ROC Cohort Hosts Patrick T. Harker, President of the Federal Reserve Bank of Philadelphia

The ROC cohort recently hosted President Harker of the Federal Reserve Bank of Philadelphia, and associates, to share their successes over the past year in improving the ecosystem for BIPOC owned small businesses in Lancaster County. The day started with a roundtable discussion where they had the opportunity to discuss both challenges and opportunities for improving the local economy. Small business support was a main topic of conversation because the county is a small business economy, with 97% of businesses having less than 100 employees and a large percentage of those having less than 25 employees (EDC, 2020). Throughout the day, they also had the opportunity to tour local businesses and hear stories from a diverse group of business owners.

This tour was only one of the ways that the cohort continues their relationship with the Federal Reserve. In June 2023, the cohort participated in the Cleveland Federal Reserve’s Policy Summit Conference where they joined other communities that participated in the ROC Program. They also continue to meet quarterly with other ROC communities across the country to share learnings and to keep working towards strengthening the local ecosystem for BIPOC owned small businesses.

Related articles: Reinventing/Reimagining Our Community: Lancaster stakeholders embrace Philadelphia Fed’s BIPOC business initiative (One United Lancaster)