The Federal Reserve Bank of Richmond recently hosted its fifth annual Investing in Rural America Conference in Roanoke, Virginia. The event aimed to foster partnerships, develop innovative programs addressing community needs, and educate and retain a talented workforce in small towns and rural areas.
Richmond Fed President Tom Barkin opened the conference with a focus on building connections and finding solutions under the theme “Build and Sustain Momentum.” Over 250 community leaders attended to discuss best practices for solving issues affecting small towns and rural communities.
Keynote speakers Ines Polonius and Martha Claire Bullen from Communities Unlimited emphasized the importance of building relationships within communities. “A community will feel much more like you care about them if you take the time to get to know them and what they care about,” said Polonius. She highlighted that while organizations can initiate momentum, local leaders must sustain it.
The afternoon plenary featured Corianne Payton Scally from the Urban Institute, Emily Burleson from Partners for Rural Transformation, and Jacqueline Ponti-Lazaruk from USDA Rural Development. They discussed utilizing both quantitative and qualitative data to create an accurate picture of small-town needs. Burleson noted, “When we take quantitative data and zoom into these smaller localities, there isn’t a clear picture of what is going on. When the numbers are not there, the only thing that’s left is the stories.”
On day two, Jarrod Elwell led a panel on federal funding for small towns. Sherece West-Scantlebury from the Winthrop Rockefeller Foundation, Irma Esparza Diggs from the National League of Cities, and Tony Pipa from the Brookings Institution discussed barriers such as reporting requirements and how access to federal funds can be improved for rural areas.
Becky Bareford, Richmond Fed’s First Vice President and Chief Operating Officer, closed the conference by summarizing key themes: partnership development, preparing future leaders, extending beyond data for full community context, and finding innovative solutions for challenges faced by small towns.
In her closing remarks, Bareford stated: “Those of us here from the Richmond Fed...can't wait to take back the insights and lessons learned to help inform our ongoing work with small towns and rural communities across our District — just as we hope you take what you’ve learned home to help sustain momentum in your own communities.”
