MAY 18, 2020 – The City of Shreveport, in partnership with the national Cities for Financial Empowerment Fund (CFE Fund) announced today the grand opening of Shreveport’s Financial Empowerment Center (SFEC), offering professional, one-on-one financial counseling and coaching as a free public service to local residents. At the Shreveport FEC, 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. At the core of the FEC model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, prisoner reentry, benefits access, domestic violence services, and more. The Shreveport FEC will offer services remotely during the COVID-19 pandemic to help residents navigate the financial impact of this crisis.
The address for the Shreveport FEC is 820 Jordan Street, Suite 507, Shreveport, LA 71101. To schedule an appointment with one of the FEC counselors, you can visit shreveportfec.as.me, call 211 or 318-677-2504.
“Local leaders know first-hand the connection between family financial stability and community financial stability – and this connection is especially important during the current crisis,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “Mayor Perkins and the City of Shreveport is part of a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with Mayor Perkins to help residents navigate the financial impact of COVID-19 and work towards a stronger financial future.”
“We are excited about this partnership with the Cities for Financial Empowerment Fund, the United Way of Northwest Louisiana, and the J.P. Morgan Chase Foundation,” said Mayor Adrian Perkins. “The Shreveport Financial Empowerment Center offers a vital service to any Shreveport resident who wants to reduce debt, grow their savings, and build their credit.”
“United Way views the Financial Empowerment Center as a useful and necessary tool to help our citizens achieve financial stability and flourish in their lives. We are proud to partner with the City of Shreveport and CFE Fund in offering this free public service.” Dr. Bruce Willson, President & CEO.
First piloted in New York City under Mayor Michael R. Bloomberg in 2008, FECs across the country have worked with almost 104,000 clients, helping them reduce individual debt by over $146 million, and increasing their families’ savings by close to $22 million. In addition, a CFE Fund evaluation showed that this program works even for residents with very low incomes and other complex financial challenges. The City of Shreveport is one of over two dozen local governments working to launch a local FEC initiative. The Shreveport FEC is supported by the CFE Fund, the City of Shreveport, United Way of NWLA, and J.P. Morgan Chase Foundation.
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders in over 80 cities to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.