MAIN STREETS OF TOMORROW:
GROWING AND FINANCING RURAL ENTREPRENEURS

          Entrepreneurship is the new focal point for rural development, concluded rural policy experts attending the Center for the Study of Rural America’s fourth annual rural policy conference, “Main Streets of Tomorrow: Growing and Financing Rural Entrepreneurs,” earlier this year in Kansas City.
A conference summary prepared by Mark Drabenstott, vice president and director of the Center for the Study of Rural America at the Federal Reserve Bank of Kansas City; Nancy Novack, associate economist; and Bridget Abraham, research associate; is featured in the third quarter edition of the Economic Review.

          With the global economy making it more difficult for rural communities to lure and retain businesses through incentives, participants agreed that a new focus growing new businesses on Main Street is long overdue. A new emphasis on entrepreneurship will not be easy, nor offer a quick fix to the struggling rural economy.

          According to participants, making entrepreneurship the preferred method of economic development in rural areas will involve a concerted effort to inform policy officials of the strong link between business innovation and economic gains. New policies will be needed that offer a more systematic approach to supporting the unique needs of rural entrepreneurs. In addition to programs that boost business skills, new steps to expand rural equity capital networks will also be important.

          Despite the challenges, most conference participants agreed entrepreneurship has great power in guiding a new generation of rural policy, and helping rural regions unlock their economic potential.
This conference summary is available on the Bank’s Web site at www.kansascityfed.org.

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