Shreveport Financial Empowerment Center Receives $86,000 Grant from Capital One to Enhance Services

Shreveport Receives Boost for Financial Empowerment

Exciting news for the residents of Shreveport, Louisiana! The United Way of Northwest Louisiana (UWNWLA) has recently secured a generous grant of $86,000 from Capital One. This funding aims to enhance the services offered by the Shreveport Financial Empowerment Center (SFEC), a cooperative effort with the City of Shreveport that provides invaluable financial counseling to locals.

What is the SFEC All About?

The Shreveport Financial Empowerment Center has been a beacon of hope for individuals and families looking to get a better grip on their finances. Launched in 2020, the SFEC offers free one-on-one financial counseling, courtesy of professionals who are both trained and certified in financial matters. They’re here to help clients tackle the challenges of financial management, whether it’s reducing debt, building savings, improving credit histories, or accessing safe banking options.

The ultimate aim of the SFEC is to help boost the economic mobility of the community. By providing local residents with the tools they need to achieve long-term financial stability, the SFEC is playing a vital role in improving the overall quality of life in Shreveport.

Supporting Those in Need

UWNWLA focuses its financial stability efforts on assisting those identified as ALICE—Asset Limited, Income Constrained, Employed. This term represents individuals and families who work hard but struggle to meet basic needs, including housing, food, healthcare, and transportation. According to the latest ALICE report, a staggering 56% of Northwest Louisiana’s population falls into this category, highlighting the urgent need for programs like the SFEC.

A Grateful Community

Rashida Dawson, the Vice President of Financial Stability at UWNWLA, expressed deep gratitude towards Capital One for their generous grant. “We’re so grateful to Capital One for awarding us this grant so we can continue to put local residents on the path to financial success,” she stated. “Financial stability is the key to greater economic mobility, and achieving this means not only meeting immediate needs but also creating pathways to greater independence, resilience, and quality of life.”

Impressive Results

Since its inception, the SFEC has provided crucial support to 890 clients, helping them collectively reduce their debt by an astonishing $2.87 million and increase their savings by $1.07 million. This track record of success has solidified the SFEC’s status as a critical resource for those in Shreveport aiming for financial independence.

Collaborating for Greater Impact

The SFEC is also working in partnership with Bank On Northwest Louisiana, an initiative that has successfully opened over 7,700 checking accounts for local residents since 2013. This initiative focuses on providing essential financial education and opportunities to build assets, helping more people manage their finances better and improve their overall financial outlook.

With the new grant from Capital One, UWNWLA plans to further integrate the services of SFEC with those of Bank On Northwest Louisiana, expanding their reach and enhancing their impact in the community even more.

Looking Ahead

For residents interested in learning more about the Shreveport Financial Empowerment Center and its wide range of services, they can easily find more information through the United Way of Northwest Louisiana. The support for financial counseling comes at an ideal time, aiding many in their quest for financial stability.

The future looks bright, as the SFEC continues to empower our community, paving the way for financial success, freedom, and stability.