A Unique Moment for Small Towns

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Every month, I visit small towns and hear directly from business and community leaders about what’s working, what’s not working and what they need. And everywhere — across every issue — I hear one critical need that constrains how much change a community can make: money. Multiple rounds of federal stimulus means that billions of dollars are being made available for small towns across the country, on top of those available through private grant-makers. This is a game-changing amount of money. But wherever I go, local leaders say it will be very difficult to access. Why is that? I hear three key barriers. First, grants are complicated. Second, they often require organizations to raise money. Third, there’s a bias towards experience. Communities need help building their capacity, and they need it now. They need help finding and training leadership. They need help writing grant applications that meet funder specifications. They need help acquiring match funding. They need help distributing and administering funds effectively. And they need help assessing impact.

Keywords: small; town; and; rural; communities (search for similar items in EconPapers)
Date: 2022-03-30
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Persistent link: https://EconPapers.repec.org/RePEc:fip:r00034:101270

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