GOLDSBORO, N.C. — Wayne Community College hosted North Carolina Secretary of State Elaine Marshall on campus Friday for a dynamic roundtable discussion with local small business owners, elected officials, and economic development professionals. The event underscored the remarkable surge in entrepreneurship across the state, as well as the ongoing efforts to support small businesses, especially in rural areas.

Tour of Downtown Wayne County Businesses

Before the roundtable, Marshall toured several downtown Goldsboro businesses, including Bicycle World, Between The Lines Bookstore, Big Blue Couch media, and Goldsboro Pediatric Dentistry and Orthodontics (GPDO). She praised the community’s resilience and growth, noting, “It has been hot, but it’s been wonderful. What a blessing it is to be here again. I’ve been here before, and I’m glad to see the ongoing revitalization.” Marshall acknowledged the local efforts by groups like the Downtown Goldsboro Development Corporation, which is actively rehabbing buildings, organizing events, and inspiring economic activity.

Record-Breaking Business Growth in North Carolina

In her opening remarks, Marshall shared impressive statistics about North Carolina’s entrepreneurial boom. Since taking office in 1997, her office has helped register over 2 million new businesses, creating a foundation of economic opportunity. She highlighted that in 2024, more than 162,000 new businesses were created statewide—an all-time record—driven by the COVID pandemic’s unique circumstances.

“Since 2021, we’ve been creating at least 650 new businesses every day,” she said, emphasizing that April 2024 saw 14,516 new filings across the state, only second to April 2021’s record. She pointed out that prior to COVID, the average monthly business creation was about 55, but that number has almost doubled, reflecting a “skyrocketing” trend.

Local Impact and Wayne County’s Prosperity

Wayne County’s entrepreneurial growth has been particularly strong, with an 81% increase in new business filings in recent years, surpassing the state’s average of 63%. Marshall noted, “Wayne County has been a leader in this surge, and that growth is vital for our local economy and community development.”

The booming startup environment is also translating into increased revenue for North Carolina. Marshall shared that over the past year, the state’s Department of the Secretary of State deposited approximately $187 million into the General Fund, with projections nearing $216 million for this fiscal year. This revenue supports vital public services and infrastructure.

Challenges Facing Startups and Support Gaps

Despite the growth, Marshall acknowledged that many entrepreneurs face hurdles, including inadequate funding, complex regulations, and limited access to resources—especially in rural areas. Her office conducted a pioneering survey to better understand these challenges, revealing a narrow window of opportunity to assist new businesses before they face significant risks of failure.

“Our data shows that about 25% of businesses fail within three years, and 50% close by year seven,” she explained. “That’s why we launched the Rural RISE initiative at the end of 2021, to help bridge the rural-urban economic divide and provide tailored resources to entrepreneurs in underserved counties.”

Rural RISE: Connecting Entrepreneurs to Resources

Marshall announced the expansion of the Rural RISE program, which now maps 93 counties—including all 78 rural counties in North Carolina—and provides targeted resource bulletins. These bulletins, accessible via email or online at sosnc.gov/rise, connect entrepreneurs to county-specific support programs, local chambers of commerce, small business centers, and federal partners like the SBTDC (Small Business Technology Development Center).

“Finding an entrepreneurial ecosystem is easier in urban centers like Raleigh or Charlotte,” she said. “But in counties like Robeson, Scotland, or Gates, many entrepreneurs don’t know what resources are available. That’s what Rural RISE aims to change.”

The Role of Local and State Support

Marshall emphasized that local organizations, such as the Wayne County Chamber of Commerce and Wayne Community College’s Small Business Center, play a critical role in nurturing startups. She praised the dedicated small business directors for their experience and commitment, noting that they often work underpaid but with passion. “We need to secure better funding for these centers,” she added.

Entrepreneurs’ Needs and Insights

During the roundtable, local business owners voiced common concerns: difficulty understanding taxes and regulations, the need for a clear step-by-step guide, and access to local resources. Many expressed enthusiasm for a dedicated website with instructions tailored to their specific needs, from business registration to financial planning and HR.

Marshall highlighted that more than half of new entrepreneurs first go to the Secretary of State’s website when seeking information—an encouraging but also challenging statistic, as current resources mainly cover filing procedures, not comprehensive startup guidance.

Supporting Long-Term Success

Marshall stressed the importance of extending the lifespan of new businesses. “We know from decades of data that many small businesses don’t survive beyond three or seven years,” she said. “Our goal is to provide the right resources at the right time to help entrepreneurs succeed long-term.”

She cited a recent study by Fayetteville State University’s MBA program, which analyzed over 7,000 responses and projected that increasing the success rate of small businesses could generate up to $2 billion annually for North Carolina’s economy and create tens of thousands of jobs.

Looking Ahead

The event marked the 25th business roundtable hosted by the Secretary of State’s office in three years, demonstrating a sustained commitment to fostering entrepreneurship statewide. Renita Allen-Dawson, Vice President for Workforce and Community Engagement at Wayne Community College, expressed pride in serving as a partner: “Small businesses are the backbone of our community. We are dedicated to supporting them through our Small Business Center and other initiatives.”

Marshall concluded by encouraging local entrepreneurs to leverage available resources, stay connected, and continue building a vibrant, resilient economy in Wayne County and beyond.