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GROUPS THAT ASSIST COMMUNITY ECONOMIC DEVELOPMENT

Contributed by: DR. SEAN REIF D.C. on 5/20/2008

Organizations may be useful in our quest for project funding. The type of organization is less important then the people who run it and the kind of relationships we develop with them. When thinking about who might provide assistance, let us bear in mind that many nonprofit organizations, government agencies and public institutions tend to take a public perspective, undertake projects that serve overall community interests. They are accustomed to public scrutiny, and the are usually more willing to devote the additional time needed to deal with the community's diverse interests. In contrast, private organizations are better able to undertake projects that require quick, independent decision making.

GOVERNMENT AGENCIES - The Small Business Administration, the Economic Development Administration, Rural Economic and Community Development, and Department of Housing and Urban Development are great places to look for money and information. Loan guarantee programs take out most of the risk for lenders, and stimulate lending to companies that wouldn't normally qualify. Some of these agencies make micro-enterprise loans to individuals to start up or expand small businesses. Many state sponsored programs provide economic development assistance specifically to business start-ups.

LOCAL GOVERNMENT - Cities, towns, and counties may provide money, staff, or technical assistance to community economic development, depending on the inclination of elected officials. They can also help develop infrastructure, acquire land, promote the community to attract new investment, and offer economic incentives to lure new business. Some local governments own facilities that support the local economy.

FOUNDATIONS - can be important partners in community economic development, providing both direction and financial assistance. Because they accept tax-exempt contributions, they offer an attractive means for companies to make contributions to community development efforts. Many direct grants and loans to business enterprises or programs. Community based projects are in an excellent position to create joint public / private initiatives with foundations and local governments or corporations.

CORPORATIONS - For profit or other corporate entities, such as utilities, sometimes have programs to loan personnel or facilities, sponsor community activities, underwrite certain project costs, or provide education and training.

EDUCATIONAL INSTITUTIONS - Colleges and universities can often provide education and training in business and economic development. They may help with such efforts as leadership training, improvement and expansion of workplace skills, and evaluation of development alternatives. Small business development centers are often found in community colleges. Many state universities have extension services that offer technical assistance to communities interested in economic development.

RELIGIOUS INVESTORS - Religious pension funds and other religious institutions are increasingly lending to impoverished urban and rural communities. Through alternative investments, they play a major role in supporting community efforts to meet essential human needs, such as affordable housing, health care, elder care, business formation, etc. These investors provide loans directly to both for-profit and non-profit entities, often channeling their funds through intermediaries such as community development loan funds and minority-owned banks.

VENTURE CAPITAL FUNDS - A small but growing number of "community development" venture capital funds make small-scale equity investments to stimulate community development and to support regional businesses that foster sustainable business practices.

COMMUNITY DEVELOPMENT CORPORATIONS - CDCs are often subsidiaries of commercial banks or multi-bank corporations, formed to serve the unmet capital needs of a community. Many have been created as part of an effort of their parent banks to adhere to the Community Reinvestment Act, which requires financial institutions to demonstrate that they serve the credit needs of the communities in which they are chartered. Unlike regular banks, CDCs can function as real-estate developers and make equity investments in local businesses an community development organizations, as well as make loans.

COMMUNITY DEVELOPMENT LOAN FUNDS - Backed by foundations, private donors, or religious organizations, these funds lend money to small businesses and community projects that have typically been denied access to traditional capital sources. They work with organizations that are community-centered and community-controlled. Typical borrowers include worker-owned businesses, consumer cooperatives, housing cooperatives, minority- and woman- owned businesses, and nonprofit housing developers.

DOWNTOWN DEVELOPMENT AUTHORITIES - These non-profit entities are often created by local government to support downtown businesses in their efforts to improve marketing, create events, finance improvements, and upgrade public facilities (streets, vegetation, streetlights). The National Trust for Historical Preservation helps downtown associations create historical districts, preserve historical buildings, encourage compatible new construction, and find new economic options for historic downtowns.

SPECIAL PURPOSE DISTRICTS - these taxing districts provide such public infrastructure and services as sewer, water, streets, recreation facilities, and weed control. They can help with Economic Renewal projects - for example, a recreation district might build rest rooms that tourists could use in a park near downtown.


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Submitted By: DR. SEAN REIF D.C.
posted on 5/20/2008 @ 10:00:27 AM
Rated Story
“I give the best that is in me. A man’s measure is not outside him but inside him. It is under his control.”
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CONTRIBUTOR INFORMATION

DR. SEAN REIF D.C.

THORNTON , CO

DR. SEAN REIF D.C. has posted 1084 stories and 1253 comments since joining on 9/14/2005. DR. SEAN REIF D.C. 's average story rating is 2.97.
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