Rochester expands free financial counseling for small businesses owners
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~ Rochester, NY - The City of Rochester has been chosen to participate in the Small Business Boost (SBB) Initiative, a program aimed at providing financial counseling to local entrepreneurs and small business owners. This initiative, created by the Cities for Financial Empowerment Fund (CFE Fund) with support from Principal® Foundation, will enable the City's Office of Financial Empowerment to offer free financial counseling services to help strengthen personal finances and improve access to capital for small businesses.

Out of numerous applicants, Rochester was one of seven cities selected for this program and has received a generous grant of $90,000. The funds will be used to integrate small business support services with the Rochester Financial Empowerment Center (FEC), which offers professional one-on-one financial counseling as a free public service. This partnership aims to assist residents in reducing debt, increasing savings, and building credit.

Mayor Malik D. Evans expressed his gratitude for being chosen as a participant in this initiative, stating that supporting small businesses and entrepreneurs is crucial for the city's economy and provides hope and opportunity for its residents. He believes that with the help of CFE Fund, they can expand their support for local entrepreneurs and business owners, ultimately helping them achieve economic mobility.

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While small business ownership is often seen as a pathway to wealth building, personal financial challenges can hinder success. Through this program, trained FEC counselors will work directly with business owners to navigate these obstacles and improve long-term sustainability.

Jonathan Mintz, President and CEO of CFE Fund, emphasized the importance of small businesses in creating opportunities for individuals and communities. He stated that personal finances should not be an obstacle for entrepreneurs looking to build financial stability and wealth. Mintz expressed his excitement about teaming up with Mayor Evans and Principal® Foundation on this initiative.

Jo Christine Miles, Director of Principal® Foundation and Community Relations also shared her thoughts on the program. She believes that small businesses are the backbone of communities and a critical path to financial stability. Miles stated that Principal® Foundation supports programs that remove barriers and create opportunities for small business owners and entrepreneurs, making them proud supporters of the Small Business Boost initiative.

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The Small Business Boost Initiative was first piloted in 2022 with support from Principal® Foundation. Local partners, including SUNY Brockport's Small Business Development Center and the RIT Center for Urban Entrepreneurship, will collaborate to expand this effort and evaluate its impact.

Since its launch, the Rochester FEC has helped over 3,000 residents reduce $4.9 million in debt and build $2 million in savings. Nationally, the Financial Empowerment Center model has supported more than 180,000 clients, reducing collective debt by $293 million and increasing savings by $57 million.

Entrepreneurs and small business owners in Rochester can schedule an appointment with an FEC financial counselor by visiting www.CityofRochester.Gov/FEC or calling 585-252-7110. This program is a great opportunity for local entrepreneurs to receive valuable financial counseling services at no cost, ultimately helping them achieve their business goals and contribute to the city's economic growth.

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