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 have completed Cohort 4 of the Microenterprise Development Program (Momentum Financial Academy for Microenterprise). To date, we have graduated 30 participants: 94% minority -owned businesses and 73% women-owned businesses. We anticipate beginning the process for Cohort 5 in August 2024.
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:
30 total business applicants have completed the MFA Program
4 Cohorts have been completed and Cohort 5 will start in August 2024
94% of the business participants are minority-owned
73% of the business participants are women- owned
Momentum Financial Academy Testimonials
Gail Jennings of Kings Pepper Momentum Financial Academy (youtube.com)
Hassan Shaheed of 716ers Food Momentum 360 (youtube.com)
General Small Business Survey
The 2024 General Small Business Survey was intended to refresh information related to the economic development strategic initiatives based on the 2019 survey findings. The General Business Survey was completed in April 2024.
What's next?
- Structuring of New Small Business Team: OEWD is restructuring its Small Business Program and has hired additional staff to support the City's small business goals. The Small Business team will assess, develop and implement additional strategies that aid in achieving the desired small business support outcomes.
- Microbusiness Program 5 Cohort Completed: Cohort 5 of the Momentum Financial Academy program will begin in August 2024.
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