Community Development



November 9, 2010

Richmond Fed Sponsors South Carolina Forum on Small Business Finances

Columbia, S.C.

The Federal Reserve Bank of Richmond, along with several South Carolina partners, is holding a forum on small business credit issues on Nov. 16, 2010, at Midlands Technical College's Northeast Campus at the Center of Excellence for Technology in Columbia, S.C. The event begins at 8:30 a.m. and concludes at 1:30 p.m.

The forum, "Addressing the Financing Needs of Small Businesses," is part of an ongoing series of events designed to help identify small business financing needs. The forum offers an opportunity to convene regional partners representing the private, public and nonprofit financial sectors, and highlight regional as well as national themes in credit access and technical support for small businesses.

The Richmond Fed's Community Affairs function is presenting the forum as part of a national effort coordinated throughout the Federal Reserve System.

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. Collecting information at a regional and market level on small business access to credit and other issues helps the Richmond Fed verify any local gaps in small business credit products, types of financial institutions and demographic groups.

The regional forum also will provide the 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.

Forum partners include the South Carolina Department of Commerce, South Carolina Bankers Association, South Carolina Chamber of Commerce, National Federation of Independent Businesses, Small Business Development Center of South Carolina and the South Carolina Credit Union League.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.


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