Richmond Fed Holds Small Business Credit Forum in Charlottesville
RICHMOND, Va. – July 15, 2010 – The Federal Reserve Bank of Richmond is holding a forum to identify small business credit issues on July 22 from 8:30 a.m. until 1 p.m. at the University of Virginia Alumni Hall in Charlottesville, Va.
The forum, "Addressing the Financing Needs of Small Businesses," is part of a national series to convene regional partners and highlight regional as well as national themes in credit access and technical support for small businesses.
The Richmond Fed's Community Affairs department is presenting the forum as part of a national effort coordinated throughout the Federal Reserve System. It is the fourth such event the Richmond Fed has held this year.
Small businesses play a critical role in America's economy — employing more than 50 percent of private sector workers and contributing significantly to the GDP. Many businesses report significant difficulty in obtaining or renewing credit from some financial institutions to support their operations.
The regional forum also will provide the Richmond Fed with various perspectives from key delivery sources of small business credit and technical assistance on what is working effectively and what may be promising practices for replication in other markets. Collecting information at a regional and market level on small business access to credit and other issues helps the Richmond Fed verify local economic conditions.
Emerging themes, best practices and common challenges will be presented at a Federal Reserve Board of Governors capstone event in July to elicit concrete actions that can be taken by the Board, national policymakers, federal agencies and other stakeholders.
Forum partners include the University of Virginia Darden School of Business, Virginia Bankers Association, Charlottesville Regional Chamber of Commerce, Virginia Small Business Development Center, Virginia Department of Business Assistance and the Virginia Small Business Financing Authority.