Storefronts line 24th Street in South Omaha, but the view from the sidewalk offers only a glimpse of the activity inside. Stepping through a front door can reveal a mix of small businesses operating side by side or down a hallway.
In May, staff from the Omaha Branch of the Kansas City Fed visited South 24th Street to hear directly from entrepreneurs about their businesses and their experiences in the economy. Albert Varas, president and chief executive officer of the Latino Center of the Midlands, and Yesenia Peck, president of the Nebraska Hispanic Chamber of Commerce, coordinated and joined for the visits.
The first stop was Plaza Latina, a store that embodies the marketplaces prevalent throughout the South 24th Street corridor. Owner Tony Vega sells boots, hats, clothing, and other wares, but the location also serves as a small-business incubator, as Vega leases space to eight additional entrepreneurs operating throughout the building.
Tony Vega, right, describes his business, Plaza Latina, to Omaha Branch Executive Nate Kauffman. Latino Center of the Midlands President and CEO Albert Varas, left, and Nebraska Hispanic Chamber of Commerce President Yesenia Peck, second from left, coordinated the business visits in South Omaha.
With each business visited, Omaha Branch staff gained further insights into the journey that entrepreneurship often follows in South Omaha. New ventures may begin from a small corner in a shop or market and grow into larger, more dedicated space if the business takes root.
Nebraska Hispanic Chamber of Commerce President Yesenia Peck and Omaha Branch Executive Nate Kauffman on their way to Joyeria 3 Hermanos, a jewelry store in South Omaha.
Throughout the afternoon, the conversations with small business owners highlighted some of the challenges they are facing, including inflation, access to capital, and the impacts of immigration enforcement on foot traffic. Yet each business owner also expressed a dedication to entrepreneurship and contributing to their local community.
“Connecting with small business owners in South Omaha was incredibly helpful for us in understanding economic conditions that extend beyond the data,” said Senior Vice President and Omaha Branch Executive Nate Kauffman. “The insights shared by each business owner help us better understand the opportunities and challenges shaping South Omaha’s economy.”
Omaha Branch Executive Nate Kauffman listens as Latino Center of the Midlands CEO Albert Varas describes future development in South Omaha, including a new community campus for the Latino Center.
The views expressed are those of the authors and do not necessarily reflect the positions of the Federal Reserve Bank of Kansas City or the Federal Reserve System.