April 15, 2010

Federal Reserve Presenting Small Businesses Credit Forum in Chapel Hill

Richmond

The Federal Reserve Bank of Richmond is holding a forum on small business credit issues on April 20 from 8:30 a.m. until 1 p.m. in the William and Ida Friday Center for Continuing Education at the University of North Carolina in Chapel Hill, N.C.

The forum, "Addressing the Financing Needs of Small Businesses," is part of a series of events designed to help identify small business financing needs. The forum offers an opportunity 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 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.

A list of partners and more information is available online.

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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