The St. Louis Fed is revising profiles of two District communities—Little Rock and Memphis—which will be available for distribution shortly. In addition, a new community profile of the Hannibal, Mo., and Quincy, Ill., area will be released later this fall.
Community profiles are created to stimulate awareness of financial institutions about programs designed to meet the community development lending, service and investment needs of the areas profiled. The profiles identify programs that help meet those needs and encourage public/private partnerships that typically involve the efforts of city, state and federal agencies, local community organizations and financial institutions.
The revised profiles include updated demographics, needs assessments, and government program descriptions. The section identifying local community organizations has also been revised to reflect the latest services and programs. Lenders may choose to partner with community organizations or access available government programs to increase their community development participation.
The Little Rock and Memphis profiles are the first in a series of community profiles to be revised. Throughout the next two years, lenders in other parts of the District should be on the lookout for new or updated profiles for their communities. Current profiles include; Fayetteville-Springdale-Rogers and Texarkana, Ark.; Evansville, Ind.; Louisville and Owensboro, Ky.; Columbia, Springfield and St. Louis, Mo.; Jackson, Tenn.; and the Lower Mississippi Delta region (rural counties in Arkansas, Kentucky, Mississippi, Missouri and Tennessee).
As the community profiles are completed, the Fed will distribute them to financial institutions. Profiles are also available on the Community Affairs section of the St. Louis Fed's web site, www.stlouisfed.org.