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Journal Article
Small Business Performance in Industries in LMI Neighborhoods After the Great Recession: Atlanta, Baltimore, Chicago, Houston and Los Angeles
Small businesses are essential to the economic infrastructure of both lower-income and higher-income neighborhoods. In this report, we compare small business performance in lower-income vs higher-income areas. Findings offer some directions for growing small businesses in LMI and ethnic/minority neighborhoods
Journal Article
Developing small businesses and leveraging resources in Detroit: an informed discussion among financial institutions, policymakers and Other stakeholders in Detroit
In October 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association and the New Economy Initiative for Southeast Michigan co-sponsored a symposium in Detroit that brought together business experts, business owners, policymakers, funders and bankers to explore issues around access to small business credit and financing in Detroit. As Alicia Williams, vice president of the Community Development and Policy Studies (CDPS) division, explained in her opening remarks, the symposium was a follow-up to meetings hosted around the country by the Federal Reserve System?s Community ...
Journal Article
The evolving roles of mission-focused financial intermediaries and mainstream financial institutions in community development finance
In 2005, the Federal Reserve System and the Aspen Institute?s Economic Opportunities Program launched a national conference series to explore the state of the community development finance industry. A further goal was to document lessons and practices primarily from the for-profit sector, and introduce organization, productand industry-level innovations to increase the impact of community development financial institutions (CDFIs) and other community development organizations. Prior research by Moy and others formed the basis for the series. This research showed that environmental changes ...
Journal Article
Resource Utilization among Black Small Business Owners in Detroit: Results from a Questionnaire
One of the most important ways for small businesses to access capital is through connections to resource networks. Business networks are the set of arrangements and information platforms that business owners use to increase exposure and sales, gain knowledge of their markets, develop financial management skills, and familiarize themselves with sources of financing. Networks can also connect people to other service providers, such as nonprofit organizations and professionals that support business owners through technical and financial training, referrals, legal services and procurement ...
Journal Article
The impact of poverty on the location of financial establishments: evidence from across-county data
The location of bank branches is an important issue for consumer advocates and other groups that monitor access to financial services for low- and moderate income people. The proximity of banks and their branches to the places where people live and work is one basic element of mainstream financial access. The ability of people to choose from an array of financial products, especially those offered through the banking system, is fundamentally related to the economic well-being of a community.
Journal Article
Capital-raising among minority-owned banks before and after the financial crisis
The financial crisis and recession of 2008-2010 made the availability of capital a significant area of concern for community banks, and led many of these institutions to seek out sources to rebuild their equity.1 The need for capital may have been even greater for some minority-owned financial institutions. Minority-owned depositories are a small subset of financial institutions, most of which are also community banks, reflecting either black, Hispanic, Asian, or Native American ownership, or majority minority board members and a mission to serve minority populations. Regulators have long ...
Newsletter
Developing small businesses and leveraging resources in Detroit
On October 16?17, 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association, and the New Economy Initiative for Southeast Michigan co-sponsored a symposium that brought together business experts, business owners, policymakers, funders, and bankers to address the issues of small business credit and financing in Detroit.
Journal Article
Community banks: what is their future and why does it matter?
The U.S. banking system has undergone a dramatic restructuring since the 1970s. One of the biggest changes is the reduced number and market share of community banks. The number of banks with less than $1 billion in assets ? a common definition of community bank ? has declined from approximately 14,000 in 1980 to about 7,000 today. Concurrently, the proportion of assets held by the ten largest bank holding companies increased from less than 25 percent to more than 75 percent, while community banks? share fell from about one third of the market to well under one fifth