PATERSON OFFICE OF FINANCIAL EMPOWERMENT (OFE) AND NJCDC RELAUNCH FINANCIAL EMPOWERMENT CENTER PROGRAM
Program gives free public service one-on-one monetary counseling.
Paterson, NJ – Tuesday, January 17, 2023, the Paterson Workplace of Monetary Empowerment and the New Jersey Group Improvement Company (NJCDC), in continued partnership with the nationwide Cities for Monetary Empowerment Fund (CFE Fund), introduced right this moment the relaunch of the Paterson Monetary Empowerment Middle (FEC), providing skilled, confidential and free one-on-one monetary counseling as a public service to native residents.
The Paterson FEC has skilled skilled counselors to assist people and households with low and average incomes handle their funds by making a funds and expense monitoring system, paying down debt, rising financial savings, establishing or enhancing credit score, and accessing secure and inexpensive mainstream banking merchandise. The FEC mannequin integrates counseling into different social companies, resembling housing and foreclosures prevention, workforce growth, prisoner reentry, advantages entry, inexpensive and secure banking, small enterprise empowerment, home violence companies, and extra.
The Paterson Monetary Empowerment Middle has had large success since its launch in 2021. It has helped our residents scale back their debt, construct financial savings, set up and enhance credit score, connect with secure and inexpensive financial institution accounts, and entry extra monetary assist throughout an unsure time,” stated Mayor Sayegh. “The monetary impression of COVID-19 on our neighborhood has highlighted how vital it’s to have free, one-on-one monetary counseling obtainable to residents as a public service to assist them handle their funds and work towards a stronger monetary future.”
Counseling appointments can be found on-line or in individual at NJCDC and partnering co-locations all through town. residents could make an appointment at https://fecpublic.org/appointment-paterson.
“NJCDC is proud to accomplice with the Metropolis of Paterson to relaunch the Monetary Empowerment Middle, and in so doing assist many tons of of Paterson residents get hold of monetary wellness. We’re grateful for the management of Mayor Sayegh in bringing this important initiative to Paterson”
Founding funders of the FEC embody the CFE Fund, The Henry and Marilyn Taub Basis, Paterson Restoration Company, Financial institution of America Basis, Columbia Financial institution Basis, and PNC Financial institution Basis. Group companions, who will work to combine the FEC into their packages and encourage their purchasers to make monetary counseling appointments, embody the New Future Household Success Middle, Oasis, United Methods of Passaic County, Paterson Alliance, Paterson Habitat for Humanity, the Paterson Housing Authority, the Paterson Free Public Library, and Paterson Public Faculties.
The FEC may also present monetary counseling to individuals within the Reentry program, which launched in December 2022 in partnership with the NJ Division of Corrections, Workplace of Group Engagement and Reentry Initiatives, and supported by Mayor Andre Sayegh and the Workplace of Monetary Empowerment. The Paterson Monetary Empowerment Middle is the primary FEC within the State of New Jersey and the thirtieth within the nation to financially empower, join and create synergy in communities.
“Native leaders know first-hand the connection between household monetary stability and neighborhood monetary stability – and this connection is very vital through the COVID-19 pandemic and restoration,” stated Jonathan Mintz, President and Chief Govt Officer of the Cities for Monetary Empowerment Fund. “Mayor Sayegh and the Metropolis of Paterson are a part of a rising nationwide motion to carry free, high-quality monetary counseling as a public service to native residents; we’re proud to accomplice with Mayor Sayegh to assist residents work in the direction of a stronger monetary future.”
First piloted in New York Metropolis underneath Mayor Michael R. Bloomberg in 2008, FECs throughout the nation have labored with over 142,000 purchasers, serving to them scale back private debt by over $211 million and rising their households’ financial savings by near $43 million. As well as, a CFE Fund analysis confirmed that this program works even for residents with very low incomes and different complicated monetary challenges. Paterson is one among over two dozen native governments engaged on launching an area FEC initiative.
Concerning the Cities for Monetary Empowerment Fund (CFE Fund)
The CFE Fund helps municipal efforts to enhance the monetary stability of households by leveraging alternatives distinctive to native authorities. By translating leading edge expertise with massive scale packages, analysis, and coverage in cities of all sizes, the CFE Fund assists mayors and different native leaders to determine, develop, fund, implement, and analysis pilots and packages that assist households construct belongings and profit from their monetary sources. The CFE Fund is at the moment working in over 100 cities, and has disbursed over $59 million to metropolis governments and their companions to assist these efforts. For extra info, please go to http://www.cfefund.org or comply with us on Twitter at @CFEFund.
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