesses of all sizes thrive, creating prosperity that reverberates across the region.
As I see it, “Greensboro has immense potential to become a beacon of innovation and opportunity in the Southeast. With over 45 years of business experience, I understand what it takes to foster growth, support small businesses, and create a thriving community. Together, we can make Greensboro a city where businesses of all sizes flourish, families prosper, and dreams are realized. I need your support in this City Council campaign to bring the vision, leadership, and action necessary to achieve this transformation for our city.”
Let’s build the future our city deserves. Greensboro is ready for a new era—let’s get to work.
Donate today, and let’s choose Greensboro’s future. Together, we can ensure that our city thrives for generations to come. Your voice matters—your vote matters—your support matters. Let’s make it count.
– Nicky Smith
Candidate for Greensboro City Council, District 4
