March 30, 2021
COVID-19 SMALL BUSINESS GRANT PROGRAM OPENS APRIL 5 UNTIL FUNDS RUN OUT
The Small Business COVID-19 Relief Grant Program administered by the Community Foundation of Abilene opens on April 5th! Grants from $2,500 up to $50,000 are available, and the total program funding is $500K+.

DETAILS:
  • The program is funded through a grant to the City of Abilene, Texas Government from the U.S. Department of Housing and Urban Development, Coronavirus Aid, Relief Economic Security Act (CARES Act).
  • Grants will provide pandemic-relief grant funding to eligible small businesses impacted by COVID-19 that operate in Abilene, Texas.
  • These funds do not need to be paid back.
  • Grant funds cannot be used to cover/reimburse any items or expenses that were already covered through another federal program (EIDL, PPP, etc.)

Two public informational sessions will be held via zoom on April 13.

Registration for the zoom sessions and more information on the application process can be found here.
AGRICULTURAL SURVEY - FIRST QUARTER 2021
Bankers responding to the first-quarter survey reported overall better conditions across most regions of the Eleventh District. They noted good crop yields and rising prices, while also expressing caution about continued dry conditions. “Crop prices are encouraging; however, we are still dry, and unless we receive good spring rains, most producers will be looking to insurance early,” said one survey respondent. Cattle sales continue to do well, and demand for rural properties remains strong.

Demand for agricultural loans continued to decline, with the loan demand index registering its 22nd quarter in negative territory. Loan renewals or extensions fell this quarter while the rate of loan repayment increased for the first time since 2014. Loan volume decreased across all major categories compared with a year ago except for farm real estate, non-real-estate farm and operating loans.
Irrigated and ranchland values increased, but dryland values were flat this quarter. According to bankers who responded in both this quarter and first quarter 2020, nominal irrigated cropland and ranchland values increased year over year in Texas and southern New Mexico.

The anticipated trend in farmland values index grew in first quarter 2021, suggesting respondents expect farmland values to continue increasing. The credit standards index remained in positive territory, indicating further tightening of standards on net.

Next release: June 28
TEXAS MANUFACTURING ACTIVITY ACCELERATES SHARPLY
Texas factory activity expanded at a markedly faster pace in March, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, surged 28 points to 48.0, its highest reading in the survey’s 17-year history.

Other measures of manufacturing activity also pointed to sharply faster growth this month. The new orders index rose 18 points to 30.5, and the growth rate of orders index rose 11 points to 22.7. The capacity utilization index rocketed from 16.5 to 46.1, an all-time high. The shipments index rose 17 points to 33.1.

Perceptions of broader business conditions improved markedly in March. The general business activity index posted another double-digit increase, rising 12 points to 28.9. The company outlook index shot up 15 points to 25.8, its highest reading since mid-2018. The outlook uncertainty index edged down to 5.5.

Labor market measures indicated robust growth in employment and work hours. The employment index came in at 18.8, up from 12.7 and well above average. Twenty-nine percent of firms noted net hiring, while 10 percent noted net layoffs. The hours worked index doubled from 11.3 to 23.4.

Price and wage pressures accelerated further in March. The raw materials prices index rose from 57.4 to 66.0 amid continued reports of supply-chain disruptions driving up costs. The finished goods prices index climbed nine points to 32.2, its highest reading since 2008. The wages and benefits index posted a double-digit increase, rising 12 points to 28.0.

Expectations regarding future manufacturing activity remained positive in March. The future production index was largely unchanged at 38.3, and the future general business activity index held steady at 33.7. Other measures of future manufacturing activity showed mix movements but remained solidly in positive territory.
FEMA WINTER STORM RECOVERY INFORMATION
Apply for Assistance
If you sustained damage from snow and ice during the winter storms and you have insurance, contact your insurance company and then FEMA. Your insurance claim information is needed to determine eligibility for federal assistance.


If you need assistance with anything not covered by insurance, local voluntary organizations in your community may be able to help.
You can also call 211 for assistance. 

Texas Department of Insurance (TDI)
U.S. Department of Agriculture
Texas Attorney General
  • Report price gouging or any other scams.


TEXAS ECONOMIC CONDITIONS IMPROVE AS PRICE PRESSURES BUILD
Economic conditions in Texas have improved, with the Texas Business Outlook Surveys in February showing a pickup in growth after a deceleration in January. Additionally, staffing and Texas mobility and engagement have surpassed levels reached prior to a mid-February freeze and electric grid collapse that afflicted most of the state.
Meanwhile, price pressures continue to build in the manufacturing and retail sectors, partly due to supply-chain disruptions.

Recent Texas Economic Activity
Texas Business Outlook Surveys for February show a pickup in output expansion. The Texas manufacturing sector reclaimed the solid growth path exhibited during the second half of 2020, as the manufacturing production index jumped to 19.9 from 4.6. The index is calculated by subtracting the percentage of respondents reporting a decrease in activity from the percentage reporting an increase, with a reading above 0 indicating expansion.
Service sector revenue growth resumed but remained muted, with the index edging up from 0.8 to 2.6, a reading well below average. Retail activity remained depressed, with the sales index holding near zero. Business outlooks improved, particularly among manufacturers.
NOMINATE YOUR FAVORITE SMALL BUSINESS FOR THIS YEAR'S SMALL BUSINESS AWARDS
You interact with hundreds of businesses each week. Now, think of those that are doing exceptional work, whose contributions to our community are elevating our region and who make your life just a little bit better. Got them in mind? Nominate them for the Small Business Awards Luncheon sponsored by America's SBDC at Texas Tech, Keep It Local Driven by First Financial Bank, Star Dodge Chrysler Jeep Ram and Hyundai.

Deadline is March 31

NEW BUSINESS OF THE YEAR AWARD The New Business of the Year Award is to recognize a new business Chamber member operating for more than one year and less than three years that has gained an expanding positive reputation. Nominees must have fewer than 25 full-time equivalent employees. Judging for this award will be based on potential community impact, use of innovation and technology as well as business growth.

SMALL BUSINESS YOUNG ENTREPRENEUR OF THE YEAR Chamber member, business owner who has owned their business for more than one year, under the age of 40 who has taken risks in business – started a new venture; expanded into a new area; taken on a difficult project; someone whose thinking is “outside the box”; an astute businessperson with a vision for the future.

THE COMMUNITY INVESTMENT AWARD is to recognize a local Chamber member business with fewer than 25 full-time equivalent employees, for its outstanding community service contributions such as special programs, partnerships, in-kind support of goods and services, employee volunteerism or other activities that have resulted in a positive impact on our community and citizens. Judges will consider all nominees for their impact, creativity, commitment and employee participation.

FAMILY-OWNED BUSINESS OF THE YEAR AWARD This award honors a family-owned and operated business with less than 25 full-time employees. The owner must also serve as a majority owner and operator or bear principal responsibility for operating a small business with at least 10 years. They must demonstrate increased employment opportunities for family members and non-family members.

WHAT WE'RE READING

4 Things Gig Workers Need to Know About Paying Taxes

Gig workers have a few factors to consider in order to ensure they’re meeting their tax requirements and avoiding penalties.


Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs

Congress has passed multiple aid programs and changes to help businesses during the pandemic, including forgivable PPP loans, new tax credits, grants and more.
You don't want to miss these upcoming events for
your business.

MARCH 31 ONE MILLION CUPS Are you an entrepreneur? Are you searching for a way to connect with other entrepreneurs to discover solutions for your small business needs? The Abilene Chamber of Commerce and McMurry University Center for Free Enterprise and Entrepreneurship are excited to bring the Abilene community - 1 Million Cups! Register here.

MARCH 31 BUSINESS STRATEGY: DYNAMIC FINANCIAL PLANNING The next Governor’s Small Business Webinar will offer guidance on dynamic financial planning for Texas small businesses and entrepreneurs. It is essential for all businesses to focus on cash flow management as they look ahead and plan for the future. Join us as we bring together a panel of experts to answer questions and advise business owners on tools and techniques for business planning and strategic cash flow management. This webinar will also provide an update from the U.S. Small Business Administration on federal funding and the recently passed American Rescue Plan Act. Register here.

APRIL 7 WAKE UP WEDNESDAY SPONSORED BY HSU HOUSTON LANTRIP CENTER FOR LITERACY Monthly morning social business networking event. Open to sponsor employees and guests, Chamber members and prospective members. Features a short sponsor presentation, food/beverages, update on Chamber activities and door prizes. Register here.

APRIL 7 ABICHAT LUNCHEON SPONSORED BY ABILENE REGIONAL AIRPORT Our ABIChat luncheon series is back for 2021 with our first in-person luncheon of 2021on April 7th featuring community leader, Chairman and Chief Executive Officer of First Financial Bank Texas, Ron Butler. Register here.

APRIL 13 GOVERNMENT CONTRACT TRAINING Have interest in working with the government? Want to learn more about proposal writing techniques and pricing methods? Join us for this full day workshop on April 13 8:00 am - 4:00 pm featuring Sandra Burns, CEO, and Greg Hansen, CFO, of Project Solutions, Inc (PSI). Register here.

APRIL 22 AYP AFTER FIVE We've missed you! Join us at our first in-person networking event of 2021. We'll enjoy gathering again with our young professional community over drinks, eats and overlooking downtown Abilene at the Abilene Chamber of Commerce. Register here.