The textbook definition of Financial Capital is described as: “Financial resources available to invest in community capacity building, to underwrite business development, to support civic and social entrepreneurship, and to accumulate wealth for future community development” (Green and Haines, 2015).
Within Rio Arriba, massive amounts of government money has been funneled into the region, to promote and support small business development. There were reportedly 18 rural communities who received LEAD grants. The awards range from $5,000-15,000. Established in 2013, the Rural Economic Development Council voted on 9 foundational points to be followed for the five-year development plan. The points are as follows:
Rural Commercial District Revitalization
Restore Rural Programs and Funding
Rural Business Incubation
Statewide Commercial Kitchen and Growers Program
Preserve and Encourage Extractive Industries
Rural Business Recruitment
Strategic Use of Capital Outlay Funds
Rural Infrastructure & Project Funding Committee
Prioritize Fiber Development Statewide
Also apart of this program, are opportunities for community members to participate in programs such as Job training incentive programs, international trade programs, financial development programs and more. (Photo below). This government program is an illustrative example of how state and local community involvement can strengthen relationships, but also help encourage residents to introduce themselves into the workforce. With program support, financial assistance, and accessibility to information, New Mexico has been aiding its counties to develop a stronger work force.
“New Mexico Economic Development Department.” Rural Business Resources | NMEDD. N.p., n.d. Web. 19 Nov. 2016.