Small business owners, there’s two pieces of news you need to know about: the Fort Worth Business Plan Competition and the kickoff of CDFI Friendly Fort Worth. Let’s jump in.
The Fort Worth Business Plan Competition
Back after a two year hiatus during the pandemic, this competition is designed to support Fort Worth’s community of entrepreneurs. Not only are cash prizes given to the winners, but the entire process helps business owners grow through training sessions and offers access to a community of mentors + like-minded entrepreneurs.
The prize: $10,000, $5,000, and $3,000 in cash for the top three winners.
Who can enter: Established businesses between 2-5 years old with an annual revenue of less than $500,000. You must also have a DBA and business address within city limits. See further eligibility criteria here.
How to apply: Fill out the application by 11:59 p.m. on Sun., Jan. 30.
CDFI Friendly Fort Worth
As part of the American Rescue Plan Act, the city voted last year to allocate $3 million towards CDFI Friendly America, LLC. That means more patient + flexible financing and lending options for historically underserved communities.
CDFI defined: Short for Community Development Financial Institutions, they provides basic financial services, affordable credit, and investment capital to those denied access to traditional financial services.
Uplifting minority communities: In data from over 30 years of CDFI financing, 60% went to borrowers of color.
Fort Worth’s plan: To partner with CDFI Friendly America to lend $250 million over five years, creating opportunities and wealth for the city’s underserved communities.
Get involved: Join the city’s launch virtually this Wed., Jan. 26 at 9 a.m. to learn more from key speakers. While CDFIs are still working to be established in Fort Worth, you can already apply for financing help here.
Psst — CDFIs are not just for business owners. Homeowners, renters, non-profits, and housing developers can apply too.