City of Rochester Financial Empowerment Center Receives $100,000 Grant from KeyBank

Rhea-AI Summary

KeyBank has donated $100,000 to support Rochester's Office of Financial Empowerment's Financial Empowerment Center (FEC) program. This funding aims to enhance efforts to promote homeownership for low-income families, support small businesses, and assist individuals from the re-entry population. The FEC has served over 2,300 clients since its launch in February 2020, helping them increase savings by over $1.6 million and reduce debt by more than $2.2 million. KeyBank's support is part of its commitment to fostering community growth and economic inclusion.

Positive

• KeyBank's $100,000 grant enhances financial support for low-income families and small businesses.
• FEC program has successfully served over 2,300 clients, increasing savings and reducing debt significantly.
• KeyBank's commitment to community investment strengthens its market position and social responsibility.

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / March 15, 2023 / Rochester, N.Y. Mayor Malik D. Evans announced the receipt of a $100,000 grant from KeyBank to support the City's Office of Financial Empowerment's FEC ("Financial Empowerment Center") program. The funding will allow the FEC to expand its efforts to promote homeownership for low-income families, support small businesses, and serve more individuals from the re-entry population.

"I am extremely grateful for KeyBank's generous financial gift that will go a long way to helping more citizens learn how to establish good credit, pay down debt, utilize safe banking, and increase their savings," said Mayor Evans. "The FEC program is an empowering asset for families and entrepreneurs that equalizes opportunities by providing the necessary financial tools to build a brighter future and improve quality of life."

"KeyBank's purpose is to help the communities we serve thrive. We are pleased to support the important work that the Rochester Financial Empowerment Center does to promote homeownership, support small businesses and promote economic inclusion," said Phil Muscato, KeyBank Rochester Market President. "All of us at KeyBank are excited to partner with the City to drive investment in and bring opportunity to the greater Rochester community."

The FEC provides free, professional one-on-one financial counseling services to help individuals and families with low-to-moderate incomes manage their finances, pay down debt, increase savings, establish and build credit and access safe and affordable mainstream banking products.

The program launched in February of 2020, and to date, has served more than 2,300 clients who have cumulatively increased their savings by over $1.6 million and reduced their non-mortgage debt by more than $2.2 million.

The FEC program is administered by Consumer Credit Counseling Services of Rochester. The program model integrates financial counseling into other social services, such as housing and foreclosure prevention, workforce development, or prisoner reentry. The FEC partners with a range of local agencies and community organizations including: Foodlink, Ibero American Action League, Inc., the Rochester Housing Authority, OACES, Monroe Community College, the Monroe County Department of Human Services, and among others.

FEC counselors are professionally trained and certified by the National Foundation for Credit Counseling (NFCC). To schedule an appointment, contact the Rochester Financial Empowerment Center by calling (585)-252-7110 or sending an email to RochesterFEC@cccsofrochester.org.

• Learn more about KeyBank's commitment to helping clients and communities thrive

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/743856/City-of-Rochester-Financial-Empowerment-Center-Receives-100000-Grant-from-KeyBank

FAQ

What is the purpose of the $100,000 grant from KeyBank in March 2023?

The grant supports Rochester's Financial Empowerment Center (FEC) to promote homeownership for low-income families and assist small businesses.

How many clients has the Financial Empowerment Center served since its launch?

The FEC has served over 2,300 clients.

What financial improvements have clients of the FEC achieved?

Clients have cumulatively increased their savings by over $1.6 million and reduced their non-mortgage debt by more than $2.2 million.

When was the Financial Empowerment Center program launched?

The FEC program was launched in February 2020.

Who administers the Financial Empowerment Center program?

The FEC program is administered by Consumer Credit Counseling Services of Rochester.