Durham Strategic Plan Dashboard
Prosperity
Status Indicator: 
In Progress | 
On Hold | 
Complete/Ongoing
Initiative: 1.11 Enhance the entrepreneurial network by connecting businesses to funding opportunities and providing training and technical assistance
Shared Economic Prosperity
Description
Durham has a long history of entrepreneurship. Our small businesses and startups are what make Durham unique. They allow our residents to uplift their families, their communities, and the local economy. An entrepreneurial ecosystem is a network that enables these businesses to connect with each other and with the resources that will help them grow and flourish. This way, small enterprises can continue to contribute to Durham’s culture for many years to come.
Key Measures & Data Analysis
We completed Cohort 5 of the Microenterprise Development Program (Momentum Financial Academy for Microenterprise) in September of 2024. This was the largest group to date, graduating 13 participants. To date, we have graduated 43 participants: 94% minority -owned businesses and 73% women-owned businesses. We anticipate beginning the process for Cohort 6 in March 2025.
Microbusiness Graduation
Why is it important?
This initiative aims to remove obstacles for all small business owners and entrepreneurs, especially those starting out in local, historically under-resourced communities. These business owners may not be aware of available resources or lack the established connections that larger businesses in well-resourced communities may have. Creating a simple and straightforward pipeline system helps to equalize access to opportunities and create a more level playing field.
What have we been doing?
Momentum Financial Academy (MFA) Program Overview
The Momentum Financial Academy is a four-week course tailored specifically to Durham based businesses with 5 employees or fewer, which are called "microbusinesses" or "microenterprises". Participants work side-by-side with a cohort of other microbusiness-owners to learn essential financial strategies. The program also includes confidential one-on-one counseling sessions where you can ask questions that are tailored to your business.
After graduating from the four-week component of MFA, the graduates will have the opportunity to apply for free accounting software and a grant from the city thanks to a program created by the U.S. Department of Housing and Urban Development.
The MFA program has been successful. Below are its program outcomes:
43 total business applicants have completed the MFA Program
5 Cohorts have been completed, and Cohort 6 will start in March 2025
General Small Business Survey
The 2023 General Business Survey was completed in April 2024. A storyboard was developed and under review.
Small Business Outreach
Various outreach strategies are being developed and implemented with collaborating partners to expand our outreach efforts to garner more impact in the Durham business community.
- Mayor's Town Hall Meeting on Small Business Growth and Development featuring the Small Business Administration,
- Working with partner agencies and organizations to develop a collaborative outreach strategy,
- Continuously seeking opportunities to engage and expand our outreach strategies across the various communities in Durham
Durham Legacy Program
The Legacy Business & Registry Program is a groundbreaking Legacy technical assistance program designed to recognize and preserve longstanding, community-serving establishments that have contributed to Durham’s history, cultural identity, economic growth and jobs.
Durham Legacy Program Accomplishments Numbers:
- Designed and created a Business Registry & Legacy Pilot Program
- 4-Networking engagements conducted over 110 businesses attended
- 52 One on One business coaching session conducted
- 4 Strategy sessions in which 39 businesses participated
- 2 Brand Day sessions in which 13 businesses approved
- 48 Businesses attended Business Summit
Web Portal completed
- www.durhamlegacybc.com
- www.durhamleagacyregistry.com
- 189 used site – 160 signed up
- 18 Durham Legacy businesses featured on website
What's next?
Momentum 360 Financial Academy Cohort 6:
Will begin March 2025
Momentum 360 Financial Software Academy Program Cohort 1:
This is comprehensive 6-month program features two live sessions per month (one hour each) designed to equip participants with practical QuickBooks Online skills. In this course, participants will learn how to effectively track business income and expenses, access key financial reports like profit and loss and balance sheet reports, and how to link bank and credit card accounts for real time cash flow insights. This program is program is ideal for business owners who want to gain a clearer understanding of their financials and improve their financial management skills.
Momentum 360 Business Foundation Academy
The Momentum 360 Business Foundation Academy will consist of two cohorts, with 15 participants in each group. Each cohort will engage in six 2-hour sessions, held once a week over the course of six weeks. This program is designed for business owners who are in the foundational stages of their business and do not yet meet the qualifications for the Momentum 360 Financial Academy.
Implementation of outreach initiatives
- Development of a Business Fair
- Hosting a series of events to align ideas for shared prosperity alignment
Durham Legacy Program
The next step in the process for OEWD is to issue a Business Registry & Legacy Program Request for Proposal for program continuation
City Website Home Page: Durham, NC | Official Website (durhamnc.gov)
Budget Website Page: Budget & Management Services Department | Durham, NC (durhamnc.gov)
Budget and Management Services Department
Office of Performance and Innovation
Strategy and Performance Division