The gold standard of financial education, Financial Empowerment Centers offer free, professional, one-on-one financial counseling to enable residents to address their financial needs and plan for their futures. Clients receive assistance with money management, budgeting, reducing debt, establishing and improving credit, connecting to safe and affordable banking services, building savings, and referrals to other services and organizations. Counselors are professionally trained, and support their clients in navigating complex financial decisions. Financial counseling is integrated into public services including housing services, homeless prevention, foreclosure prevention, workforce development, asset building, financial services access, and domestic violence prevention.
In 2013, the CFE Fund awarded grants to replicate the model in 5 cities through a $16.2 million, 3-year investment by Bloomberg Philanthropies. The five replication cities are: Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA; and San Antonio, TX.
In response to overwhelming demand following the success of the expansion, the CFE Fund has awarded In-Kind Technical Assistance grants to seven additional cities including: Cleveland, OH; Hartford, CT; Hawai’i County, HI; Los Angeles, CA; Miami, FL; San Francisco, CA; and Seattle, WA.
To read more about the model developed by New York City and success stories, click here.