This webinar featured model rural programs from the U.S. Department of the Treasury’s State Small Business Credit Initiative. It was open to all governors’ economic policy advisors, commerce directors, and other interested parties.
September 19, 2017
Capital is a key component in any entrepreneurial ecosystem, and access to capital is a critical consideration in state economic development planning, particularly for rural areas. State experimentation in expanding access to capital has been extensive, and the resulting state strategies and structures are diverse. In addition to credit support and direct lending programs, interest in state venture capital programs has risen, given its prominent role in financing innovative new companies and industries.
In this webinar from the NGA Center for Best Practices, NGA featured model rural programs from the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI), a $1.5 billion federal initiative which funded state credit support and venture capital programs across 47 states, the District of Columbia, 5 U.S. territories, and municipalities in 3 additional states.
The webinar gave a brief program overview from SSBCI director Jeff Stout, and policy considerations in setting up venture capital initiatives from program consultant Eric Cromwell of Cromwell Schmisseur. Several States also presented their strategies in expanding access to capital in rural areas:
- Georgia Department of Community Affairs – Holly Hunt, SSBCI Program Manager
- Idaho Housing and Finance Association – Cory Phelps, Vice President for Project Finance
- NetWork Kansas – Steve Radley, President and CEO
- West Virginia Jobs Investment Trust Board – Michele O’Connor, Investment Manager
State experiences can serve as a resource and building block for other states as they plan to address capital issues for entrepreneurs and small businesses.