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Cross-Sector Collaboration for Economic Development

The document discusses the collaboration between federal banks, non-profit initiatives like Advance Together, and government entities to enhance economic development in low-income communities in Texas. It highlights the Working Cities Challenge (WCC) and its rural counterpart, the Working Communities Challenge, which aim to improve education and workforce training while fostering business growth. These initiatives have positively impacted rural areas by increasing job creation and population growth through cross-sector collaboration.

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Soham Joshi
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5 views1 page

Cross-Sector Collaboration for Economic Development

The document discusses the collaboration between federal banks, non-profit initiatives like Advance Together, and government entities to enhance economic development in low-income communities in Texas. It highlights the Working Cities Challenge (WCC) and its rural counterpart, the Working Communities Challenge, which aim to improve education and workforce training while fostering business growth. These initiatives have positively impacted rural areas by increasing job creation and population growth through cross-sector collaboration.

Uploaded by

Soham Joshi
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Business Non Profit

Advance Together
Federal Banks, labeled in this scenario as business,
Advance Together is a non-profit initiative that focuses on
but more aptly characterized by a hub of financial
workforce and education efforts at regional scales in Texas.
capital have a interest in enabling cross sector
Advance Together works with businesses, government, and
collaboration specifically in regards to economic Intersector Result education institutions to develop and implement innovative
development. Federal reserve banks are trying to
strategies to improve the quality of education and workforce
improve economic outcomes for low-income
The result of this collaboration training in Texas.
communities through place-based collaboration
SPARCC
with philanthropic and government institutions. was the Working Cities Challenge SPARCC is a national non-profit organization that works to
The WCC has already had a positive impact on rural and the Working Communities address health, racial equity, and climate resilience. SPARCC
communities, with participating communities
Challenge (WCC). During its works with communities across the country to develop and
seeing increases in business formation, job
creation, and population growth. implementation, cross sector implement innovative solutions to these complex
teams have supported 16 cities, challenges.
addressing their economic futures
with a distinct focus on low and
moderate income residents.

Government
The FRBB partnered with the U.S. Department of
Housing and Urban Development (HUD) and the U.S.
Department of Treasury to launch the Working Cities
Challenge (WCC) in 2015. In 2018, the FRBB expanded
the WCC to include a rural component, the Working
Communities Challenge (WCC). The WCC is designed to
help rural communities address the unique challenges
they face in promoting economic development.

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