By Nicole Bowman-Layton

EDENTON — For many small-business owners, access to capital is the challenge standing between where they are today and where they hope to be tomorrow. But according to SBA Southeast Regional Administrator Tyler C. Teresa, another challenge is already on the horizon: who will take over those businesses when their owners retire?

That was one of the driving forces behind the U.S. Small Business Administration’s first North Carolina Lender Matchmaking Expo, held Tuesday at the College of The Albemarle’s Chowan-Edenton campus. The event brought together about 50 people, ranging from lenders to business development organizations to entrepreneurs, to discuss financing options and resources available to small businesses in rural communities.

Teresa said the SBA specifically targeted northeastern North Carolina because many rural counties have seen little SBA lending activity in recent years. In fact, he said seven or eight counties across North Carolina have received no SBA-backed loans, with many of those counties located in the northeastern part of the state.

“We need the next entrepreneurs who know about SBA resources so they can buy these businesses and grow their already existing businesses,” Teresa said.

He pointed to what many economists call the “silver tsunami” — the wave of retiring Baby Boomers expected to sell or close businesses over the coming decade. SBA officials hope that by educating current and future business owners about financing options, more local businesses can remain open, change hands successfully and continue serving their communities.

“There are over 1,500 small businesses in Chowan County, and there have only been two SBA loans in the past few years,” Teresa said. “We want to make sure these small businesses know the SBA has resources for them.”

The expo featured presentations on the SBA’s flagship 7(a) loan program, which can be used for working capital, business acquisitions, equipment purchases and commercial real estate. Attendees also learned about the SBA’s 504 loan program, which helps businesses finance major fixed assets such as buildings and equipment through partnerships with lenders and Certified Development Companies.

Beyond lending programs, SBA officials emphasized that many of the agency’s most valuable resources are available at no cost. Through partnerships funded by the SBA, business owners and aspiring entrepreneurs can receive assistance with business planning, financial projections, marketing strategies and other aspects of starting or growing a business.

Among those resources are the Small Business and Technology Development Center (SBTDC), SCORE business mentors, Women’s Business Centers and Veterans Business Outreach Centers. Teresa noted that these organizations are funded through the SBA and are available to help entrepreneurs navigate challenges ranging from writing a business plan to preparing for a loan application.

Michael P. Arriola, SBA North Carolina District Director, said the Edenton event is the first in a series of lender matchmaking expos planned for areas of the state where SBA lending activity has been limited.

“We would be looking at several of these in the state of North Carolina where SBA lending has been a little quieter,” Arriola said. “This is the first, and we’re also looking to do one in western North Carolina and possibly a little south of here.”

For business owners who were unable to attend, officials encouraged them to visit SBA.gov, where information about loan programs, counseling services and local resource partners is available. The SBA North Carolina District Office also shares upcoming events and educational opportunities through its LinkedIn page.