Governor Kathy Hochul announced the New York Department of State has awarded $1.1 million in grant funding to 11 community-based organizations across six regions of New York State. $100,000 grants will be used to fund financial literacy programs in these communities. Individuals with incomes at or below 200 percent of the Federal Poverty Guidelines will be eligible to participate in the programs. Language access services will also be made available to individuals that have limited English proficiency.
“Financial literacy is crucial to helping New Yorkers save their hard-earned money as they work to build a better life for their families,” Governor Hochul said. “Through these programs, we can arm New Yorkers in communities across the state with the tools they need to build a more secure economic future for themselves and their loved ones.”
The Financial Literacy Programs will provide one-on-one coaching with experienced financial professionals offering training, as well as education regarding budgeting and financial management. A key component of the initiative is to help individuals and families better understand their purchasing power. Participants will receive information regarding homeownership, improving credit scores, decreasing dependence on credit card debt, opening checking and savings accounts, asset building and how to avoid financial scams.
Each of the participating organizations will partner with community banking institutions as well as local, state and/or federal agencies for referral to additional services that may be available to help strengthen and improve their financial standing.
Programs will be in the Finger Lakes region as well as Western New York, Mohawk Valley, Capital Region, Southern Tier and New York City.
These programs are fully funded through the federal Community Services Block Grant and will be managed by the Department of State’s Division of Community Services. The programs were awarded based on a competitive RFP process.
Secretary of State Robert J. Rodriguez said, “Financial management is one of the most important tools to acquire in order to achieve economic independence and stability. Empowering communities with financial literacy creates a ripple effect that can lead to and ultimately foster prosperous families, a stronger workforce, and more robust communities throughout the state. Teaching individuals how to save, borrow, spend, and invest is essential, especially in underserved communities. Having a sound financial education increases one’s chances of achieving their goals for a better quality of life – and that benefits everyone.”
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