New executive order affects Wilmington small businesses

WILMINGTON, NC (WWAY) — President Trump was in Charlotte Friday, talking retirement and signing an executive order that will affect small businesses in our area.

“The greatest opportunity here is that it would help to level the playing field,” said Jerry Coleman, Director of the Small Business Center at Cape Fear Community College.

Coleman knows how exciting it can be to start a small business. With more than 20 years experience running a business under his belt, he now uses his talents to help others.

“I got the best job at the Community College. I get to sit here every day and help people realize their dream of starting their own business,” said Coleman.

But Coleman knows it isn’t all easy. He says 85 percent of small businesses in our state have fewer than five employees, and this makes it difficult to provide workers with certain benefits.

“As it relates to retirement planning and those sort of things, generally I would say that small businesses of that size do not offer that type of resource,” said Coleman.

Hunter Ford owns two businesses in Wilmington and is starting another.

He says employees of his new company will be harder to find than the college students that work at his other businesses.

“I have developed a liquor company that will need territory managers, I’ll need to expand, and I’ll need to recruit a higher quality candidate,” said Ford.

An executive order signed by President Trump could make that a little easier.
The order will allow small businesses to join together and offer association retirement plans.

“It’s a great opportunity for an emerging business like mine to be able to afford to attract more reliable candidates and better personnel to expand as a businessman and to expand and grow into different markets because ultimately that’s what we need,” said Ford.

The Trump Administration says about one-third of all private-sector workers do not have access to workplace retirement plans.

Categories: Local, New Hanover