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• W194825540 abstract "As rural growth turns away from agriculture, rural entrepreneurs must seek out new sources of capital. The 1990s have witnessed a strong renewal of concern among policymakers and legislators over the economic future of rural regions. Despite the economic rebound of the 1990s, the nation's economic expansion has not benefitted all rural areas. In fact, of the nation's more than 2,300 rural counties, only about a third - primarily those with growing retail and financial centers, scenic attractions, or nearby metropolitan areas - have experienced substantial rates of growth.(1) Rural communities recognize that if they want to diversify their economies, improve infrastructure, and increase available housing, they must improve their access to capital. Given the critical role of capital in improving the rural economic outlook, it is useful to consider how rural capital markets are working today and where they are headed.(2) In at least two important respects, rural America's future capital needs are much broader than traditionally defined. First, rural Americans need capital for initiatives that are not tied to agricultural programs. The United States has a long history of policy initiatives aimed at improving the availability of credit to farmers. After nearly a century of such initiatives, the agricultural credit market by all accounts works very well. Yet the credit needs of much of rural America now lie outside of agriculture. Indeed, the irony today is that many rural entrepreneurs have far fewer sources of credit than farmers have. Second, rural Americans have capital needs that go well beyond credit. In the case of agriculture, federal policy initiatives have focused on credit. Yet for many rural businesses, equity capital - common stock - is an even bigger issue. Many rural businesses can find sources of credit, or debt capital, but may have greater difficulty finding sources of equity, or ownership, capital. Thus, as policymakers shift their focus away from agricultural issues and toward other rural economic opportunities, they need to pay more attention to capital markets, not just to credit. As policymakers consider new policy initiatives in rural capital markets, two questions loom large: Are there shortcomings in rural capital markets? And if so, what might be done to resolve them? Evaluating Rural Markets While financial markets are critical to the rural economy, they are not well understood. Throughout this century, researchers have paid far more attention to agricultural capital markets than to broader rural capital issues. A couple of years ago, participants at a national conference on rural capital markets, sponsored by the Federal Reserve Bank of Kansas City, pondered how rural capital markets work.(3) The conference - which attracted 125 of the nation's economic experts, rural business leaders, and public officials - drew a number of conclusions about the nature of rural capital markets: * Rural businesses have fewer sources of capital than urban businesses. One clear indication that rural businesses have fewer sources of capital comes from a national survey of small-business finance conducted by the Federal Reserves' Board of Governors in 1993.(4) According to the survey, roughly a third of all urban small businesses use financial services from nondepository financial institutions such as finance companies and leasing companies. By contrast, only a fifth of rural small businesses use these broader sources of capital. The primary sources of credit and capital for rural businesses remain community banks. In fact, rural businesses are nearly 33 percent more likely to depend on commercial banks for credit than are businesses in urban areas. In addition, rural businesses often must pay higher transaction costs than urban businesses because of the smaller number of lending agencies to choose from. * Many rural community banks face a limited or declining supply of loanable funds. …" @default.
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• W194825540 date "1999-03-22" @default.
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• W194825540 title "Rethinking Rural America's Financial Markets" @default.
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