Financial Empowerment Center: Transforming Lives with Debt Reduction, Savings, and Credit Score Improvement
KeyBank and the KeyBank Foundation have pledged $500,000 towards supporting the expansion of Pittsburgh's Neighborhood Allies. The aim is to strengthen the reach of the organization's Financial Empowerment Center (FEC) services across Allegheny County. This partnership is a significant step for the community-driven initiative, in conjunction with the Allegheny County Department of Human Services (ACDHS).
The FEC, known for its role in assisting individuals towards financial stability, is entering a promising phase with an official collaboration with the Allegheny County Department of Human Services (DHS). This joint effort between Neighborhood Allies and KeyBank represents a strategic advancement, enabling the organization and its team to enhance service provision and community engagement.
"We are deeply grateful for KeyBank's generous grant, which reinforces our commitment to fostering economic mobility for our region’s residents. This support underscores the collective effort to empower individuals to achieve greater financial stability and resilience, ultimately advancing toward our north star goal of moving 100,000 low-income Pittsburghers up the socio-economic ladder," said Presley Gillespie, President, and CEO of Neighborhood Allies.
“We are proud to support Neighborhood Allies in their expansion of the Financial Empowerment Center into Allegheny County,” said Victor Laurenza, KeyBank Western Pennsylvania Market President. “Neighborhood Allies has demonstrated remarkable success in empowering individuals, and we are confident that this strategic initiative will further enhance their positive impact. We look forward to witnessing the continued growth and success of the Financial Empowerment Center, creating lasting economic opportunities for the residents of Allegheny County."
Over the span of more than four years, the FEC has assisted more than 2,200 residents through over 7,500 sessions, leading to 3,400 tangible outcomes. These accomplishments encompass various milestones, such as 973 clients successfully decreasing delinquent accounts, 739 individuals initiating long-term savings plans, 547 clients witnessing a credit score improvement of at least 35 points, and 273 individuals establishing secure and economical bank accounts. The cumulative savings amassed totals $2.6 million, while the collective reduction in debt amounts to $6 million.
The FEC, known for its role in assisting individuals towards financial stability, is entering a promising phase with an official collaboration with the Allegheny County Department of Human Services (DHS). This joint effort between Neighborhood Allies and KeyBank represents a strategic advancement, enabling the organization and its team to enhance service provision and community engagement.
"We are deeply grateful for KeyBank's generous grant, which reinforces our commitment to fostering economic mobility for our region’s residents. This support underscores the collective effort to empower individuals to achieve greater financial stability and resilience, ultimately advancing toward our north star goal of moving 100,000 low-income Pittsburghers up the socio-economic ladder," said Presley Gillespie, President, and CEO of Neighborhood Allies.
“We are proud to support Neighborhood Allies in their expansion of the Financial Empowerment Center into Allegheny County,” said Victor Laurenza, KeyBank Western Pennsylvania Market President. “Neighborhood Allies has demonstrated remarkable success in empowering individuals, and we are confident that this strategic initiative will further enhance their positive impact. We look forward to witnessing the continued growth and success of the Financial Empowerment Center, creating lasting economic opportunities for the residents of Allegheny County."
Over the span of more than four years, the FEC has assisted more than 2,200 residents through over 7,500 sessions, leading to 3,400 tangible outcomes. These accomplishments encompass various milestones, such as 973 clients successfully decreasing delinquent accounts, 739 individuals initiating long-term savings plans, 547 clients witnessing a credit score improvement of at least 35 points, and 273 individuals establishing secure and economical bank accounts. The cumulative savings amassed totals $2.6 million, while the collective reduction in debt amounts to $6 million.
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