Akron's Small Business Owners Can Receive Financial Counseling Support

Historic Akron building with local businesses, highlighting Akron financial counseling initiative.

Akron's New Initiative: Empowering Small Business Owners

Small business owners in Akron can soon access vital financial assistance thanks to a new initiative designed to strengthen local entrepreneurs. The City of Akron has been selected to participate in the Small Business Boost Initiative, developed by the national Cities for Financial Empowerment Fund (CFE Fund). This significant program aims to dismantle financial barriers, helping small business owners manage their personal finances more effectively and ultimately grow their operations.

Understanding the Impact of Financial Counseling

The initiative boasts a $90,000 grant provided by Principal Foundation, a global nonprofit focused on fostering financial stability within communities. This funding is intended to bridge local small business support services with the Financial Empowerment Center (FEC) initiative, which is operated by United Way of Summit & Medina. Through this partnership, small business owners in Summit and Medina Counties can make financial counseling appointments at no cost by contacting 2-1-1 or scheduling online.

Previous Successes and Ongoing Commitments

Lessons learned from the prior year-long pilot program reveal the tangible benefits of this financial counseling initiative. In Akron and four other cities where the pilot was conducted, 19% of participating clients successfully reduced their delinquent accounts, while 8% saw an increase in savings. As Mayor Shammas Malik points out, “Our small businesses are the heart of our community,” emphasizing the significance of fostering entrepreneurial growth as foundational to community resilience.

Future Horizons: Training for Success

The upcoming program will provide Akron Financial Empowerment Center counselors with specialized training focused on the intersection of personal finance and business development. This enhanced training aims to equip counselors to guide local business owners toward greater financial literacy and stability, paving the way for broader community economic growth. Additionally, the initiative aims to cultivate wealth generation that benefits not only entrepreneurs but their families and communities.

Join the Movement for Financial Empowerment

With small businesses representing the backbone of local economies, initiatives like these play a crucial role in supporting their success. If you're a small business owner in Akron, it's time to take advantage of this unique opportunity for financial guidance. Leverage the resources available to manage your personal finance journey and foster greater business potential. For more information or to schedule your counseling appointment, contact the Akron Financial Empowerment Center today.

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