Economic Development Programs Essay Example for Free

Economic learning Programs EssayWithin my conjunction, in that location are several instruction political platforms which name been formal for the purposes of making the community more directly participative in sparing development. Such programs include agricultural development programs, stemma development programs as well as higher education economic development programs. These programs will be communicate in this paper, with specific attention to the key actors/players in the programs, the short and long term goals of these programs, and withal the semipolitical and economic issues they face in the process of promoting economic development in the region. Agricultural finance programs To deject with, there are special loan programs for new ranchers and workers in this region, the most infamous one be the Aggie confiscate Beginning Farmer Loan Programs. Through Aggie Board Loan Programs, the utter helps the newly open farmers in the region to obtain loans for pu rchasing land and equipments, for breeding farm animals and for the construction of farm buildings (NCOSAFP, 2010).The main players/actors in Aggie Bond Program include the lending institutions (which are in collaboration with the give in administration), severalise administration itselfplaying the role of assisting beginner farmers and ranchers to obtain low rate beguile loans which are still from federal income taxand the ranchers/farmers who participate in the program. The federal government is also indirectly involved in these programs since it is the one that facilitates the provision of tax exemption on the interest income.Besides obtaining loans at reduced interest rates, the financial risks on loans solely rest with the lending institutions which use up established for these purposes (NCOSAFP, 2010). The short term goals of Aggie Bond Programs are to act as the capital base for individuals or fusions inwardly the state who desire to operate on in ranching, farming o r both, but lack adequate financial resources to do so (NCOSAFP, 2010). In so doing, they turn in altogether the necessary financial resources to individuals and transfer the credit decisions to the lending institutions.On the new(prenominal) hand, the long term goal of Aggie Board Programs is to facilitate economic growth and development within the state and the nation at large, through optimum utilization of the agricultural resources within the state and taking benefit of the tax-exempt provisions by the federal government. The program also aims at encouraging the spirit of entrepreneurship within the state through assisting potential entrepreneurs in the agricultural sector to unleash their potential (NCOSAFP, 2010).The key economic problem that the actors in these programs face is mostly the failure of the farmers to re redeem loans granted due to unproductive farm activities or catastrophes which damage the farming/ ranching establishmentespecially nature catastrophes (NCO SAFP, 2010). This becomes a setback all the players involved because the farmers undergoes dear financial losses, the lender incurs bad debts, the state and the federal government loses the potential economic contribution from the entrepreneur. policy-making issues on the other hand arise from the Aggie bond allocations and apportionments among the lending bodies. For instance, after a serious believe on the farm bill, the maximum bond allocation was increased from $469 200 in 2009 to 470,100 this year and the actors have been involved in political discussions regarding the meager increments and how it would be equally apportioned to the lending institutions (NCOSAFP, 2010). Business support programs The other type of economic development programs are the business financing development programs.These programs are so closely related to the Aggie Bond Programs in that they offer loans for many kinds of business businessmen in the state. However, there is a slight different from the one discussed above because this program finances both established as well as new business-people in the industry. For the new entrants, capital is provided while for the already existing business people, the required currency for activities such(prenominal) as expansion and boosting for those experiencing serious financial traps is availed (OK Commerce, 2010).The actors in these programs are established lending institutions and the business community. They include Economic Development Administration, the Bureau Of Indian Affairs Loan warranty Fund, The Industrial Finance Authority, Capital Access Program, and the Linked Deposit Loan Programs. The short term goals of these programs is to provide short term business financing to the business community to solve short term exchange problems, while the long term goals are to offer long term low interest loans to study business persons/ institutions to solve serious and long range financial issues (OK Commerce, 2010).Mostly, these p rograms do not face more political issues as compared to the economic issues which are tied to the unsecured loans and contest. While the unsecured loans may sometimes compel the lending institution to file cases in the legal system against errant and faulting business people, the competition from other existing lending institutions makes them too congested in the estate (OK Commerce, 2010). Higher education programs The state also has a Higher Education Economic Development Program.This program is designed in such way as to generate partnerships between businesses and higher education institutions within the state in post to nurture higher learning via declare Regents Economic Development Grants. Nominations are made from the institutions and assessed by State Regents staff committee. Submissions are made just once for every partnership, and a limit of twenty flipper recognitions can be made annually (OK Highered, 2010). The actors in this program are basically partnering inst itutions, which usually pay $500 coordinated by the state regents.The money provided is used for internships for students of institutions to work in the enterprises of partnering business, faculty externships with partnering businesses, guardianship waivers to partnering businesses staff members, and development of partnerships with supplementary equipment, supplies and materials (OK Highered, 2010). The short term and long term a goal of this program is the same to facilitate economic development through partnering for the purposes of higher education.In so doing, the partnering members are fitted to assist each other in catering for the expenses of higher education to ensure that none is leftfield out. In addition, they promote economic growth growth of the member businesses through materials and other kinds of supplies using the funds contributed by each partner (OK Highered, 2010). Just like the other economic development programs mentioned above, this program also faces a nu mber of political and economical problems in its endeavors to accomplish goals and objectives.On the economic part, the program soon has a capacity of twenty two member universities and sometimes, the resources available from the partnership funds cannot meet all the needs of the partners consequently, the process of assisting members cater for higher education needs has to take longer than the members desire (OK Highered, 2010). This basically, has the ending of slowing down the accomplishment of goals and also sometimes results to withdraw of some impatient partners.In addition, the members have too much higher education needs such that the partnership has only to cater for a small percentage of the required amounts. In so doing, the economic goals are partially and not all accomplished. Politically, the program is not affected by external governance, but rather by internal politics among the members which mostly results from conflicting interests amongst the members and also in the selection of the leaders who will foresee the management of trading operations and finances (OK Highered, 2010).However, such issues have been solved successfully within the environs of the partnership. References NCOSAFP (2010). Types of state agricultural finance programs. Retrieved from http//www. stateagfinance. org/types. html OK Commerce (2010). Business financing programs. Retrieved from http//www. okcommerce. gov/Start-A-Business/Financing-Programs/ OK Highered (2010). Economic development grant for the partnership development program. Retrieved from http//www. okhighered. org/econ-dev/partner-recog. shtml