As part of the Federal Reserve System's ongoing series Addressing the Financing Needs of Small Business, the Federal Reserve Bank of Richmond is hosting a small business roundtable on June 14, 2010, from 8:30 a.m. to 10:30 a.m. at its Baltimore branch. This roundtable is one in a series of forums on small business access to credit and support services being held across the country.
The roundtable will convene small business owners, banks, small business support services and other regional partners to discuss small business financing concerns and share promising practices to help meet the needs of local small businesses. U.S. Reps. Elijah Cummings and John Sarbanes are scheduled to attend the event to learn more about small business conditions in the state of Maryland.
The purpose of the series is to gather information on local perspectives, as well as national themes, in credit access and technical support for small businesses. The roundtable also will offer the Fed various perspectives from key providers of small business credit and technical assistance about what is working effectively and what practices may be promising for replication in other markets.
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. 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.
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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