The SF Fed engages with businesses and communities across the region to gather real-time information on local economic conditions. These insights provide important context to quantitative data and analyses that the Federal Reserve uses to guide its monetary policy efforts.
We also work to connect constituents with research, expertise, and networks that strengthen local economies. In this way, regional engagement furthers the SF Fed’s mission of advancing the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans.
The Federal Reserve’s system of 12 Reserve Banks, with the SF Fed representing the western states, helps ensure that local and regional perspectives inform Federal Reserve policies, actions, and decision-making.
Here’s a snapshot of a recent outreach event in Central California from the Community Engagement and Analysis team at the SF Fed.
California’s rural communities contribute to the state’s overall economy in a variety of ways, including through agricultural production, natural resources, and small business. Rural communities span the state, having long comprised a key component of its vibrant and resilient economy.
Recently, the SF Fed’s Community Engagement and Analysis (CE&A) team hosted its inaugural California Rural Success Summit, providing a venue for community organizations to exchange success stories and strategies and to share resources. The CE&A team works to understand the economic experiences of lower-income households by engaging communities, conducting and sharing research on community development topics, and fostering connections among those working to expand economic opportunity in our region.
The summit brought rural leaders together from across the state to Visalia, in the heart of California’s Central Valley. Community and economic development professionals shared practices and learned about valuable resources that could support their own communities. They heard about innovative work happening throughout the state to improve rural regions and the outcomes for low-income families living in these regions. Topics addressed included workforce development, affordable housing, infrastructure, economic development, small business, and downtown revitalization.
Rural community and economic development professionals shared their own stories about comprehensive approaches to supporting low-income families. These approaches addressed housing, health, and employment. For example, affordable housing developer Self-Help Enterprises shared information about Guardian Village, their new affordable housing project in Reedley, and Neighborhood Village, a permanent supportive housing community in Goshen. They partnered with Salt + Light, a human services organization that provides wraparound services for residents to support their full economic participation.
Attendees also learned about comprehensive regional economic development strategies. For example, Redwood RISE represents 150 organizations across Tribal Lands and Del Norte, Humboldt, Lake, and Mendocino Counties. Together, they developed and are now implementing a 10-year regional roadmap that will bring quality jobs to the region.
Community Development Financial Institutions (CDFIs) that connect rural communities to capital and tailor their offerings to rural needs, such as infrastructure development, small business, affordable housing, and community facilities, shared information about their programs and resources. The CDFIs who participated in the summit noted that their loans range between $5,000 to more than $2 million and can provide more flexible loan terms and lower interest rates than other types of loans.
Participants also shared their stories of impactful public-private partnerships in support of small businesses. In Siskiyou County, located at the northernmost point of California, a rehabilitation of the Yreka Carnegie Library building served as a catalytic project that transformed a historic district and helped create a vibrant hub for economic innovation, entrepreneurship, and community engagement.
Looking Ahead
This was the SF Fed’s first year hosting the California Rural Success Summit, with nearly 150 attendees spending a full day learning and networking. We heard from many attendees that they felt inspired by the stories shared during the summit and that they learned about new resources. We look forward to continuing to foster rural cross-sector collaboration in California. Deepened connections, continued learning, and supporting efforts to help rural communities prosper will cultivate an economy that works for everyone in the state.