Shreveport Receives Support for Financial Empowerment
Exciting news is buzzing around Shreveport! The United Way of Northwest Louisiana (UWNWLA) has just been awarded a generous grant of $86,000 from Capital One. This funding will play a crucial role in supporting the Shreveport Financial Empowerment Center (SFEC), a fantastic initiative aimed at boosting the financial well-being of local residents.
What Is the Shreveport Financial Empowerment Center?
The SFEC team, in cooperation with the City of Shreveport, provides invaluable one-on-one financial counseling as a free service for everyone in the area. It’s not just about budgeting; it’s about empowering people. From trained professionals to certified financial counselors, the SFEC aims to equip individuals and families with the tools they need to tackle finances head-on. This includes help with managing finances, negotiating debts, increasing savings, establishing and improving credit, accessing safe banking products, and ultimately enhancing economic mobility.
Focusing on ALICE Households
A big part of these efforts is aimed at serving ALICE individuals and families. The term ALICE stands for “Asset Limited, Income Constrained, Employed,” and it represents a growing group of hardworking individuals and families who are struggling to meet their basic needs. Recent studies indicate that approximately 56 percent of the population in Northwest Louisiana falls into this category. It’s a staggering statistic that underscores the importance of the services provided by the SFEC and UWNWLA.
Gratitude and Goals
In reflecting on this significant grant, Rashida Dawson, the Vice President of Financial Stability at UWNWLA, expressed profound gratitude to Capital One. She stated, “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.” This sentiment encapsulates the bigger picture—financial stability isn’t just about alleviating immediate concerns; it’s about paving the way for a brighter, more independent future for those in need.
Tracking Success
Since its launch in 2020, the SFEC has positively impacted 890 clients and has made remarkable strides in debt reduction and savings growth. Together, these clients have successfully reduced their total debts by an impressive $2,871,179 and increased their savings by $1,065,267. These numbers tell a compelling story of empowerment and transformation, which has undoubtedly changed lives throughout the community.
Building a Better Banking System
In addition to its individualized counseling services, the SFEC is also collaborating with Bank On Northwest Louisiana. Since its inception in 2013, Bank On has opened more than 7,700 checking accounts for residents and has worked tirelessly toward boosting financial literacy and asset-building opportunities in the area. Connecting these services enhances the overall impact on the financial landscape in Northwest Louisiana.
Get Involved!
For those interested in learning more about the Shreveport Financial Empowerment Center and the services offered, there are ample resources available to dive into. This initiative not only aims to help individuals navigate financial challenges but also strives to foster a community where everyone has the chance to thrive and achieve long-term stability.
As Shreveport moves forward, one thing is clear: with the support of organizations like Capital One and the hard work of UWNWLA, local residents are taking important steps towards a brighter financial future. Together, let’s continue to cheer on this transformative journey!
