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Numerous government programs channel capital into rural communities, assuming that new businesses face major capital shortages in starting up. More such programs are enacted annually. This paper looks at business start-ups in Idaho, Montana and Iowa to see the extent of market failure in rural America. Contrary to conventional wisdom, we found capital to be widely available for start-ups, suggesting that government programs are not warranted.

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related to local economic development in general and to the financing economic development in particular; and (2) a summary of major findings from the four symposium papers addressing such issues as rural bank loans, the tax increment financing program, professionalism in economic development, and regional development through tax sharing.

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related to local economic development in general and to the financing economic development in particular; and (2) a summary of major findings from the four symposium papers addressing such issues as rural bank loans, the tax increment financing program, professionalism in economic development, and regional development through tax sharing.