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2024 Research: Empowering Fort Worth Businesses with Insights

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Fort Worth Business Research and Insights: Understanding the Challenges of Business Owners in Fort Worth
In 2024, the Fort Worth Hispanic Chamber of Commerce (FWHCC) undertook a comprehensive research project to identify the key challenges faced by Hispanic business owners in our region. This initiative included collaboration with the nonprofit research organization, The Hispanic Project, as well as leveraging findings from studies like Cities Work’s Small Business Insights Week. Through 80+ interviews354 survey responses, and 80+ focus group attendees, we gathered invaluable data that shaped our understanding of barriers to success and informed our programming.
Key Findings:
  1. Barriers to Growth and Access to Capital: Hispanic-owned businesses face unique challenges in surpassing revenue thresholds. For example:
    • 30% of Hispanic-owned businesses generate $50,000–$100,000 annually, compared to 20% of non-Hispanic businesses.
    • Only 7% reach $200,000–$400,000 in revenue, compared to 9% of non-Hispanic businesses. Many business owners rely on personal financial risk rather than traditional funding sources, creating significant hurdles for scalability. This highlighted the need for financial literacy training and expanded access to funding opportunities.
  2. Workforce Challenges:
    • Retaining and hiring employees remains a critical issue, with many Hispanic business owners turning to family or close friends. However, this can introduce challenges like unclear expectations and mismatched skills.
    • Training programs and succession planning were identified as essential tools to address these workforce gaps.
  3. Local Market Engagement:
    • Hispanic businesses show a strong tendency to scale out of state (37%) but underutilize local markets (23%). By emphasizing local engagement strategies, these businesses can reduce operational risks and build long-term sustainability.
  4. Family Business SustainabilityResearch revealed that only 30% of family businesses survive the transition to the second generation, and 47% lack a successor. This underscores the importance of education around governance, succession planning, and family dynamics to ensure generational success.
  5. Regulatory Challenges: Entrepreneurs voiced concerns about complex permitting processes, limited access to city resources, and unclear pathways to business certifications, all of which can delay or prevent success.
 
The Road Ahead:
By fostering a deeper understanding of the challenges faced by Hispanic businesses, the FWHCC is uniquely positioned to create impactful solutions. From enhancing access to capital to providing bilingual support, we aim to build a sustainable and inclusive ecosystem that empowers Hispanic entrepreneurs to thrive locally, regionally, and beyond.
Our commitment to data-informed programming ensures that the voices of our community are heard, their needs addressed, and their businesses positioned for generational success. Through continued research, partnerships, and advocacy, we are building a Fort Worth where Hispanic businesses can achieve their fullest potential. Get the full report by emailing gilberto.atayde@fwhcc.org

How You Can Use This Data

The Fort Worth Business Research report is invaluable for creating tailored strategies to address the unique challenges faced by Fort Worth businesses. Whether you’re a business owner looking to tackle these issues or a corporate entity seeking ways to support the community, this data serves as a starting point for informed decision-making.

To read the full report and dive deeper into the findings, click here. This report is a vital resource for anyone invested in Fort Worth’s economic development and business growth.

External Resources We Used to Collect Data

Our Fort Worth Business Research and findings were instrumental in the creation of our Banking Council, a vital resource aimed at enhancing access to capital and financial literacy for Fort Worth businesses. By identifying the unique challenges local businesses face, we developed this council to connect entrepreneurs with tailored banking products, mentorship, and resources. Join our Banking Council today and be part of an initiative that drives economic growth and financial stability for our community.

Additionally, this research guided the topics for our Seminarios, a series of bilingual workshops designed to address the most pressing needs of business owners. From financial planning to succession strategies, these workshops provide actionable insights and support based on real-world data. Learn more about our Seminarios program and see how they can empower your business!

Free Rapid COVID Testing for Small Businesses

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Beginning February 4, small businesses in Fort Worth can apply for free BinaxNow rapid COVID-19 tests through the Fort Worth Hispanic Chamber of Commerce (FWHCC). Apply online!

In an effort to support the continued operation of small businesses throughout the State of Texas, the FWHCC will be participating in a program established by Governor Abbott to provide BinaxNow rapid COVID-19 tests to small businesses in their communities. Small businesses will be required to be trained on proper testing protocols, to include test administration and reporting of results as required by law.

“Our community has been devastated by the loss of loved ones and community leaders,” said FWHCC President/CEO Anette Landeros. “Our Chamber feels a sense of duty to help in any way possible, which now includes coordinating the dissemination of free COVID test kits so that small businesses can test employees and help keep their workers safe. Faster confirmation of a positive COVID case will hopefully help us slow the spread.”

The FWHCC will make the BinaxNow test kits available to any existing or new chamber member business with fewer than 500 employees. TDEM will provide BinaxNow test kits, facemasks, training, and support. Participating businesses will identify staff members to be trained to administer the tests and report the results as well as determine the manner that the voluntary testing will be conducted for their employees. All testing of employees must be voluntary and not a condition of employment. Businesses will also be responsible for establishing appropriate policies for addressing positive COVID-19 test results of their employees, including the notification of local health departments.

Businesses can register for free BinaxNow test kits beginning on February 4th by visiting www.fwhcc.org or calling 817-625-5411. Read the full press release.

Preserve the Fort

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Preserve the Fort initiative offers $10 million in grants to Fort Worth small businesses

The City of Fort Worth recently received approximately $158 million in funding from the CARES Act, and is partnering with the United Way of Tarrant County to distribute $10 million of those funds to Fort Worth small businesses through the Preserve the Fort small business grant program.

Of the $10 million allocated for Preserve the Fort grants, $2.5 million will be dedicated to supporting minority-owned businesses, and another $2.5 million is reserved for businesses located in the city’s Neighborhood Empowerment Zones and Designated Investment Zones – areas of Fort Worth that are predominantly low-to-moderate income, which the city has already identified for revitalization efforts.

Grant applications will be processed with the help of partners at the Fort Worth Chamber of Commerce, the Fort Worth Hispanic Chamber of Commerce, and the Fort Worth Metropolitan Black Chamber of Commerce.

Applications for Preserve the Fort grants open Tuesday, May 26, and will close at 11:59 p.m. Monday, June 15. Business owners can apply at fortworthtexas.gov/preserve-the-fort.

“These grants are critical to helping support and preserve the city’s small business community, which has helped define so much of Fort Worth’s character,” said Robert Sturns, the city’s Economic Development Director. “As businesses across the state start to reopen, these grants can help offset some of the costs from the recent shutdown and provide a way forward for those small businesses who have been hit hardest.”

“We applaud the City of Fort Worth for developing the Preserve the Fort Grant Program and using CARES Act funding to help our small business community,” said Leah King, President and CEO of United Way of Tarrant County. “The impact of COVID-19 has been devastating to so many small business owners who had to close because of the shelter-in-place restrictions. It is our sincere hope that these funds allow them to get back on their feet and position them for long-term success.”

Eligibility

Grant funds are open to businesses who fit the following criteria:

  • Small business (250 employees or less).
  • Located within the City of Fort Worth, with a Fort Worth mailing
  • Registered to do business in the State of
  • Business must have been in operation since 1, 2019.
  • Self-employed individuals, independent contractors, sole proprietors, and nonprofits serving the business community are also

If a business has already received funds from the Paycheck Protection Program (PPP) or an Economic Injury Disaster Loan, they are still eligible to receive these funds. However, priority will be given to businesses that have not received funding through these programs.

For more information about eligibility requirements and other questions, a list of frequently asked questions is available on the Preserve the Fort webpage in English, Spanish, and Vietnamese.

Funding information

Depending on the number of full-time staff a business employed as of March 17, 2020, the funding levels are:

  • Micro-enterprises with less than 5 employees are eligible for a grant of $5,000.
  • Level I businesses (with 6-25 employees) are eligible for a grant of $7,500.
  • Level II businesses (with 26-50 employees) are eligible for a grant of $10,000.
  • Level III businesses (with 51-250 employees) are eligible for a grant of $50,000.

Preserve the Fort grant funds can be used to reimburse the costs of business interruption due to COVID-19 as a result of required closures, voluntary closures to promote social distancing, or decreased customer demand. A complete list of examples is available on the Preserve the Fort webpage.

Businesses who receive grant funding are required to document how the funds are used.

Before applying

Business owners can complete the Preserve the Fort funding application more quickly by getting the following business documents in order:

  • A completed W-9
  • Documentation of Going Concern and Business This will require one of the following documents: Secretary of State Texas File Number, Employee Identification Number, DBA, 2018 or 2019 tax return (schedules not required), Individual Taxpayer Identification Number or Certificate of Filing.
  • Proof of This will require one of the following documents: W-3 form, 941 form, or other document showing payroll expenses, employer insurance expenses, or employer retirement expenses for the first quarter of 2020 (prior to the COVID-19 emergency declaration on March 17, 2020) as well as the most current version of this document.
  • Profit & Loss (P&L) statement for 2019, as well as a P&L statement as of March
  • For sole proprietors, applicants are required to provide a 2018 or 2019 Schedule

Once business owners compile this information, they can visit fortworthtexas.gov/preserve-the- fort to begin their application.

Questions and application help

Because this may be the first time that many business owners are applying for financial aid, there are a variety of resources available to help make this application process as simple as possible.

In addition to FAQs and other documents available on the Preserve the Fort website in three languages, Tarrant Small Business Development Center is staffing a call center to help business owners prepare their application documentation or fill out their applications between 8 a.m. and 5 p.m. Monday through Friday. Contact the call center for assistance at 817-515-2603.

For more information about the Preserve the Fort grant program, contact the City of Fort Worth Communications & Public Engagement Office at 817-392-8889 or by emailing fwmedia@fortworthtexas.gov.

Small Business Grant Program

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You’ve invested in our community, and with the support of Facebook, we want to invest in you. The funds received from the Support the Fort: Small Business Grant Program may be allocated for the following expenses: mortgage/rent, inventory, working capital, payroll, marketing, or IT innovation.

The grant will be in amounts up to $5,000. The Fort Worth Chamber Foundation will disburse the funds among eligible small businesses once the selection process is complete. APPLY NOW!

Lyft Discount

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In response to COVID-19, Lyft is offering free ride credits to USHCC members using the $25 valued code CVUSHCC25 until May 31, 2020 for essential work related travel and essential services, as deemed by your locality (i.e. grocery store, pharmacy, critical healthcare services).  Essential rides may include the following, subject to local guidance:

·  Rides to “essential services” as deemed by your locality (such grocery store, food bank, pharmacy, hardware store)

·  Rides for families/caregivers/social workers to deliver needed supplies or services for homebound and/or self-isolating people (such as older adults)

·  Rides for senior citizens and other individuals to health appointments

·  Rides for senior citizens to go shopping during seniors-only shopping hours at a grocery store

This offer is intended for USHCC members.  Please do not post this on social media channels. 

Limited quantity available. Max 1 redemption per user. Valid for rides through May 31, 2020, 11:59PM (local time zone). Cannot be combined with other ride credits or offers. Subject to Lyft’s Terms of Service. All riders are asked to stay home if they are sick, and should work with a medical professional to discuss transportation options if they need to see a doctor. Per the CDC, anyone who suspects they may have or is diagnosed with COVID-19 should not use ridesharing.