Building a Strong Future

1
Building a Strong Future

• Entrepreneurial Lending
• and Rural Development

2
Entrepreneurship is Future

• New business recruitment
• Retention and expansion of existing business
• Entrepreneurship

3
Why is this critical?

• IN THE LAST 20 YEARS.
• Small companies created 2/3 of new jobs
• Responsible for 2/3 of innovation
• Response to lower cost business sites
• A factor in stabilizing population

4
Characteristics of Entrepreneurs

• View globalization as opportunity
• Exploit innovation to create new business
• Build and grow companies
• Take risks

5
Entrepreneurial Ecosystem

• Culture of Entrepreneurship
• Education and Training
• Business Networks
• Access to Capital
• Infrastructure/Broadband/Transportation
• Thriving Community

6
Challenges in Rural Areas

• Size and Distance
• Harder to access capital
• Availability of technology
• Technical/management expertise
• Labor pool

7
Advantages in Rural Areas

• Quality of Life
• Communication Systems
• Regional Leverage
• New Frontier

8
Where it is working

• Rocky Mountain States
• Southeast
• Plains
• Ohio Valley

9
How to Start

• Focus on markets not companies
• Focus on networks and clusters
• Growth firms vs. start-ups
• Public awareness
• Potential of information technology
• Focus on target groups
• Thriving Community

10
Markets

• Niche
• Presence
• Local Assets

11
Networks and Clusters

• Advantage of scale
• Regional opportunities
• Small Capital concept

12
Public Awareness

• Schools and colleges
• Education and training
• Key to job growth
• Opportunity to retain young people

13
Potential of Information

• Business opportunities
• Ways to provide services
• Connection to global markets

14
Promoting to Target Groups

• Under-represented groups
• Young people
• Niche firms

15
Access to Capital

• Equity capital
• Support services
• Detail in planning
• ROI

16
Investing or Lending?

• Build local and regional wealth
• Create opportunities for growth
• Maintain population
• Provide options for young people