Shreveport has been chosen by the Cities for Financial Empowerment Fund to receive technology support and grant money to replicate the successful Financial Empowerment Center (FEC) concept.
The grant money and support will help the city establish one-on-one financial counseling for Shreveport residents. A major portion of the grant money comes from Bloomberg Philanthropies as part of their American Cities initiative.
“Shreveport is proud to be among the cities chosen to empower those who are struggling financially. Every citizen needs access to opportunity,” said Mayor Ollie Tyler. “My vision for Shreveport is that everyone is afforded an economic opportunity and a good quality of life. This will help us educate our citizens about the principles that lead to fiscal empowerment and place so many on the path to financial stability.”
This new program is designed to make financial counseling a public service available to everyone. Although the program coming to Shreveport is new, it’s predecessor has been tested in five American cities with positive results.
People who participated in the previous FEC concept recorded that through the program they meaningfully reduced their debt, increased the amount put in savings, overcame significant financial boundaries, and established good relationships with local banks.
The Mayor’s office did not provide a roll-out date or any timeline for implementation.