June 11, 2010

Richmond Fed Small Business Roundtable Set in Baltimore

Richmond, Va.

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.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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