Financial Empowerment Grants expected to alleviate poverty in five new cities
January 09, 2013
Bloomberg Philanthropies and Living Cities have teamed up to expand the Cities for Financial Empowerment (CFE) Fund
into five new metropolitan areas - Denver, Lansing, Nashville, Philadelphia and San Antonio. The CFE program was first launched in New York City, and has since helped approximately 19,000 individuals reduce their debt by $9 million.
"The innovative financial empowerment initiatives we pioneered here in New York City have been an important part of our work to help New Yorkers weather the national economic downturn," said NYC Mayor and philanthropist Michael Bloomberg. "Mayors are increasingly seeking strategies that will help their residents achieve long-term financial stability."
A $16.2 million investment in the CFE fund will fuel these efforts in new communities to ease individuals' financial burdens. A 2011 Federal Deposit Insurance Corporation survey found that more than one-quarter of Americans are un- or under-banked and an even greater portion do not have savings accounts to manage their accounts and build safety nets. This program offers advocacy and resources to these individuals so they can reduce and eliminate debts, build stronger credit scores and become more financially stable.
Organizations that are looking to raise funds through grant opportunities or local campaigns can use nonprofit financial management
solutions to improve their chances of success. The software can help program leaders identify potential donors and send out applications with accurate accounting information.