In the last few years, Genesee County has traversed through social, economic, and political instability, and demonstrated impeccable resilience in the face of adversity. Our work at Metro Community Development emphasizes the building and re-building of the communities of Genesee County. We believe our communities are so much more than just brick and mortar structures. They are thriving, vibrant neighborhoods made up of people who love their community and want to see it succeed in every area.
This Genesee County Business Analysis is a great example of the hard work our community has accomplished throughout the year of 2021. We believe small businesses are the pillars of our community, and business owners make every effort to bring economic stability to the region.
Key Findings from the 2021 Genesee County Small Business Analysis
- Businesses in the professional services (31%), food and beverage (17%), and retail (13%) sectors are the most prominent, followed by art, entertainment and recreation, and nonprofits.
- 83% of BIPOC-owned businesses in Genesee County are less than 15 years old. Over half of these companies are in their first five years of business.
- 29% of small business owners in Genesee County reported having difficulty obtaining outside funding because they did not have access to the necessary network of individuals or organizations who might invest in their companies.
- 75% of small business owners anticipate needing additional outside funding for their businesses to continue operating successfully. Small businesses in Genesee County hope to obtain over $180 million in outside funding over the next 18 months; on average, this is 3x what they have acquired in the past.
- Prior to the pandemic, the most common sources of capital historically accessed by small businesses in Genesee County were friends and family, high net-worth individuals, and foundation/corporate grants.
- Net income for personal care businesses was down 100% in 2020––the largest decrease in income of any sector followed by businesses in the art, entertainment and recreation, and construction sectors.
- 61% of small businesses across Genesee County believe the best way for policy and economic development organizations to support their companies is to increase access to capital or provide financial support directly.
This independent report is intended to serve as an annual resource that provides Genesee County with the insights necessary to serve its small businesses, reduce obstacles, and help business owners traverse challenges as entrepreneurs.