The City of Akron has taken a significant step to bolster its local economy by enhancing support for small business owners and entrepreneurs through a partnership with the Cities for Financial Empowerment Fund (CFE Fund). In a recent announcement covered by the City of Akron's official website, Akron has been selected to join the Small Business Boost (SBB) Initiative, securing a grant of $90,000 aimed at fostering new collaborations between small business assistance programs and the Akron Financial Empowerment Center (FEC).
Recognizing the role of small businesses as a cornerstone for community wealth, awarded by the Principal® Foundation, the city's initiative seeks to eliminate financial barriers often thwarting aspiring business owners' endeavors. According to Akron Mayor Shammas Malik, as the City of Akron's official website reported, "Our small businesses are the heart of our community," emphasizing the city's commitment to nurturing business growth and personal financial management. Despite serving as a hopeful path to wealth, many entrepreneurs face financial challenges, an obstacle that the SBB Initiative aims to dismantle.
Jonathan Mintz, President and CEO of the CFE Fund, highlighted the transformative potential of small business ownership on financial stability and wealth creation for families and their communities. "We’re thrilled to team with Mayor Malik and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth," Mintz told the City of Akron. The intervention is especially crucial for entrepreneurs whose personal financial hurdles could hinder a robust business kickoff.
Local entrepreneurs in Akron are invited to engage with the FEC's one-on-one professional financial counseling services, which are provided free of cost by United Way of Summit and Medina. Tailored to navigate the interplay between personal and business finances, FEC counselors will aid these individuals in overcoming the personal financial trials that obstruct business success. Jo Christine Miles, director at Principal® Foundation and Community Relations, lauded the initiative, "Small businesses are the mainstay of our nation’s economy... It’s why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative – a program that has had a positive impact on local small business owners and their communities," as stated in the City of Akron's press release.
The Akron Financial Empowerment Center has played a pivotal role in residents' financial journeys, enhancing savings by over $3.4 million for 3,557 citizens. Further enriching its services, Akron's FEC counselors now prepare for specialized training correlating personal finance with business growth, thus equipping them to bridge the gap between entrepreneurs and the financial acumen required for sustainable business operation. The FECs, first established in New York City under Mayor Michael R. Bloomberg in 2008, have seen nationwide success, assisting clients in reducing debt by over $293 million and boosting savings by over $57 million across various cities. The Akron initiative promises a continuation of this legacy.
