During the City Council's FY 2026 Budget Workshop held on May 19, 2025, significant discussions centered around the allocation of funds for the renovation of Bank of America Stadium and the commitment to support small businesses in Charlotte. The council approved a substantial budget of $650 million for the stadium renovation, emphasizing the importance of ensuring that local small businesses benefit from this investment.

Council members expressed a strong desire to adhere to a 26% participation goal for small businesses in the stadium project. This commitment reflects a broader initiative to foster economic growth within the community, particularly in light of ongoing national and state narratives regarding small business support. The council is seeking to engage a firm through a Request for Proposal (RFP) to help facilitate outreach and compliance, ensuring that small businesses can participate effectively in the project and receive timely payments.

Additionally, the council highlighted the recent ribbon-cutting ceremony for a new institute that has relocated its headquarters to Charlotte. This institute aims to provide capital and support for startup businesses, further enhancing opportunities for local entrepreneurs. Council members underscored the importance of embracing and supporting such initiatives to strengthen the small business community.

The discussions also touched on the challenges of balancing budget adjustments while maintaining a commitment to community needs. Council members acknowledged the complexity of the budget process and the necessity for ongoing dialogue to ensure that the city's financial decisions align with its goals for economic development and community support.

As the council moves forward, the emphasis on small business participation and support initiatives will likely play a crucial role in shaping Charlotte's economic landscape in the coming years. The next steps will involve finalizing the RFP process and continuing to explore ways to bolster local entrepreneurship.