The City of Charleston has opened a Financial Empowerment Center (FEC) in partnership with the Cities for Financial Empowerment Fund (CFE Fund). The center provides free, professional financial counseling and coaching to local residents, especially those with low and moderate incomes.
Counselors at the FEC assist individuals and families in managing their finances, reducing debt, increasing savings, building credit, protecting assets, preparing for legacy planning, and accessing mainstream banking products. The center also integrates its services into other social support areas such as housing assistance, workforce development, benefits access, and domestic violence services. Local nonprofit Increasing HOPE is partnering to deliver these services. Residents can find more information or access the FEC by visiting www.Charleston-sc.gov/FEC.
Funding for this initiative includes a $1 million grant from the Wells Fargo Foundation along with contributions from additional partners. Kristy Fercho, Head of Financial Inclusion and Opportunity at Wells Fargo said: “At Wells Fargo, we are committed to opening pathways to economic advancement and helping to build stronger communities. Our support of Charleston’s Financial Empowerment Center is a tangible way to help individuals and families strengthen their financial futures.”
Jonathan Mintz, President and Chief Executive Officer of the CFE Fund stated: “Local leaders know first-hand the connection between family financial stability and community financial stability. Mayor Cogswell and the City of Charleston is part of a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with Mayor Cogswell to help residents work towards a stronger financial future.”
Nationally, FECs have worked with over 201,000 clients who have reduced their collective debt by more than $344 million while increasing savings by over $69 million. Evaluations show that even residents facing significant economic challenges benefit from these programs. Charleston joins more than two dozen local governments launching similar initiatives.
The CFE Fund works with cities across the United States—over 150 municipalities—to improve household financial stability through program funding and technical assistance. Since its inception it has distributed more than $75 million for such efforts.
Charleston’s history includes sites like the Old Slave Mart Museum which documents its role in American history regarding the domestic slave trade (official history page). The city covers areas around Charleston Harbor within the broader regional area (official website). The Council Chamber features historic elements such as original chandeliers dating back to 1818 (official site), reflecting an ongoing focus on preservation.
The City of Charleston emphasizes improving quality of life for its residents (official mission page) through collaboration with regional government entities (official website).
For further information about Charleston’s FEC or related initiatives contact Macy Adams at adamsm@charleston-sc.gov.
