Spotlight on Rural Community Development Finance

Daniel Davis talks about the importance of understanding the economies of small towns and rural areas. He also discusses the work that the Federal Reserve Bank of Richmond has done to examine these economies and connect with community leaders, including the recent launch of the Richmond Fed's Center for Rural Economies and Investing in Rural America webinar series.

Mary Donnan and Victor Farmer discuss two projects in the Fifth District that illustrate the challenges of economic development in rural communities and the importance of philanthropic organizations in addressing those challenges. They also reflect on how the Richmond Fed's Community Investment Training program, whose core curriculum is provided by Invest Appalachia, helped move the projects forward.

The Community Investment Training helps rural leaders jump-start development projects, and based on the 2024 and 2025 cohorts, the Richmond Fed's community development team shares some lessons learned.

A look at where USDA Rural Development funding goes across the Fifth District. Which programs drive total investments, and which states and counties get the largest shares of funding?

Emily Corcoran and Jen Giovannitti discuss the demand and supply factors that influence the financing of community development in rural areas, as well as the issues that impede the flow of capital into the places that need it.

Rural communities can face a mismatch between supply of and demand for community development investment dollars. But through partnerships with local government, nonprofits, businesses, and CDFIs, some are developing creative solutions.

Philanthropic giving can make a big difference in small towns, if both sides can find each other.

Leaders from the organizations receiving the grants are graduates of the 2024 cohort of the Rural Investment Collaborative's Community Investment Training program.

Jason Smith discussed the results of the first round of the Bank's Community Investment Training, which helps rural communities obtain funding for their economic and community development projects. He also shared his interview with one of the program's participants, Craig Sewell of the Southern Maryland Agricultural Development Commission.

Host Tim Sablik shares some of the key insights from community development experts at the Richmond Fed's fifth annual Investing in Rural America Conference.

Some rural and small-town communities see potential for outdoor recreation to reinvigorate their economies.

As our Community Conversations team learned on a recent trip to Southeastern Virginia, the pull between maintaining a rural, small town feel and embracing the potential benefits of urbanization hangs in the balance.

Efforts such as subsidizing public transportation, providing access to auto loans, and limiting driver's license suspension laws could help address employment barriers for low-income and rural individuals.

Proposal submissions are now open for the 2024 Investing in Rural America Conference poster session! Learn about the ways rural communities are addressing economic challenges in this virtual tour of posters from our 2023 conference.

Carroll County, Virginia, worked closely with Virginia Housing and developer Landmark Asset Services, Inc. to repurpose the county's old high school building into affordable rental housing.

$440 million in competitive economic development grants from the 2021 American Rescue Plan Act have arrived in the Fifth District where the funds are expected to have an outsized impact in rural areas.

The New River Valley Regional Commission is an example of how a regional development organization can galvanize innovative, sustainable regional and local housing strategies to serve its small towns and rural communities.

Kelly Bowers, economic development director for Hertford County, N.C., discusses the challenges and opportunities facing her community. She highlights the importance of collaboration across state lines and the need for infrastructure such as broadband and affordable housing to support growth.

Intermediary organizations, including anchor institutions, rural development hubs, and collective impact backbone organizations, play an important role in rural capacity building.

Entrepreneurship creates many local benefits, but starting a new business in rural places can be challenging

Although people often associate high housing costs with urban areas, many households in rural areas also struggle with costly housing

President Tom Barkin shares innovative strategies and success stories from small towns around the Fifth District.

Community development financial institutions (CDFIs) like Woodlands Community Lenders are uniquely positioned to help rural towns address unique challenges through place-based revitalization and by attracting investment.

Dave Clark discusses the role of Woodlands Development Group and his organization's community development financial institution in driving economic development in north central West Virginia.