Financial Inclusion a Key Component of WEDC’s Recovery Strategy

A recent report from the Wisconsin Economic Development Corporation (WEDC) sets out a series of recommended strategies intended to help guide the state’s use of federal American Rescue Package (ARP) funds and other public/private funding. 

The report creates three overarching themes to promote economic well-being and to partner with private industry: 

  • Invest in key areas that help remove barriers to participating in the economy and invest in building a path to financial stability: childcare, health care, and stable housing. 
  • Expand access and reinvigorate our culture of education and innovation to fuel ideas, businesses, people, and the next generation for future prosperity. 
  • Respect our environment as it plays a key role in keeping our children safe, our economy healthy, and our communities thriving. 

Fuel Financial Stability is the first of five main goals, which WEDC defines as creating financial security, getting people back to work, and building housing and wealth. The Agency recommends protecting citizens from shocks that alter progress toward their long-term goals and creating a foundation for building wealth helps reinforce the financial actions that move people toward broader well-being. 

Nicolet Bankshares Chairman Bob Atwell is quoted in the report, “WEDC’s focus should not be on creating splashy press releases about major initiatives. We need to do the quiet and humble work of removing barriers to human initiative and cooperation. Financial incentives will be effective when delivered in a more granular and personal manner. Money doesn’t cause prosperity any more than eating causes food.” 
In addition to Fueling Financial Stability, the four additional goals include Educating Everyone, Supporting Healthy Living, Reinforcing Community Infrastructure, and Respecting the Environment.

Read the report here.

WBA members John Brogan, Bank of Kaukauna and John Oathout, American Bank, Beaver Dam, currently sit on the WEDC Board of Directors. Oathout serves as WEDC Treasurer. 

By, Cassie Krause