The Economic Development Corporation Lending Program: A Study of the Role of Private Lenders in a Quasi-Governmental Program
Carswell, Donald R.
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During my winter SIP quarter, I worked as a Commercial Loan Intern at First of America (FOA) Bank in Kalamazoo. One of my primary projects at FOA was to develop and implement an IBM P.C. based Commercial Loan Manager System (CLMS). CLMS replaced the manual method of servicing tax exempt loans which had been used for over a decade. As a political science major, this project was valuable as it introduced me to the inner workings of a unique type of government program. In pursuing my major, most of my coursework concerning public policy highlighted direct government programs. By "direct" I mean government programs directly controlled and funded by federal agencies (Welfare, Social Security etc ... ). But I quickly realized that the loans which would be included in the CLMS were of a different nature entirely. While the tax exempt loans were not the products of a government program in the "direct" sense, government involvement on the federal and municipal levels were truly paramount to the program's success. Although private institutions such as banks do the bulk of the work necessary to execute and maintain the loans individually, it is the regulatory role played by government which has molded the program as a whole. In a nutshell, it is the delicate interplay of public rules and private "knowhow" which makes indirect programs, like tax exempt lending, successful. During my SIP at FOA, I became extremely knowledgeable of this relationship in general and of the role played by private banks more specifically.If you are not a current K College student, faculty, or staff member, email email@example.com to request access to this SIP.
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