Howard County is upping its game in the realm of financial empowerment with the announcement of a new initiative that aims to help locals get their dollars and cents in order; Howard County Executive Calvin Ball said the region has been chosen as a Planning Grantee for the Financial Empowerment Center (FEC) Academy, as reported by the county's official website. In a stride that echoes over 30 other municipalities, the county's inclusion as an FEC Academy planning grantee ties into a 15-month preparation program, including a $20,000 grant and technical assistance curated to bring the FEC initiative to life, according to Howard County's website.
As the effort marches forward, well-versed counselors from MakingChange, Inc. will extend a guiding hand to residents earning modest incomes to navigate their financial waters, they'll work on managing finances, curtailing debt, and fostering savings, building and amending credit, and grabbing a hold of mainstream banking products that don't break the bank. The FEC's core philosophy banks on integrating financial counseling alongside services like housing assistance, job development, and support for those exiting the criminal justice system, ensuring an integrated approach to financial health.
Education is the key to a successful financial future and ensuring our residents are financially literate and able to understand and effectively use various financial skills, will help establish the grounding foundation needed for a lifelong relationship with money
, Calvin Ball highlighted in his remarks. Tasked with oversight responsibilities, the County’s Office of Consumer Protection (OCP) stands as a bulwark against exploitation, as cited by a press release.
The CFE Fund, the muscle behind the FEC movement, garners support from the likes of Bloomberg Philanthropies and the Wells Fargo Foundation among other partners, this venture is not an isolated case but rather a continuation of efforts, since then, FECs have recorded substantial impacts nationwide, aiding clients to reduce debt and increase savings significantly.
