New Community Partnership Offers Free Financial Advice to Louisville Residents – WLKY Louisville | Vette Leader

Monday marked the official launch of a new community-wide service offering free financial advice to Louisville residents. The Financial Empowerment Center is a new effort in partnership with Metro’s Office of Resilience and Community Services, the national nonprofit Cities for Financial Empowerment Fund, and several local partners including the Louisville Urban League, which serves as the central hub for public service. AMPED, the YMCA, family health centers, and the city’s housing authority are other locations for FEC counselors. Plans for the city-funded effort began at the height of the pandemic, which Urban League President Sadiqa Reynolds says, while a health risk also poses a financial drain from which many are struggling to recover. “People have really suffered,” Reynolds said. “If you think about some of the weights for unemployment and all the financial challenges people are facing, their credit reports felt that. I want people to know that you don’t have to be ashamed of it.” Before the pandemic, Louisvillians struggled with financial security. Data from Prosperity Now, a national nonprofit, shows that 20% of residents have zero or negative net worth and 40% have no savings in the event of financial hardship. Our country created most of the conditions that lead to the outcome today,” said Mayor Greg Fischer. Nationally, it has been shown to reduce participants’ debt by $192 million when it was first piloted in 2008 in New York City under Mayor Michael R. Bloomberg. “I’m proud of our city because it’s flexible and innovative, and I think that will help so many people in our community,” Reynolds said. The certified financial professionals will provide advice on how to find safe and affordable banking, set up credit, pay off debt and invest in savings. At the heart of the FEC is the model of integrating counseling with other social services, such as B. Housing and foreclosure prevention, workforce development, re-entry from incarceration, access to benefits, domestic violence services and more. Residents tell WLKY they appreciate the resources to help with fiscal responsibility and they’re easily accessible. “It’s going to help me learn how to build my credit and actually save money,” said Rob Cable. “It’s also in an area where a lot of people live in a community where you can get to TARC down here or walk if you don’t have a car.” Louisville residents can call (502) 585 one Make an appointment with Louisville FEC advisors -4622 to request their first appointment either in person or virtually. You can also find more information about the initiative online here.

Monday marked the official launch of a new community-wide service offering free financial advice to Louisville residents.

The Financial Empowerment Center is a new effort in collaboration with Metro’s Office of Resilience and Community Services, the national nonprofit Cities for Financial Empowerment Fund, and several local partners including the Louisville Urban League, which serves as a central hub for public service.

AMPED, the YMCA, family health centers, and the city’s housing authority are other locations for FEC counselors.

Plans for the city-funded effort began at the height of the pandemic, Urban League President Sadiqa Reynolds says, while a health risk also posed a financial drain from which many are struggling to recover.

“People have really suffered,” Reynolds said. “If you think about some of the unemployment weights and all the financial challenges people have, their credit reports felt that. I want people to know that you don’t have to be ashamed of it.”

Before the pandemic, Louisville residents struggled with financial security. Data from Prosperity Now, a national nonprofit, shows that 20% of residents have zero or negative net worth and 40% have no savings in case of financial hardship.

“The reality is that the effects of systemic racism throughout our country’s history created most of these conditions that are leading to the outcome today,” Mayor Greg Fischer said.

Mayor Fischer says correcting these policies and practices to provide residents with a just boost begins with this model of financial opportunity. Nationally, it has been shown to reduce participants’ debt by $192 million when it was first piloted in 2008 in New York City under Mayor Michael R. Bloomberg.

“I’m proud of our city for being flexible and innovative, and I think that’s going to help so many people in our community,” Reynolds said.

Certified financial professionals provide guidance on finding safe and affordable banking, borrowing, paying off debt and investing in savings.

The focus of the FEC model is the integration of counseling with other social services, such as e.g. B. Housing and foreclosure prevention, workforce development, re-entry from incarceration, access to welfare services, domestic violence services and more.

Residents tell WLKY that they appreciate the resources to help them with tax responsibility and that they are easily accessible.

“It’s going to help me learn how to build my credit and actually save money,” said Rob Cable. “It’s also in an area where a lot of people live, a community where you can get to TARC down here or walk if you don’t have a car.”

Louisville residents can schedule appointments with the Louisville FEC counselors by calling (502) 585-4622 to request their first appointment either in person or virtually.

You can also find more information about the initiative online here.

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