Forward
The Federal Reserve Bank of Kansas City serves the seven states of the Federal Reserve’s Tenth District, which include Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri. As the regional headquarters of the nation’s central bank, the Kansas City Fed participates in setting national monetary policy, supervises and regulates fi nancial institutions, maintains stability of the payments system and provides fi nancial services to banks and other depository institutions. To succeed in each mission area, the Federal Reserve relies on many resources, ranging from current economic and banking data to the analysis and expertise of its staff. One of the Federal Reserve’s resources is its Community Development function, created in the 1980s following congressional approval of the Community Reinvestment Act. Community Development professionals take policymakers to the front lines of community issues through a range of initiatives, including forums, conferences, directed research and advisory councils. These initiatives position the central bank to respond effectively to emerging economic developments, long-term needs and new challenges confronting rural and urban low- and moderate-income communities. The Kansas City Fed’s Community Development department focuses its research, resources and programming on fi ve primary areas: community development investments, fi nancial stability for the underserved, neighborhood stabilization, workforce development and small business development. The Kansas City Fed understands the vital role small businesses play in growing the economy by creating jobs, building communities and being key innovators of new technology and processes. This guide was developed to assist communities throughout the Tenth District and across the nation as they explore the benefi ts of a grow-your-own approach to economic development.
