This is established as a meeting of the subcommittee to develop a plan for the Fiscal Fitness event. Other members of the full Committee are welcome, but need not attend. The results of this planning will be presented to the full Committee at its next June meeting. The Madison Community Reinvestment Committee will review successful efforts within Madison and elsewhere to encourage and expand the availability of credit to low and moderate income households and minority groups. The Committee will recommend additional steps, which the City and others can take to enhance existing partnerships and foster formation of new ones to meet the credit needs of Madison's lower income and minority communities.
Major obstacle is inadequate credit history.
Secondary issues include lack of understanding of the whole home buying process and what steps need to be taken to purchase a home. Major obstacles are inadequate skills in budgeting, handling personal finances, and financial planning. Lack of understanding of business management and lack of equity capital. Many would-be entrepreneurs appear to be unrealistic in their business plans. CRA Committee has decided to focus its efforts on this goal.