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Notable Rural Development Programs Compiled by Jonathan Watts Hull Senior Policy Analyst Southern Legislative Conference of the Council of State Governments

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Notable Rural Development Programs Compiled by Jonathan Watts Hull Senior Policy Analyst Southern Legislative Conference of the Council of State Governments Notable Rural Development Programs compiled by Jonathan Watts Hull Senior Policy Analyst Southern Legislative Conference of The Council of State Governments Kentucky Highland Investment Corporation Shorebank Corporation Jerry Rickett, President and Chief Executive Anne Arvia, President and Chief Executive Officer Officer P.O. Box 1738 7054 S. Jeffery Blvd. 362 Old Whitley Road Chicago, IL 60649 London, KY 40743-1738 800-669-7725 ph: 606-864-5175 http://www.sbk.com fx: 606-864-5194 http://www.khic.org ShoreBank is considered the first Community Development Bank in the country. When the KHIC is one of the oldest rural South Shore Bank in Chicago was refused a venture capital funds in the country, serving petition to relocate from its South Side location nine counties in southeastern Kentucky. by federal regulators, it was sold to a group Founded in 1968 as one of the original Title of unlikely bankers with an uncommon idea: VII community development corporations, to revitalize the blighted community with a it undertook a mix of social programming, mix of conventional banking and community industrial recruitment, community development development services. In 1972, ShoreBank, and economic development. KHIC began the holding company for the bank, created working on venture capital activities in 1972 three affiliates to complement the bank: a and has since invested more than $90 million real estate development company, a non- in 175 business ventures. KHIC is notable for profit organization and a venture capital fund. several reasons. Chief among these is the ShoreBank’s model of success has been degree to which it supports entrepreneurs. enormously influential in encouraging other Kentucky Highlands offers extensive community development financial institutions. hands-on technical assistance to the It has also replicated its operations in five entrepreneurs it serves in order to develop other communities, including Michigan’s Upper the business and management capacity Peninsula and the Pacific Northwest. they need to thrive. The Corporation works one-on-one with a business after they Southern Development Bank Corporation join the KHIC portfolio in a wide range of Phil Baldwin business skills, training that is also available President and Chief Executive Officer to non-participating entrepreneurs for a fee. Southern Bancorp Secondly, KHIC may take over management 605 Main Street of a company in its portfolio if the company Arkadelphia, Arkansas 71923 defaults on its equity or loan agreement or Ph: (870)246-3945 place conditions on future equity investments Fx: (501)537-1193 or loans. Third, Kentucky Highland offers http://www.southernbancorpinc.com technical assistance to through its business planning center called The Launching Pad. Southern Development Bank Corporation KHIC is also a partner with Southeast developed as a direct result of ShoreBank’s Community Capital in Southern Appalachian success. In 1986 ShoreBank’s success Fund, a New Market Venture Capital firm. in reversing decline in an urban area was relatively untested in rural communities when the Winthrop Rockefeller Foundation invited southern legislative conference • p.o.box 98129 • atlanta, georgia 30359 • 404/633-1866Notable • fx: Rural 404/633-4896 Development • www.slcatlanta.org Programs, page 1 ShoreBank to come to Arkansas and develop North Carolina Rural Economic a model there. With Foundation credit, the Development Center Southern Development Bank Corporation Billy Ray Hall, President became operational with the purchase of a 4021 Carya Drive conventional bank in Arkadelphia, Arkansas. Raleigh, North Carolina 27610 The Bank soon developed a non-profit Ph: (919)250-4314 small business lending affiliate (Southern Fx: (919)250-4325 Financial Partners) and a for profit real-estate http://www.ncruralcenter.org development subsidiary (Southern Property Corporation), which worked in tandem to The North Carolina Rural Center is widely build rural economies. Southern has since regarded as a top model for delivering rural expanded into the Delta region and created development services. Supported by a mix the Southern Good Faith Fund, which initially of federal, state and private funding, the was a microlending program, but has since Center offers a number of capacity building evolved into a program providing business programs and policy activities. With respect development, asset creation, and workforce/ to capital access, the Rural Center offers career development program. several programs of note. The Capital Access Program establishes a loan loss reserve to allow participating banks to make loans that One Georgia Authority carry higher risk than they would otherwise Nancy Cobb, Executive Director be able to make. The reserves are financed 1202-B Hillcrest Parkway by a borrower’s fee of 3 percent to 7 percent Dublin, Georgia 31021 which is matched by program funds. The Ph: (478) 274-7734 Microenterprise Loan Program provides loans Fx: (478) 274-7727 to individuals with sound business ideas for http://www.onegeorgia.org starting or expanding a small business but do not qualify for bank loans. Loans range The One Georgia Authority is modeled from $500 to $25,000 and include business after the One Maryland/Smart Growth planning and technical assistance, which is Economic Development Infrastructure Fund, offered in partnership with small business but offers a considerably broader array centers located at area community colleges of services. One-third of the Georgia’s and small business technology development tobacco settlement monies is targeted centers. to assist the state’s more economically challenged areas. The Authority includes The West Central Initiative two programs for industrial development, Nancy Straw, President the Economic Development, Growth and 1000 Western Avenue Expansion (EDGE) Fund for communities to Fergus Falls, Minnesota 56537 use when competing for business relocation, Ph: (218)739-2239 and an Equity Fund to provide financing Fx: (218)739-5381 to communities for infrastructure related http://www.wcif.org to economic development. One Georgia also Entrepreneurial Small Business Loan The West Central Initiative is a privately- Guarantees. One Georgia has shifted funded program operating in the west central dramatically over time. At its inception Minnesota to address the needs of the the program was very broadly focused on region’s residents. WCI offers loans, grants, innovations to support rural Georgia. It training and technical assistance through five has since shifted to focus more directly on initiative areas. The Initiative focuses on both industrial development. family support and workforce development as well as building up the capacity of individuals and businesses in the region. What makes WCI noteworthy is the comprehensive approach it takes to meeting the needs of the largely rural west central part of Minnesota. Notable Rural Development Programs, page 2 Notable Rural Development Programs, page 3 Rural Capital Advance Economic Development Institute Federal Home Loan Bank of Des Moines (Georgia) Curt Heidt Don Betts, Manager, Enterprise 907 Walnut St. Development Des Moines, Iowa 50309 404 N. Peterson Avenue Ph: (515)281-1000 Douglas, Georgia 31533 Fx: (515)281-1022 Ph: 912/389-4324 Fx: 912/384-4151 As part of a larger community investment http://www.ceds.gatech.edu program, the Federal Home Loan Bank Rural Capital Advance Program to provide The Economic Development Institute of below-rate capital for banks to make Georgia Tech was recently reorganized construction and housing loans in rural by Governor Purdue to reflect a statewide areas. The program is based on a general entrepreneurial culture. A new Enterprise community investment advance program, Division was established within EDI to but is specially tailored to the specific focus attention on entrepreneurs across needs of rural communities, including the state. The Enterprise Division works a lower minimum loan amount, and with communities around the state to help geographic limitation for the use of funds. them support their local entrepreneurs. A significant aspect of this has been to put in place a network of regional economic Coastal Enterprises Inc. development managers to pull together Ron Phillips, President a team to help them understand their 36 Water Street entrepreneur environment and learn how Wiscassett, Maine 04578 to become “entrepreneur-ready.” Ph: (207)882-7552 Fx: (207)882-7308 Office of Rural Community Affairs http://www.ceimaine.org Charlie Stone P.O. Box 12877 Coastal Enterprises is a Community Austin, TX 78711 Development Corporation and Community Ph: 512-936-6701 Development Financial Institution that Fx: 512-936-6776 pays serious attention to the natural http://www.orca.state.tx.us resource-based industries. CEI takes a comprehensive approach to building The Office of Rural Community Affairs is assets, linking development finance to the focal agency for Texas’s community workforce, entrepreneurship, sustainable development, economic development, development, and policy and research. and healthcare programs that target Coastal is principally a rural enterprise, rural areas of the state. The agency helping individuals and businesses was created by merging two existing achieve tangible changes in their lives programs administered by separate or work that also pay returns to their state departments into one rural agency, communities. CEI offers financing to small providing them with the resources of and medium-sized businesses through several significant
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