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Federal Home Loan Bank of Des Moines Pledges $500 Million For Rural Economic Development; Addresses Future Prosperity of Rural America
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The Federal Home Loan Bank of Des Moines (FHLBDM) is making a $500 million capital investment in rural America over the next five years.
With its new Rural Capital Advance program, the Home Loan Bank will set aside $100 million each year for its five states: Iowa, Minnesota, Missouri, North Dakota, and South Dakota. The funds will be available for banks to loan locally and will be earmarked for rural economic development.
The Rural Capital Advance is an outgrowth of the Home Loan Bank's 2004 landmark symposium where a broad cross-section of rural experts and officials stressed the need for more investment capital in rural areas. The advance can be used for many ventures, including business start-ups, business expansions, community facilities and quality of life projects.
The Bank's Washington event, "Capitalizing on Rural America: A Policy Forum", featured members of Congress in a Socratic Dialogue facilitated by legendary Harvard law professor Arthur Miller. Dr. Miller engaged the panel of policymakers in a wide-ranging discussion of key issues facing rural America and policies and programs that have an impact on these. Iowa Senators Chuck Grassley and Tom Harkin hosted the one-day forum.
In addition, rural America needs to rediscover its economic value and use it to build a new economy, according to a study commissioned by the Federal Home Loan Bank of Des Moines as a platform for the "Capitalizing on Rural America" forum.
Conducted by SRI International's Center for Science, Technology, and Economic Development, the wide-ranging study found that the focus--both in rural America and in Washington--is generally on problems rather than solutions. The study further revealed that the rural economy has become much more diverse than agriculture, while policy and funding have not kept pace.
Authors of the study suggest there must be a shift in focus to assets and opportunities for rural America to reclaim its prosperity.
The study also identifies policy and program steps that can be taken to enable economic growth in rural areas of the nation. These include reducing duplication and consolidation of programs to make them easier to find and use; greater flexibility in terms of assistance and timeframes, and co-investment by rural communities, businesses, and institutions.
We are offering nine fully produced reports (in 96 kbps only)--grouped by state--regarding this year's "Capital Community Awards" and the "Capitalizing on Rural America" forum.
