A new initiative dedicated to disrupting financial barriers and strengthening small businesses will soon focus on the Entrepreneurs of the Acron area.
The city of Akron has been chosen to participate in the initiative to grow small business, a program led by the National Financial Empowering Fund. The initiative aims to provide local owners, small businesses of financial counseling to help them better manage their personal finances.
As one of the seven municipalities selected for this program, Akron will connect its small business support services with the initiative of the Financial Empowerment Center (FEC) operated by United Way of Summit & Medina. Through this collaboration, Akron received $ 90,000 in support from the Principal Foundation, a global non -profit organization committed to helping people build financial security.
Residents of the summit and district Medina can schedule financial counseling appointments or by calling 2-1-1.
The program seeks to help small businesses owners handle the barriers of personal finances that often lie in the way of growing their business, according to a news announcement from the city. Councilors in financial empowerment centers will work one by one with low-income and moderate individuals to manage their finances, including paying debt, increasing savings and creating and building credit- at no cost for participants.
“Our small businesses are the heart of our community,” said President Shammas Malik in the release. “We want to help entrepreneurs start and grow their businesses as well as manage their personal financial trips.”
The pilot program shows landing of delinquency, increased savings
The program will also provide advisers to the Acron Financial Empower Center with specialized training on relationships between personal finances and business growth. They will learn how to instruct entrepreneurs while sailing entrepreneurial ecosystems and conducting business results by improving personal finances.
Acron previously participated in the one -year pilot program of small business growth, which began in March 2022. The pilot explored how financial counseling can help businesses owners stabilize and improve their personal finances.
Out of 529 small business owners in the five pilot countries – acronly; Lansing, Michigan; Pittsburgh, Pennsylvania; Rochester, New York; And Polk County, Iowa – 19% of customers reduced the number of delinquent accounts and 8% increased their savings, according to a report by the Urban Institute.
In this new version of the program, the city will work with progressive Alliance Community Development Corp., North Hill CDC and the Well Food Works team of CDC, but the program is open to all small businesses in the city, the news announcement said.
“Small business ownership can be a powerful way to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families and communities,” said Jonathan Mintz, President and CEO of Financial Empowering Fund in the news announcement. “But for many people, personal finances are an obstacle to a strong start.”