On the recordSeptember 25, 1997
In September of 1994, a nonprofit corporation in Alabama was awarded a $750,000 grant to create a revolving loan fund, and the community matching funds were to be $1 million, and the $1 million never showed up. The Inspector General investigated the nonprofit and found that they had not been meeting the matching fund requirement since 1986. So when we hear of all these matching funds, in theory that works, but in practice I could give my colleagues example after example after example where it simply has not worked. The theory behind EDA, which is what most of the speakers are talking about, is good. The practice is, it does not work.
Source
govinfo.gov
