Wells Fargo and LISC tackle racial equity issues » CBIA
A collaboration between Wells Fargo and the Local Initiatives Support Coalition supports additional programs addressing racial equity issues.
The bank and the national non-profit group are working on programs in Connecticut and other states that focus on wealth creation, job training, and opportunity gaps exacerbated by the pandemic.
Wells Fargo donated $150,000 to support LISC’s Statewide Financial Opportunity Center network, launched in 2020 in response to COVID-19.
FOCs are neighborhood programs that provide education, long-term financial coaching, job training and placement, and low-cost financial products to help participants build credit, savings, and assets.
In addition to providing employment and financial training services to more than 800 people locally, the new funding provides access to LISC’s robust data tracking system.
“LISC Connecticut greatly appreciates Wells Fargo’s financial contribution to maintaining and growing our FOC network, and our shared commitment to helping Black and Brown residents advance financially through financial coaching, employment, and access to benefits,” said Jim Horan, executive director of LISC Connecticut.
“Financial health is one of our primary areas of focus as a company, and we are proud to partner with LISC Connecticut to help with this important community initiative,” said Terence Floyd, community relations specialist at Wells Fargo.
“As the state’s economy recovers and job opportunities open up, these FOCs are well prepared to provide coaching and training to individuals and families so they can make the most of these opportunities and secure long-term financial gains.”
“We are honored to partner with LISC Connecticut to help individuals realize their potential, developing employable skills and securing jobs that improve their family’s financial situation,” said Urban League of Greater CEO. Hartford, David Hopkins.
“Our FOC team has embraced this service model, which has strengthened our Project STABLE program and, with the support of Wells Fargo, enabled us to more effectively deliver the full set of services needed to advance community wealth building.”
“CAANH helps families meet the needs and challenges of daily living, while improving their financial behaviors,” said New Haven Community Action Agency Director of Programs and Case Management, Patricia Tully, and Financial Capability Center Coordinator Karahn Green.
“Through this grant opportunity, Wells Fargo and LISC have helped advance the agency’s strong foundation by enabling us to obtain more tools, equipment, and expand our ability to provide financial services to many people in the community.”
Less than two years after the program launched, LISC Connecticut’s statewide FOC Network has helped more than 2,800 clients and placed more than 320 people in jobs with an average starting salary of $16.24 $ per hour, while 80% of clients had access to more than one service.
Other sites in LISC’s statewide FOC network include The Village for Families and Children in Hartford, Human Resources Agency of New Britain, Open Doors in Norwalk and Naugatuck Valley Community College in Waterbury, and Person to Person in You’re welcome.