Ohio Pen - Columbus Financial Empowerment Center Expanding Services

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~ Columbus, OH - The City of Columbus has been selected as one of seven municipalities nationwide to receive a $90,000 grant from the national Cities for Financial Empowerment Fund (CFE Fund) to participate in the Small Business Boost (SBB) initiative. This partnership aims to provide specialized support services for women small business owners and entrepreneurs through the Columbus Financial Empowerment Center.

The Columbus Financial Empowerment Center was launched in May 2022 as a collaborative effort between the Columbus Women's Commission and Jewish Family Services. It offers professional one-on-one financial counseling to all adults in the Columbus area as a free public service. With this new grant funding, the center will be able to expand its services specifically for women entrepreneurs.

Shannon Ginther, first lady of the City of Columbus and chair of the Columbus Women's Commission, recognizes the important role that women play in driving economic growth in the city. She states, "Women are a powerful force in the Columbus economy – driving innovation, creating jobs and promoting upward mobility for children and families." The Small Business Boost initiative will provide these women with access to financial tools and knowledge at no cost to themselves, empowering them to succeed both professionally and personally.

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Small business ownership is often seen as a pathway towards building wealth. However, many small business owners and entrepreneurs face personal financial barriers that hinder their ability to start or grow their businesses. This initiative, supported by Principal® Foundation – a global nonprofit organization committed to helping people and communities where Principal Financial Group, Inc. operates – aims to help local entrepreneurs improve their personal finances. This will better position them to access capital and achieve their business goals.

Jo Christine Miles, director of Principal® Foundation and Community Relations, emphasizes the importance of supporting small businesses in our communities. She states, "Small businesses are the mainstay of our nation's economy...and [are] why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative." The program has already had a positive impact on small business owners and their communities.

The CFE Fund first piloted the SBB initiative in five municipalities in 2022. This next chapter will include not only creating new initiatives between entrepreneurs and service providers, but also conducting qualitative research into the small business client journey and the impact of personal finances on entrepreneurial success.

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Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, believes that small business ownership can be a powerful pathway to opportunity. He states, "We're thrilled to team up with the City of Columbus and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth."

Since its launch, the Columbus Financial Empowerment Center has already made a significant impact. Over 900 residents have reduced their debt by $2.4 million and built savings of $950,000. To learn more about the center's financial counseling services or to schedule an appointment, visit www.columbusfec.org or call (614) 237-9675.

This grant funding from the CFE Fund and Principal® Foundation will not only benefit women entrepreneurs in Columbus but also contribute to the overall economic growth of the city. With access to specialized support services and improved personal finances, these women will be better equipped to succeed in their businesses and continue driving innovation and job creation in Columbus.

Filed Under: Government, City

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