Axios Event: Small businesses are leaning on community support through financial difficulty

CHARLOTTE, N.C. – Small business owners feeling the squeeze of inflation are leaning on their communities in difficult economic times.

The big picture: In addition to reduced business from inflation, many small business owners are also grappling with financial difficulties stemming from the hurricanes that devastated many storefronts in North Carolina and across the country.

• Community support in difficult times is crucial for small businesses owners to overcome difficult times.

Axios Charlotte reporter Alexandra Sands moderated a conversation with The Batchmaker founder Cristina Rojas-Agurcia at a Dec. 11 event. The event was sponsored by Bank of America.

What they're saying: "I have gotten quite a few messages of people saying: 'Hey, I'm no longer employed or I lost my job, but you know how much I love you, how can I support you?'," said Rojas-Agurcia.

• "I feel like people are reaching out to me to tell me: 'It's nothing that you're doing, we're just in a tough spot right now.' I love that we have that open rapport," Rojas-Agurcia said.

For the bakery owner whose lines once regularly ran out the door, the slowdown in business has been noticeable as consumers spent less due to inflation.

• "There's definitely been a shift," said Rojas-Agurcia, as she and her employees notice less customer traffic than the store once had.
• "I can feel the change. I feel like the lines that were [there] before aren't as much anymore," Rojas-Agurcia added.

Rojas-Agurcia says she's no stranger to adversity and was able to successfully rebuild The Batchmaker after her Charlotte storefront flooded years ago.

• "If you have a chance to support small businesses, this is the chance," Rojas-Agurcia added.

Zoom out: Despite some economic headwinds, some U.S. small business owners are optimistic for the future. Last month, the National Federation of Independent Business Small Business Optimism Index hit its highest level since June 2021.

Sponsored content:

In a View From the Top sponsored segment, Bank of America Charlotte market executive Les Lambert cited a recent Bank of America report finding that most small business owners are expecting to grow in 2025.

• "It's interesting, even with the political uncertainty, inflation, increased costs, people are still very optimistic about 2025 ... they expect to see their business grow," Lambert said.