The CFE Fund sought applications from mayors interested in implementing the evidence-based Financial Empowerment Center model that was developed in New York City and is now being replicated in other cities through the CFE Fund. Selected cities and their partners received robust technical assistance and capacity building resources valued from $75,000 to $100,000 at no cost. Selected cities did not receive direct grant funding from the CFE Fund, but rather, needed to identify other public or private funding sources to cover program operations.
Project Category: Financial Empowerment Center Replication Initiative
Are Government Efforts to Help Poor People Manage Money Working?
This Governing article looks at the impact of the Financial Empowerment Center initiative, and its unique connection to local government and focus on outcomes.
The CFE Fund and Bloomberg Philanthropies Award Technical Assistance Grants to 7 Cities Replicating the Financial Empowerment Center Model
Financial Empowerment Centers offer free, professional, one-on-one financial counseling to enable residents to address their financial needs and plan for their futures.
In this February 2014 press release, the CFE Fund and Bloomberg Philanthropies announce a second wave of In-Kind Technical Assistance grants to seven cities: Cleveland, OH; Hartford, CT; Hawai’i County, HI; Los Angeles, CA; Miami, FL; San Francisco, CA; and Seattle, WA. Participating cities raised private funds or redirected public funds to support direct program costs. To supplement these city efforts, the CFE Fund will provide robust technical assistance and capacity building resources to each city, fueling the expansion of the model and helping the cities to replicate and customize the public counseling model to meet local needs. The technical assistance grants come in response to overwhelming demand for Financial Empowerment Centers following the success of the expansion of the Financial Empowerment Centers to five cities in March 2013.
CFE Fund Announces Opening of New Financial Empowerment Centers in 5 Cities
Financial Empowerment Centers offer free, professional, one-on-one financial counseling to enable residents to address their financial needs and plan for their futures.
In this March 2013 press release, the CFE Fund and Bloomberg Philanthropies announce the opening of five new Financial Empowerment Center programs to provide free, personalized, and professional financial counseling to residents of Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA; and San Antonio, TX. 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.