Nyenta.com - Rochester to include financial stability resources into local emergency response plan

Trending...

~ Rochester, NY - Mayor Malik D. Evans proudly announced today that Rochester has been selected as one of the five inaugural cities in the new Emergency Financial Empowerment (EFE) initiative by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund). This program aims to assist municipalities in building and expanding their emergency preparedness and response infrastructure by incorporating financial stability support.

Mayor Evans emphasized the importance of financial empowerment in building resilience during emergencies. He expressed his excitement for the collaboration between the Office of Emergency Management and the Mayor's Office of Financial Empowerment to develop a comprehensive emergency preparedness and response plan that includes financial support resources for city families. He also extended his gratitude to CFE Fund for choosing Rochester as one of the five cities nationwide to participate in this inaugural EFE cohort.

Jonathan Mintz, President and CEO of CFE Fund, also shared his enthusiasm for working with Mayor Evans' administration to ensure that Rochester and other local governments can incorporate various public and community financial empowerment resources to support individual and family finances during emergencies. He acknowledged the generous support from Bloomberg Philanthropies' Greenwood Initiative, which made this new EFE initiative possible.

More on Nyenta.com

The strain of natural disasters, public health crises, and other localized emergencies often have a significant impact on residents' financial stability. These unforeseen expenses, loss of income, and other stresses can lead to long-term financial consequences. The EFE initiative aims to address this issue by providing assistance to Rochester residents in navigating available financial resources, determining their eligibility, and understanding the process for accessing those resources.

Moreover, a household's financial stability before a disaster can greatly affect its ability to access relief programs when emergencies occur. For instance, since 2001, 90% of Small Business Administration (SBA) disaster loan denials have been due to "unsatisfactory credit history," "lack of repayment ability," or both.

Garnesha Ezediaro, who leads Bloomberg Philanthropies' Greenwood Initiative, highlighted the disproportionate impact of natural disasters on vulnerable families. She emphasized the critical role of local strategies in addressing disaster-induced financial inequities and expressed her confidence in CFE Fund's partnership to strengthen local emergency responses and prepare communities, particularly underserved residents.

More on Nyenta.com

Rochester joins four other cities - Dallas, Texas; Gainesville, Fla.; St. Louis, Mo.; and St. Paul, Minn. - in the inaugural EFE cohort. These cities were competitively chosen for their demonstrated interest in identifying the role of local emergency management in household financial resilience.

The CFE Fund's engagement with Rochester will be supported by a $150,000 grant from Bloomberg Philanthropies as part of their Greenwood Initiative. This philanthropic effort aims to accelerate wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities.

Mayor Evans and CFE Fund are committed to working together to ensure that Rochester residents are financially empowered and prepared for any unexpected disasters or emergencies that may arise. This partnership is a significant step towards building a more resilient community that prioritizes the financial stability of its residents.

Filed Under: Government, City

0 Comments

Latest on Nyenta.com