$25,000 Investment from First National Bank will Support Pittsburgh Financial Empowerment Center (FEC) in 2020Leave a Comment
We would like to extend our most sincere thanks to First National Bank for recently awarding $25,000 to Neighborhood Allies to support the Pittsburgh Financial Empowerment Center (FEC) during 2020! The Financial Empowerment Center provides one-on-one counseling as a public service to all residents, provided by professionally trained and certified counselors that help consumers with low incomes to manage their finances, pay down debt, increase savings, establish and build credit, and access safe and affordable mainstream banking products.
The Financial Empowerment Center helps clients take control of their debt, deal with debt collectors, establish and improve their credit, create a budget, connect to safe and affordable financial products, and more. With striking local data on economic inequality as fuel to do better, The Pittsburgh FEC works to address inequities by providing the opportunity for individuals and families in Pittsburgh to increase their knowledge, hope, skills and assets. Along with Financial Empowerment Centers in 12 other cities across the U.S., the FEC here in Pittsburgh integrates financial counseling into social services, thus enabling those seeking any type of service to receive coordinated financial counseling. This model has been successful over the past ten years, with FECs having served 100,000 clients nationally, helping them reduce debt by more than $137 trillion and increase savings by $19 million!
Since opening in March of 2019, the Pittsburgh FEC has:
Served 400 unique clients in 921 sessions (and counting!)
Achieved 90 total outcomes, including increased savings, opened bank accounts, credit score increases, delinquent account reductions and debt reduction.
Reached a total savings increase of $108,000 and total debt reduction of $106,000 across FEC clients.
Neighborhood Allies directly addresses Pittsburgh’s inequities of opportunity and achievement through many of our programs and partnerships, including the FEC. We take pride in that fact that our Economic Opportunity Initiatives are focused on evidence-based research, measured with objective criteria, focus on people, and are accessible to all yet focused on those with the greatest needs.
Our work would not be possible without the support of funders like First National Bank. Thank you for your continued commitment and support of our mission to support the people, organizations and partnerships committed to creating and maintaining healthy neighborhoods!