The City of Sacramento has been awarded a $90,000 grant to enhance financial coaching services for its small business community. Recognized as one of only seven cities to participate in the Small Business Boost (SBB) Initiative, Sacramento small business owners can now access free, individualized financial coaching courtesy of the Sacramento Financial Empowerment Center (FEC). This initiative is one step in breaking down the barriers that entrepreneurs face when attempting to start or expand their businesses.
Amy Williamson, the City’s Financial Empowerment Manager, pointed out the importance of this support, “While small business ownership is widely regarded as a strong path toward wealth building, many small business owners and entrepreneurs face personal finance barriers that can impede their ability to start or grow a business.” Williamson also shared how FEC’s certified financial coaches are set to directly help business owners tackle these challenges, in a statement obtained by Sacramento City Express.
The Small Business Boost Initiative helps position local entrepreneurs for success by strengthening their financial foundation, which is essential for accessing capital and achieving business goals. The Cities for Financial Empowerment Fund and nonprofit Principal Foundation are spearheading the nationwide program, which hinges on support from the Principal® Foundation. This global nonprofit, under the Principal Financial Group, Inc umbrella, is committed to advancing communities and individuals towards financial security. “Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, in a statement noted by Sacramento City Express.
Jo Christine Miles, director of Principal® Foundation and Community Relations, underlined the critical role of small businesses, stating, “Small businesses are the mainstay of our nation’s economy, the pathway to financial security for millions of Americans, and the backbone of our communities.” She further emphasized the foundation's ongoing support for programs that remove barriers to small business growth, as reported by Sacramento City Express. The funding is expected to heavily bolster what the Sacramento FEC, operated by the International Rescue Committee of Northern California (IRC), offers to local residents over the age of 18. Providing a wide array of services—from budgeting assistance to credit improvement—the FEC has reached over 1,500 individuals since its inception in 2020.
With the additional funding, Sacramento’s support network for small businesses is set to widen even further, offering coaching in various languages including English, Spanish, Dari/Farsi, and Urdu. Moreover, they've now extended their services to include student loan counseling, following a grant from the California Department of Financial Protection and Innovation (DFPI). Entrepreneurs in Sacramento interested in these free financial coaching services can schedule an appointment through the City's website by calling 916-808-4927, or by visiting the Sacramento Financial Empowerment Center website for more information.
