United Way of Northwest Louisiana (UWNWLA) has been awarded a $86,000 grant from Capital One to support the Shreveport Financial Empowerment Center (SFEC).
The SFEC, in partnership with the City of Shreveport, provides one-on-one financial counseling as a free public service to residents. To ensure high-quality service and client success, professionally trained and certified Financial Counselors help individuals and families manage their finances, pay down and negotiate debt, increase savings, establish and build credit, access safe and affordable banking products, and increase economic mobility.
UWNWLA’s financial stability programs work to serve ALICE (Asset Limited, Income Constrained, Employed) individuals and families. ALICE represents the growing number of individuals and families who work hard but are still unable to afford their essential needs. ALICE makes up approximately 56 percent of our population in Northwest Louisiana, according to the latest ALICE report.
“We’re so grateful to Capital One for awarding us this grant so we can continue to put local residents on the path to financial success,” said Rashida Dawson, UWNWLA Vice President of Financial Stability. “Financial stability is the key to greater economic mobility, and achieving this means not only meeting immediate needs but also creating pathways to greater independence, resilience, and quality of life.”
Since the program’s launch in 2020, the SFEC has served 890 clients, collectively reducing their debt by $2,871,179 and increasing their savings by $1,065,267. SFEC services will also integrate into Bank On Northwest Louisiana, which has opened more than 7,700 checking accounts for Northwest Louisiana’s residents and increased residents’ knowledge of money management skills and asset-building opportunities since 2013.
To learn more about the Shreveport Financial Empowerment Center, please visit https://unitedwaynwla.org/our-focus/financial-needs/financial-empowerment-center/.