Louisville to improve financial counseling for small business – Lane Report

LOUISVILLE — The Louisville Financial Empowerment Center, in association with the national Cities for Financial Empowerment Fund (CFE Fund), has been selected to participate in the Small Business Boost (SBB) Initiative.

“Louisville is one of seven municipalities selected to connect local small business support services to the Financial Empowerment Center initiative, which offers professional one-on-one financial counseling as a free public service,” said Mayor Craig Greenberg.  “We are thrilled to be able to offer this service and grow new businesses here in Louisville.”

While small business ownership is widely regarded as a pathway toward wealth building, many owners and entrepreneurs face personal financial barriers that impede their ability to start or grow a business. This initiative will help them improve their personal finances, better positioning them to access capital and achieve their business goals.

To support this work, the Louisville Financial Empowerment Center (FEC) received a $90,000 grant to support new initiatives. The Louisville FEC is an initiative of the Louisville Metro Office of Social Services.

“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund. “We’re thrilled to team with Mayor Greenberg and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”

With support from the Louisville Economic Development Alliance, Louisville Urban League, Navigate Enterprise Center, Metro United Way, Office of Immigrant Affairs, and Human Relations Commission, the Louisville FEC has already helped more than 2,000 residents reduce debt – saving them more than $2.1 million and building savings by nearly $100,000.

Professionally trained FEC counselors help consumers 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.

Through the Small Business Boost initiative, Louisville FEC counselors will support business owners and entrepreneurs in addressing personal financial challenges that present barriers to success in building wealth through business ownership. In addition, Louisville FEC counselors will receive training on how to navigate entrepreneurial ecosystems and drive business outcomes through improving personal finances.

Entrepreneurs and small business owners can email [email protected] or call 502-574-5789 to make a FEC financial counseling appointment.

The CFE Fund is currently working in almost 150 cities and counties representing 62 million people and has disbursed over $69 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org.

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