The City of Charleston in partnership with the national Cities for Financial Empowerment Fund (CFE Fund) announced today the grand opening of Charleston’s Financial Empowerment Center (FEC), offering professional, one-on-one financial counseling and coaching as a free public service to the local community.
At the Charleston FEC, professionally trained financial counselors help individuals and families with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit, protect assets, prepare for legacy planning and access safe and affordable mainstream banking products.
At the core of the FEC model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, benefits access, domestic violence services, and more. Charleston FEC services are offered to the public through close partnership with local nonprofit, Increasing HOPE, an established financial training center with over 20 years of experience in the community. Residents can access Charleston FEC services by visiting www.Charleston-sc.gov/FEC. The national FEC initiative is funded by a $1 million grant from the Wells Fargo Foundation, along with support from other generous partners.
“At Wells Fargo, we are committed to opening pathways to economic advancement and helping to build stronger communities,” said Kristy Fercho, Head of Financial Inclusion and Opportunity at Wells Fargo. “Our support of Charleston’s Financial Empowerment Center is a tangible way to help individuals and families strengthen their financial futures.”
“Local leaders know first-hand the connection between family financial stability and community financial stability,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Mayor Cogswell and the City of Charleston is part of a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with Mayor Cogswell to help residents work towards a stronger financial future.”