Categories: Events/What's HappeningFestivalsFitnessNews

Savannah Hosts 12th Annual State of Small Business Conference

Participants engaging in discussions during the Savannah Small Business Conference 2025.

News Summary

On May 7, 2025, Savannah celebrated National Small Business Week by hosting the 12th Annual State of Small Business Conference at the Savannah Civic Center. The event, sponsored by Carver State Bank, provided insights on economic trends, growth opportunities, and challenges for local small businesses. Mayor Van R. Johnson II opened the conference, which featured discussions led by industry experts, highlighting the growth of minority-owned businesses and the importance of adapting to market changes.

Savannah Hosts 12th Annual State of Small Business Conference

On May 7, 2025, Savannah held its 12th Annual State of Small Business conference at the Savannah Civic Center, celebrating National Small Business Week. Sponsored by Carver State Bank and presented by the City of Savannah, the event was free for the public, designed to provide a comprehensive overview of the economic trends and opportunities facing local small businesses.

Mayor Van R. Johnson II officially opened the conference after a continental breakfast, setting the stage for discussions led by ten local industry experts. The Savannah Business Journal served as the media sponsor, with Brittany Curry of Inky Brittany capturing key takeaways live during the sessions.

Small Business Growth and Economic Trends

This year’s conference highlighted significant growth and changes within Savannah’s small business landscape. Moncello Stewart, president of the Greater Savannah Black Chamber of Commerce, reported a noteworthy increase in Black-owned businesses, with over 250 minority-owned enterprises currently operating in the area. Rhett Mouchet from Colliers International Savannah indicated that commercial real estate continues to show strong momentum, evidenced by a low office vacancy rate of 2%.

Furthermore, the Savannah Port’s growth has led to a doubling of warehouse inventory over the past four years, while there has been a notable trend of converting old office buildings into hotels, reflecting shifts in the local hospitality market.

Challenges in Key Industries

Despite overall growth, some sectors face hurdles. Charles “Bo” Bowen, an entertainment attorney, noted a temporary slowdown in Savannah’s film industry due to a writers’ strike, causing a significant drop in revenue from $400 million in 2022 to just $200 million in 2023. Similarly, Dr. Michael Toma from Georgia Southern University warned of potential disruptions for small businesses involved in overseas supply chains, forecasting a challenging year ahead.

Demographics and Economic Impact

Alfonso Ribot, president and CEO of the Metropolitan Savannah Hispanic Chamber of Commerce, discussed a 32% increase in the Hispanic population in Savannah since 2010 and emphasized the positive economic contributions of Hispanic-owned businesses. Conversely, Victoria Saxton, president and CEO of the Small Business Assistance Corporation, reassured attendees that funding support for local businesses has remained steady, despite uncertainties in federal policies.

Focus on Health Insurance and Cybersecurity

Bill Lucas, founder of Bill Lucas Insurance, addressed the rising costs of health insurance and the crucial need for small businesses to provide employee benefits. Dr. Scott C. Scheidt highlighted the increasing importance of cybersecurity measures for small businesses, underscoring the need for enhanced protections against cyber threats.

Future Growth Opportunities

Jesse Dillon, COO of the Savannah Economic Development Authority, discussed opportunities for growth tied to increased investment and improved infrastructure in the region. Additionally, Stephen Plunk from the Tourism Leadership Council presented a cautiously optimistic outlook for tourism in 2025, advising local businesses to foster relationships with service providers.

Confidence in Economic Growth

The annual Confidence Index Survey results, presented by Phillip Scroggin, revealed a confidence rating of 7.6 for local economic growth. Furthermore, 59% of survey participants indicated plans to hire new employees within the year, reflecting a growing optimism among the local small business community.

Community Support and Additional Activities

As part of Small Business Week, a variety of workshops, networking opportunities, and a GRIT Pitch Competition were organized to further engage the community. The Savannah Area Chamber of Commerce emphasized the importance of continuing support for local businesses throughout the year, encouraging residents to actively participate in fostering a vibrant local economy.