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Bloomberg Philanthropies: "Transforming the Availability of Professional Financial Counseling in America"

March 13, 2015
Nashville Financial Empowerment Center

Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund writes "Transforming the Availability of Professional Financial Counseling in America" for Bloomberg Philanthropies' Blog.

Key takeaways:

  • "The Financial Empowerment Center model began as a simple, yet ambitious idea: people in financial trouble need help, not just education. Financial counseling delivered by highly trained professionals could be successfully scaled into a measurable, high-quality public service."
  • "The model was pioneered in 2008, under the Bloomberg administration in New York City, and then replicated in 2013 with support from Bloomberg Philanthropies to five cities (Denver, Lansing, Nashville, Philadelphia, and San Antonio)"
  • "Bloomberg Philanthropies’ Financial Empowerment Center investment did more than spread a successful program – it changed expectations about what cities could accomplish to help residents reduce debt, build assets, shape their families’ futures and stabilize their communities."