RACINE, Wis. – Racine was selected yesterday by the national Cities for Financial Empowerment Fund (CFE Fund) to receive funding and technical support to extend financial empowerment programming to low-income residents for free. The city is one of six chosen nationwide to receive professional, one-on-one financial counseling as a public service.
Cities for Financial Empowerment provides grant support, intensive technical assistance, and a vibrant national learning community to help local government partners plan, launch and sustain Financial Empowerment Centers (FECs) for residents. At the Financial Empowerment Centers, professionally trained FEC counselors help individuals and families with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit and access safe and affordable mainstream banking products. Housing Resources, Inc. and six other local financial institutions supported the city in applying for this competitive funding.
“We are delighted to have been selected for this assistance,” said City of Racine Mayor Cory Mason. Racine is one of six localities selected to receive a grant and intensive technical assistance to prepare to launch a local FEC through the national FEC public platform, which promotes scale and sustainability for the growing movement of professional, one-on-one financial counseling. The city joins five others in receiving such funding, alongside a network of existing FEC platforms in 26 other cities.
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