Bridges - Summer 2005

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O N T H E I N T E R N E T A T W W W . S T L O U I S F E D . O R G3

By Matthew Ashby

Community Development Specialist

Yes, its true. Entrepreneur-ship is ultimately about businessdevelopment and growth. Butthe Feds triking the Right Noteson Entrepreneurship conference inMemphis this past April tried tomine thinking on the topic more

deeply. If entrepreneurs are notborn, but made, then it mightfollow that entrepreneurial com-munities can be created.

Could entrepreneurship alsobe about culture and creativity?It might be that culture playsan important role in the level ofentrepreneurial activity acrosscommunities, states and nations.

The conference planning teamthought that economist andauthor Richard Florida couldhelp advance thinking in thisvein by presenting his theorieson economic development andentrepreneurship.

While working as a profes-sor of economic development

at Harvard in the late 1990s,Florida was shaken by a situa-tion in Pittsburgh that promptedhim to start rethinking a fieldhe had worked in for almost 20years. Like many, he believedthat if communities built high-tech industries, they couldattract people. Good, high-pay-ing jobs would be created and,

as the theory goes, if you creategood jobs, the people will come.

Pittsburgh had been working

to create jobs in research, devel-pment, technology, engineering,

marketing, management, leader-ship and business development.Then, one well-known telecom-munications company decidedto move from Pittsburgh toBoston to gain access to a readilyvailable pool of knowledgeable,

talented and creative people.Leaders in the Pittsburgh regionhad worked hard to assist in thereation of this pioneering firmnd so were discouraged by the

move. In this instance, insteadf people coming to Pittsburgh

where the jobs were, the jobswere moving to where the peoplewere. This single incident caused

Florida to reconsider not onlyverything he had written aboutnd taught his students, but also

some of the basic precepts of his

profession. He started thinkingin a new way.

People Create Energy

Florida proposes that com-munities, states and nations thatwant to become more entrepre-neurial will create worth andgenerate higher living standards

and good jobs.However, they must under-

stand that it will not come as itonce did from assembly lines,big factories or a great stock ofraw materials.

Intuitively, people know thatcreative energy in a communitycomes from people. The firstand foremost asset you have is

people, Florida says. Peopleare the core of economic com-petitiveness; and the places thatdevelop, harness, mobilize thecreativity of their people andattract new creative people arethe places that will prosper. Thisis no easy task. Because everysingle human is creative, the real

challenge according to Florida isto harness the creativitynot ofthe 30 percent of people who arealready in this class but of eachand every human being, or asmany as possible.

Florida wrote The Rise of theCreative Class and uses the termcreative economy, making a pointto steer clear of other terms,

such as knowledge economy,information economy and high-techeconomy. Those descriptions are

elitist, and they draw off a privi-

leged few people with very highskills, he says. Florida intention-ally uses reative class because,according to his definition, allpeople are creative. The termincludes all people in all busi-nesses and communities.

Place, the Entrepreneurial

EcosystemCreativity is important because

it is really the same thing asentrepreneurship. Creativityis the power force, and peopleare the necessary ingredient,Florida says. Youve got toproduce them in great schoolsand get them great universities,but youve got to be a place that

welcomes them, he says.Placea community, region,

state or nationis critical. Whatinfrastructures do communitiesneed to generate entrepreneur-ship and business development,to create jobs and increase liv-ing standards, and to sustain avibrant entrepreneurial climate?

Florida says that for places toprosper, they need a functioningecosystem that not only devel-ps creative people, but attracts

them, retains them, and givesthem a reason to stay and a rea-son to engage in developing andbuilding new businesses.

He proposed four key points:1. The community needs to

support entrepreneurship or asocial structure of innovation.

Harnessing CreativityProfound Changes in Commerce Require a New Way of Thinking, Economist Says

conomist Richard Florida signs copies of hisnew book, The Flight of the Creative Class,uring the St. Louis Feds recent conferencen entrepreneurship in Memphis, Tenn.

continued on Page 4


4/12L I N K I N G L E N D E R S A N D C O M M U N I T I E S4

This means an entire socialstructure that promotes inno-vations, where people are notconsidered failures because theyfail in business, where its OK

to fail once, twice or even threetimes because they are learningto grow and rebound.

. The community needs todevelop a thick labor mar-ket. This means one in whichemployment opportunitiesabound. People want a placethat not only offers them one job

but many jobs and that offers alot of opportunity and challenge.Florida suggested that researchindicates that people becomeentrepreneurs for the challengeand the intrinsic rewards ratherthan because of money.

. The community ecosystemhas to be open. This meanscommunities have to create

environments that not only chal-lenge people at work but thatalso allow people to be them-selves. It has to be a place thatvalues people regardless of raceor gender, sexual orientation,lifestyle preference, or the kindof family you want to build,he says. Creativity doesnt

know anything about the socialcategories we have imposed onourselves and comes equally toall. The places that win theeconomic battle are not simplythe ones that attract the creativepeople from outside, but thatgive everyone an equal chance tocome there and start and build abusiness and prosper. Floridas

research suggests that integratedplaces create and grow moreentrepreneurial businesses than

segregated places. His researchlso shows that places that are

more open to immigrants grownd have a higher level of entre-

preneurial activity.4. The community must

include social and economiciversity. Florida cautions against

what he sees as a looming dividebetween those in the prosperousreative class and those who are

left behind, wondering, How doI fit in to a changing economy?

We are making our high-rowth creative centers places

where only rich people can live,he says, citing the lack of afford-ble housing in places such as

San Francisco and Boston. Thelevels of income and equalitynd housing affordability excludepportunities for the young col-

lege graduate or entrepreneur.In building entrepreneurship

nd an economic agenda, weve

ot to build an urban agenda,Florida says. An urban agenda,not because its to help thepoor. Weve got to help poorpeople. Not because its to helpbuild more affordable housing.Weve got to have more afford-

ble housing. Not because wewant to make sure we dont have

social problems. Yes, we wantto eliminate crime. But becausestrong cities are actually the eco-systems that we need to generatewealth. Thats one of the keythings we need to understand.

oing Forward

Communities, regions andstates grapple with identifying

ompetitors and finding smartways to compete. Florida saysthe challenge facing U.S. com-

munities is that the globalizationwave that hit the auto, electron-ics and steel industries is whatnow confronts us.

For the first time, he says, twothings are happening: regions

and now other countries arecompeting with U.S. communi-ties for the creative class.

You see, youre not compet-ing with the suburbs, he says.Youre not competing withOmaha, St. Louis, Memphis, Lit-tle Rock or Oxford. Youre notcompeting against San Francisco

and Austin. Youre competingagainst Wellington and Sidneyand Melbourne, Australia, andToronto and Vancouver andMontreal and Waterloo, Canada.Dublin, Ireland, has the fastestgrowth of the creative class inthe world.

In his most recent book,The Flight of the Creative Class,

Florida says that the worlds reallygreat cities have awakened andthat around the world, there are150 million people whose jobsfall into the creative category.He theorizes that the same wayAmericans are looking for the bestcities to live in, that offer the mostentrepreneurial opportunity, that

offer the most success, these mem-bers of the worldwide creativeclass are doing the same thing.

What can you do?

See how your city compares:www.creativeclass.org

Individual and family-basedentrepreneurs in rural anddistressed urban areas can find

more information at:www.sohodojo.com/

Catalog Lists Resources forSmall, Micro Businesses

Small and micro businesses

in the Little Rock, Ark., and Mem-

phis, Tenn., areas will benefit

from a new resource guide from

the Federal Reserve Bank of

St. Louis. The Resource Guide

for Small Businesses is a catalog

of valuable resources for startup

businesses and existing busi-

nesses wishing to expand. The

guide comes in two editions: one

for businesses in the Little Rock

area and one for businesses

in the Memphis region. Read-

ers will find information about

nontraditional lending sources

and where to obtain technical

expertise.

Multiple copies of the guides

are av ilable free by contacting

Amy Simpkins at (501) 324-8268

in Little Rock or Dena Owens at(901) 579-4103 in Memphis.

uides are also available online

at www.stlouisfed.org/community.

Click on Other Publications.

Have you

HEARD

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Entrepreneurship educa-tion can provide a fresh startfor individuals with disabili-ties, criminal delinquency, lowacademic achievement or other

factors that keep them out of themainstream economic track. Ina very real and immediate way,it builds job-readiness skills,including teamwork, goal set-ting, self-esteem, time manage-ment and public speaking. Atthe family level, entrepreneur-ship education allows families to

share intergenerational messagesabout entrepreneurial successwith legitimate businesses; newperspectives on how to succeedin the mainstream economy;and alternatives to drugs, crimeand violence. In all these ways,entrepreneurship education ismore than an economic develop-ment strategy. It is a community

development strategy.

Promoting Entrepreneurship as an

Economic Development Policy

Among researchers, policyadvocates and others engagedin community and economicdevelopment, there is grow-ing agreement that relying on

recruiting companies from otherstates or overseas should not andcannot be the answer to strug-gling economies. Yet, each year,state governments have beenwilling to committhrough taxincentives, tax breaks and directinvestmentsbillions of dollarsto attract a car assembly plant,a high-technology production

unit or some other potentiallyhigh-return industrial activity.Increased public scrutiny has

shed light on some of the moregregious examples of invest-

ments that were poorly struc-tured, had inadequate reportingr accountability requirements,r yielded disappointingly low

returns in terms of jobs and localmultiplier effects. And this, inturn, has led to a greater empha-sis on transparency, clear expec-tations on returns on investmentnd consequences if expecta-

tions are not met. But concernremains that recruitment has tobe balanced, if not replaced alto-

ether, by policies that supporthomegrown development.The Federal Reserve Bank of

Kansas City observed: Ruralpolicy-makers, who once fol-lowed traditional strategies ofrecruiting manufacturers thatxport low-value products, have

realized that entrepreneurs canenerate new economic value for

their communities. Entrepre-neurs add jobs, raise incomes,reate wealth, improve the qual-

ity of life of citizens, and helprural communities operate in thelobal economyRural policy-

makers are responding to thesehallenges by making entre-

preneurship the cornerstone of

many economic developmentstrategies.In 1999, the National Gover-

nors Association (NGA) surveyedits members to gauge each statesperspective on entrepreneurshipnd its importance as part of anverall state economic develop-

ment strategy. While 34 of the 37states that responded indicated

that they did indeed considerntrepreneurship to be part of

their economic development

strategy, only four had a clearlyarticulated statement within thestrategy document. Jay Kayneobserved a distinction betweenstates that try to meet the specificneeds of aspiring and emerging

entrepreneurs and states that viewentrepreneurs as a segment ofthe state economy who can takeadvantage of state programs. 5 Inother words, the survey empha-sized the difference betweenactive and passive support forentrepreneurship. The task aheadis to marshal the data and the

stories that encourage policy-makers to develop an affirmativeand comprehensive program insupport of entrepreneurship.

Conclusion

Many of our financial, edu-cational and policy systems tosupport entrepreneurship arein need of reinvention. This

examination presents evidenceof organizations, institutions andagencies pursuing all mannerof programs and initiatives thatare meant to encourage greaterentrepreneurship. But there ismuch to do. No state yet offersa comprehensive set of policiesto promote entrepreneurship,

with most programs focusingon technology-based enterprise.State and federal budget deficitsrequire that any new programsbe funded by reallocating exist-ing dollars, which makes theadvocacy task much harder. Butwe believe the time is ripe to domore and to do it better as wedocument, evaluate, advocate

and celebrate the spirit of innova-tion among our nations emergingand existing entrepreneurs.

ENDNOTES

1 Dabson, Brian with Marcoux, Kent(2003). Entrepreneurial Arkansas:Connecting the Dots. Little Rock, Ark.:

Winthrop Rockefeller Foundation.

Appalachian Regional Commission

(2003). Appalachian Youth Entre-preneurship Education Springboard

Award: 2002 and 2003 Award Win-ners. Washington, D.C.

Seymour, N. (2001). Entrepreneur-ship Education in American CommunityColleges and Universities. Kansas City,Mo.: Kauffman Center for Entrepre-neurial Leadership, Clearinghouse onEntrepreneurship Education.

4 Henderson, Jason R. (August 2002).Are High-Growth EntrepreneursBuilding the Rural Economy? TheMain Street Economist. Federal ReserveBank of Kansas City, Center for theStudy of Rural America.

Kayne, Jay (1999). State Entre-preneurship Policies and Programs.Kansas City, Mo.: Kauffman Centerfor Entrepreneurial Leadership,Clearinghouse on EntrepreneurialEducation.

This paper is a collaborativeffort of CFED staff, includingEmily Appel, Kim Pate, JenniferMalkin, Bill Schweke and CFEDs

former president, Brian Dabson.

continued from Page 5


7/12O N T H E I N T E R N E T A T W W W . S T L O U I S F E D . O R G7

By Mary LovettDirector of CommunicationsMercy Housing

Since 1981 when it wasfounded in Omaha, Neb.,Mercy Housing has changed

peoples lives and revitalizeddistressed neighborhoods.

A national not-for-profitorganization now headquarteredin Denver, Mercy Housing is

dedicated to creating healthycommunities by providingaffordable housing and supportprograms for residents. It alsomanages properties, makes loansto local community groups, andprovides consulting services togovernments and communityorganizations. Mercy Housingworks in 37 states and Wash-

ington, D.C., and can expandhousing development work intoall markets across the country.

Affordable housing: MercyHousing has developed morethan 17,000 units of housingthat serve more than 50,000people. The majority are rentalapartments for families, senior

citizens and people with specialneeds. However, nearly one-third are single-family homesbuilt through a sweat equityprogram. Under the program,prospective homeowners buildtheir own home as well as thehomes of their neighbors.

Support programs: MercyHousing manages its own prop-

erties and develops supportiveeducational programs for resi-dents on topics such as health,

income and education.Recognizing the vital link

between good health and hous-

ing, Mercy Housing formed theStrategic Healthcare Partnership,n alliance with seven Catholic

health-care systems. The part-nership provides health-relatedervices to residents, donates

land or abandoned facilities forhousing, partners with MercyHousing in federal housing

pplications, helps build com-munity support, and providesfunding for development costs.

Loan fund: The Mercy LoanFund is a division of MercyHousing that provides loans toommunity-based affordable

housing developers when conven-tional financing is not possible.Founded in 1985 on investments

totaling $200,000, the fund hasloaned more than $105 millionthat leveraged another $910 mil-

lion in affordable housing financ-ing. Through the fund, more than11,400 new units of affordable

housing have been built, givingnearly 35,000 people an afford-able place to call home. Theloan fund accepts investors andloan applicants in every state andrecently began working on Indianreservations in South Dakota.

he fund has provided hous-ing for farm workers, refugees,

ex-offenders, senior citizens andsingle-parent families as wellas people who are mentally ill,formerly homeless, develop-mentally or physically disabled,recovering from substance abuseor living with HIV/AIDS.

Getting the deal done: Thecore of Mercy Housings busi-ness is housing development.

There are nearly 50 developersworking in the organizationsoffices across the country. The

process to get a deal done atMercy Housing begins with aeries of Real Estate Investment

Guidelines designed to analyzethe viability of the project andidentify potential risks that needto be mitigated before the deal ispproved. In addition, a seriesf tests assesses the parametersf a proposed development and

highlights potentially vulner-ble areas in the plan. Once

identified, a development teamnd an internal project reviewommittee assess mitigationsnd develop solutions. All of

Mercy Housings real estate dealsre ultimately approved by its

national board of directors.Asset management: As the

wner and operator of its devel-pments, the organization moni-

tors the financial and physicaltatus of the properties to ensure

that they are operating effec-tively. Asset managers monitornd complete reporting require-

ments to keep Mercy Housing inood standing with its investors.

These include compliance issueswith government entities, such

s the local housing authoritynd the Department of Housingnd Urban Development.Mercy Housing also provides

its asset management services tother nonprofits.Information on Mercy Hous-

ing programs is available at www.mercyhousing.org/default.asp orby calling (303) 830-3300.

Residents of 37 States Benefit from Mercy Housings Work

iffanny and Manuel Lopez of Buhl, Idaho, and their daughters, Silvial and EvaLuna, movednto a new home they built with the help of their neighbors last year. Their dream of owninga home was made possible through Mercy Housings Mutual Self-Help Housing Program.



By Robert Hopkins

After nearly 50 years of failedattempts to merge their citygovernments, the citizens ofHelena and West Helena in Phil-lips County, Ark., recently votedto do just that. On Jan. 1, 2006,the two cities will become one.And along with that vote came

the hope that a more unified,prosperous future lies ahead.

Located 50 miles south ofMemphis along the MississippiRiver in eastern Arkansas, thesetwo cities are focal points in thehistory of blues music. AuthorRalph Ellison once wrote, as aform, the blues is an autobio-

graphical chronicle of personalcatastrophe expressed lyrically...they at once express both theagony of life and the possibilityof conquering it through sheertoughness of spirit. Over thepast several decades, the folks ofPhillips County have provideda wealth of agonizing, lyricalmaterial.

There have been numerousefforts to revive this region of theDelta. A number of studies from

utside consultants, with theirttendant recommendations,have been completed. Interestedutside investors and founda-

tions have willingly providedapital to fund improvement

initiatives, even experimentalfforts. And, certainly, many

ideas have been advanced bylocal groups, all with the aim

f curing or, at a minimum,improving the ailments of thisimpoverished area of the statef Arkansas. However, the jobsidnt come, the populationwindled steadily and the hopesf a more prosperous Helena and

West Helena did not materialize.With the recent merger vote,

new vision for these sister cit-ies and a committed communityleadership, the possibility ofonquering historic problems

has breathed new life into Phil-lips County.

The centerpiece for this hopeis a multi-year strategic com-munity plan. Developed withthe direct input of 300 residents

nd reflecting the diversity of theommunity and its stakeholders,

the strategic community plan

depicts the collective aspirationsof its authors and is a road map

for what is possible. More thananything else, it is a comprehen-sive call to action that includesmore than 175 actionable itemsin support of 45 strategic goals.The goals were developedaround five fundamental pillarsof community life: economicdevelopment, housing, educa-

tion, leadership developmentand health care.

Economic Development

At the heart of the strate-gic plan are, not surprisingly,initiatives to expand existingbusinesses and attract newones. Building on the perceivedstrengths of the region, a multi-

faceted vision rooted in Helenasand West Helenas historic pasthas been forged. Planners hopeto leverage the cities river, CivilWar and blues past to foster abetter future.

Redevelopment of the 2-milecorridor between the MississippiRiver Bridge and downtown

Helena is critical for making apositive impression with visitorsentering Arkansas from Mem-phis and Mississippi. A newlyconstructed public pier andpark green space, protected byrenovated Civil War cannons,will feed tourists into a revitalizeddowntown business district. Thecorridor will replace a relatively

unattractive conglomeration ofabandoned buildings, substandardhousing and business structures.

Plans also call for the rebuild-ing of Fort Curtis and restoring

Civil War batteries that surroundHelena. Fort Curtis served asne of the first facilities to train

black soldiers for combat, and amuseum is planned to highlighttheir important contributions tothe nations history.

The area boasts the annualinternational King Biscuit Blues

Festival, attracting thousands ofblues enthusiasts. An entertain-ment blues light district is envi-sioned to include music clubsand pubs that will attract touristsfrom nearby casinos.

Housing

Community leaders areattempting to address housing

issues on a number of fronts.Starting with a needs assess-ment, they are looking at both

emolition and constructionthat ultimately will spur citizenpride and involvement in themaintenance and continuedimprovement of their neighbor-hoods. Codes are finally being

enforced to improve the image ofneighborhoods surrounding theredevelopment of the downtownbusiness core.

Local and federal funding hasbeen secured to demolish at least50 dilapidated structures a yearwithin Helena and West Helena.A combination of redevelopment

f significantly historic buildings

and construction of new, afford-able, multifamily houses is onthe radar screen as well. Finally,

Singin the Blues Is History for Phillips County, Ark.

It took me a long time, to find out my mistakes

Took me a long time, to find out my mistakes(it sho did man)

But I bet you my bottom dollar, Im not fatteninno more frogs for snakes

Sonny Boy Williamson II

legendary Helena, Ark., blues musician


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getting citizens involved throughhome ownership training andneighborhood safety and crimewatch activities will completethis holistic effort to improvehousing in the cities.

Education

Downtown Helena alreadyboasts a new $2.6 million KIPPDelta College Preparatory School.It is described by Ben Steinbergas one of the best things that ishappening in this community.Steinberg is president of South-

ern Financial Partners, a 501(c)3affiliate of Southern Bancorp,a development bank holdingcompany and a key catalyst ofthe strategic plan. A fifth-gradeclass has been added in eachof the schools first three yearsof existence, with the schoolboasting fifth, sixth and seventhgrades in the 2004-2005 school

year. Plans are to ultimatelypopulate the private institutionwith kindergartners through12th-graders.

Additionally, the communi-ties are determined to improvepublic school education throughpartnerships with the local com-munity college and business

leaders and through implement-ing comprehensive training forpublic school teachers, adminis-trators and board members thatpromotes leadership develop-ment. Also, to better trainand retain the young people inHelena and West Helena, leadersare introducing a Career Path-way Program to feed the labor

demands of local businesses inthe future. Coordinators of thisinitiative will work with the local

ommunity college to developurriculum that equips the future

labor force to meet the needs ofurrent and emerging employers.

Leadership Development

In concert with the educa-tional initiatives, the communi-ties are developing programsto develop the future leaders ofthe area. They will initiate thennual Delta Regional Leader-

ship symposium designed to

increase leadership capacity.Developing relevant trainingprograms for emerging leadersged 18 to 40 will be a key focuss well. And to ensure that the

most at-risk children are not for-otten, there is a proposal to cre-te a youth leadership academy.

Health Care

Finally, there is a real neednd commitment to improve

the health and welfare of the

citizens of these two commu-nities and those in surround-ing areas. Improved facilities,access and education will be thekey tenets to improvement. A29,000-square-foot, $4.5 million

health-care facility focused onwellness and nutrition is underconstruction in West Helena.There are plans to expand theoperations of the Delta-ArkansasHealth Education Center in Phil-lips. Chartering a health clinic

and substance abuse prevention,research and treatment centeris another bold initiative underconsideration.

Community Support

A steering group of localstakeholders will use the strate-gic plan to facilitate the coordi-nation of resources. It is hoped

that the plans modular designwill foster the interest of variousparties (including federal, state

and municipal organizations;philanthropic foundations; eco-nomic development agencies;key regional leaders; legislators;commercial businesses entities;and citizens) to assume a leader-

ship role in turning the planinto reality.

Early signs are encouraging.In addition to several near-termsuccesses evident on CherryStreet, one of the main arteriesf downtown activity, another

reason for continued hopefor sustainable progress is the

breadth of support for the strate-gic plan. The plan was endorsedby the diverse community, civic,business and government organi-zations in Phillips County andthroughout the state of Arkansas,as well as Gov. Mike Huckabee,each member of Arkansas con-gressional delegation, and U.S.Sen. Blanche Lincoln, a lifelong

resident of Helena.

It took me a long time, to find outmy mistakes

Took me a long time, to find out mymistakes

it sho did man).

There is always hope in con-

uering those mistakes throughsheer toughness of spiritand abold plan for improvement.

RobertHopkins isthe seniorbranch execu-tive of theLittle Rock

Branch of the Federal ReserveBank of St. Louis.

Scott Shirey, left, school director, and Ben Steinberg of Southern F inancial Partners standoutside the new KIPP Del ta College Preparatory School in Helena, Ark.


10/120 A N D C O M M U N I T I E SL I N K I N G L E N D E R S

he region served by the Federal Reserve Bank of

St. Louis encompasses all of Arkansas and parts of Illinois,

Indiana, Kentucky, Mississippi, Missouri and Tennessee.

SPANNING THE REGIONEntrepreneurship Centers,

Web Site Available in Illinois

The Illinois EntrepreneurshipNetwork (IEN) and the BusinessPortal are new efforts from theIllinois Department of Com-merce and Economic Opportu-nity to help entrepreneurs andexisting businesses in the state.

The department has dedicatedmore than $3 million to open 13

IEN centers statewide to coor-dinate all small business devel-opment activity. The centerspartner with existing economicdevelopment centers, smallbusiness development centers,procurement technical assistancecenters and other small busi-ness organizations in Illinoisto provide services to budding

entrepreneurs.Along with the entrepreneur-

ship centers, IEN set up a website (www.ienconnect.com)to help Illinois entrepreneurscut through red tape and toincrease their access to busi-ness resources. The site offersnumerous services, including

free business needs assessmentsand a referral (within 24 hours)for personalized, face-to-faceassistance. A toll-free number(1-800-252-2923) also is avail-able to connect entrepreneurs toservice representatives who willassess their business needs.

In February, the state depart-ment launched the Business

Portal, www.business.Illinois.gov,a one-stop web site that provideseasy access to information needed

to do businessin Illinois. All

businesses, no matterthe size or develop-mental stage, can visit thesite to obtain forms, permits,licenses and information on avail-ble programs, regulations and

services, eliminating the need tovisit numerous state agencies andweb sites.

For more information, visitwww.commerce.state.il.us/.

Arkansas Offers Passports

to Identity Theft Victims

The Arkansas attorney gener-ls office is taking applications

for an Identity Theft Passportfrom documented victims offinancial identity fraud. A victim

f financial identity fraud maypresent his or her identity theftpassport to: law enforcement agencies

to help prevent the victimsarrest or detention for offensescommitted by someone who isusing the victims identity;

creditors to aid in their investi-

gation and establishment ofwhether fraudulent chargeswere made against accounts inthe victims name or whetheraccounts were opened usingthe victims identity;

to any other entities to aid intheir investigation of whetherthe victims identity wasfraudulently obtained or used

without the victims consent.Those who have had their

identities stolen may down-

load an application from www.ag.state.ar.us/itp/idtheftpassport.pdf or contact the attorney gen-erals office at (501) 682-2007 ortoll free at 1-800-482-8982.

New Swedish Chamber Office

Serves Five Southern States

The Swedish-AmericanChamber of Commerce in theUnited States recently madehistory when it opened its SouthCentral office in Madison, Miss.The new office, one of 19 in thecountry, is the first to serve aregion rather than a single state.The region includes Alabama,Arkansas, Louisiana, Mississippi

and Tennessee.More than 100 Swedish compa-

nies interested in doing businessin the area sent representatives tothe April 19 grand opening. Theregional chambers main focus isto promote economic develop-ment between Scandinavian busi-nesses and American businesses

in the five states.For more information,call (601) 853-2647 or visitwww.sacc-scus.org.

Low-Income Credit Union

in St. Louis Receives Charter

Choices Federal Credit Unionrecently received its charterfrom the National Credit Union

Administration (NCUA). Thenew credit union will serveemployees and volunteers of

eight social service organizationsin the St. Louis metropolitanarea as well as members of anassociation of their clients.

Qualified as a low-incomecredit union, Choices Federalis entitled to accept nonmem-ber deposits, receive techni-

cal assistance from NCUAand receive low-interest loansthrough NCUAs CommunityDevelopment Revolving LoanFund. To be designated lowincome, organizers had to showthat a majority of the creditunions potential members havemedian household incomes lessthan 80 percent of the national

household income or less than0 percent of the average for all

wage earners.The social service organiza-

tions the credit union will serveare the Community ActionAgency of St. Louis County; Bet-ter Family Life; Good SamaritanService Center; Catholic Com-

mission on Housing; Habitatfor Humanity St. Louis; BeyondHousing/Neighborhood Hous-ing Services of St. Louis; JustinePetersen Housing and Reinvest-ment Corp.; and the UrbanLeague of Metropolitan St. Louis.

The credit union was sched-uled to open July 1 as Bridgeswent to press.

For information, call ChoicesFederal Credit Union at (314)664-5051, ext. 141.


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W W W . S T L O U I S F E D . O R GO N T H E I N T E R N E T A T

Bridges is a publication of the CommunityAffairs department of the Federal ReserveBank of St. Louis. It is intended to informbankers, community development organi-zations, representatives of state and localgovernment agencies and others in the

Eighth District about current issues andinitiatives in community and economicdevelopment. The Eighth District includes

the state of Arkansas and parts of Illinois,Indiana, Kentucky, Mississippi, Missouriand Tennessee.

ontributors:

lenda Wilson

ommunity Affairs Officer, Assistant VicePresident and Managing Editor(314) 444-8317

Linda Fischer

Editor(314) 444-8979

ommunity Affairs staff

St. Louis: Matthew Ashby(314) 444-8891

Jean Morisseau-Kuni(314) 444-8646

Memphis: Ellen Eubank(901) 579-2421

Dena Owens(901) 579-4103

Little Rock: Lyn Haralson(501) 324-8240

Amy Simpkins(501) 324-8268

Louisville : Faith Weekly(502) 568-9216Lisa Locke(502) 568-9292

The views expressed in Bridges are notnecessarily those of the Federal ReserveBank of St. Louis or the Federal ReserveSystem. Material herein may be reprintedor abstracted as long as Bridges is credited.Please provide the editor with a copy ofany reprinted articles.

If you have an interesting communitydevelopment program or idea for an article,we would like to hear from you. Pleasecontact the editor.

Free subscriptions and additional copiesare available by calling (314) 444-8761 orby e-mail to [email protected].

CALENDAR

RIDGES

19-218th Annual Conference of Delta

Community Development Corporations

Tunica, Miss.

Sponsor: Mid South Delta LISC

(662) 335-3318 or (318) 574-6077

25-26MASW Annual Conference

Columbia, Mo.

Sponsor: Missouri Association

of Social Welfare

www.masw.org/index.html

27-28Kentucky Affordable Housing

ConferenceLexington, Ky.

Host: Kentucky Housing Corporation

www.kyhousing.org

OCTOBER

Jobs Topic of Symposium at Federal Reserve Bank

4-5Governors Local Issues Conference

Louisville, Ky.

Sponsor: Kentucky Governors Office

for Local Development

www.gold.ky.gov/conference.htm

8-12ACHANGE Community Development

Training ConferenceLittle Rock, Ark.

Sponsor: Arkansas Coalition of Housing and

Neighborhood Growth for Empowerment

(501) 978-2234

10Making a Change: Redefining the

Affordable Housing Landscape

Little Rock, Ark.

Sponsor: Arkansas Coalition of Housing and

Neighborhood Growth for Empowerment

A one-day symposium scheduled in

conjunction with the ACHANGE training

listed above.

(501) 978-2234

18Memphis Community Development

RoundtableMemphis, Tenn.

Sponsors: Federal Reserve Bank of St. Louis,

Federal Deposit Insurance Corp., Office of

hrift Supervision, Memphis Community

Development Council, Memphis CommunityDevelopment Partnership

www.stlouisfed.org/community

AUGUST21-24AED Annual MeetingLittle Rock, Ark.

Sponsor: Arkansas Economic Developers

www.aed.dina.org/default.html

29-314th Annual Mid South IDA Training

InstituteLittle Rock, Ark.

Sponsor: Foundation for the Mid South

www.fndmidsouth.org/news_events.htm

AUGUST

The Federal Reserve Bank of

St. Louis will host Enterprising

ommunities: A Symposium on

Wages, Labor and Jobs in St. Louis

nd other Metropolitan Areas from:30 a.m. to noon July 19 in

St. Louis.

Christopher Wheeler, a senior

conomist at the Bank, will present

his study, mployment Growth in

America: Exploring Where Good

Jobs Grow. Wheeler examined the

growth of high-paying and low-pay-

ing jobs in 206 metropolitan areas in

the United States between the years

1980 and 2000. The study gives

special attention to the four major

cities in the Banks Eighth District:St. Louis, Little Rock, Memphis and

Louisville.

Wheeler will be joined by David

Laslo of the Public Policy Research

Center at the University of Missouri-

St. Louis. Laslo will discuss the

implications of an ongoing university

study that shows there are an esti-

mated 28,000 job openings in the

St. Louis metropoli-

tan region.

To register for the

seminar, visit www.stlouisfed.org.

To receive

free copy of

Wheelers study,

all Cynthia

Davis at (314)

44-8761.

11-13NREDA 2005 Annual Conference: The

Power of PartneringWashington, D.C.

Sponsor: National Rural Economic

Developers Association

www.nreda.org/

13-14Indiana Affordable Housing

ConferenceIndianapolis

Sponsor: Indiana Housing Finance Authority

www.in.gov/ihfa

21-23Pastoral and Faith-Based Leadership

Conference: The Power of

Entrepreneurial FaithLittle Rock, Ark.Sponsor: Foundation for the Mid South

www.fndmidsouth.org/news_events.htm

SEPTEMBER


12/12

Post Office Box 442St. Louis, MO 63166-0442

As Hispanic immigrants flow into the region,how can banks and communities join forcesto provide the right financial services?

Join us September 23, 2005in Louisville, Kentucky

Why Should You Attend?

This daylong event will provide insight on how financial institutions and

community organizations can work together to increase the number of Hispanic

immigrants who use banking services. The forum also will be of interest to

immigrant advocates.

Sponsors:Federal Reserve Bank of St. Louis, Federal Reserve Bank of Cleveland,

Federal Home Loan Bank of Cincinnati, Kentucky Housing Corporation

A networking reception is scheduled for the evening of September 22.

For more information,

visit www.stlouisfed.org/community and www.clevelandfed.org.Mainstream...Into the

Documents

Bridges - Summer 2005