Although the Piedmont Triad, consisting of Greensboro, Winston-Salem and High Point, North Carolina, boasts more than 1 million residents, this is no metropolis. Rather, the area is made up of fiercely independent, thriving small cities still imbued with that Southern sense of self-reliance and hospitality.
That's not to say that growth hasn't brought problems. There's more traffic, schools struggle to keep up, and help-wanted signs are ever-present. These concerns have inspired intense debate between pro- and slow-growth advocates. Among the assistance being provided to tackle these challenges are apprenticeship programs, offered through Guilford Technical Community College in conjunction with local industry, to fulfill training needs.
Financing remains problematic. Within the last year, however, a new loan pool began offering minorities and women start-up and expansion capital. In addition, Self-Help Credit Union, a community development credit union, started lending money to small firms, and Branch Banking & Trust Corp. created a new venture capital fund.
Although traditional industries, including textiles and tobacco, remain the leading employers, the economy has shifted in the last 10 years toward financial services, retail and telecommunications. The Bowman Gray School of Medicine at Wake Forest University continues to spur the medical industry, and if the Foreign Trade Zone Status is approved, firms involved in exporting may also become a competitive force.
This article was originally published in the October 1997 print edition of Entrepreneur with the headline: 20 Best Cities For Small Business.
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