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Akron Entrepreneurs Set to Benefit from New Financial Counseling Initiative
A new initiative poised to fortify Akron's small business landscape has recently been unveiled. The City of Akron is now participating in the Small Business Boost Initiative, a program organized by the national Cities for Financial Empowerment Fund, aimed at providing essential financial counseling to small entrepreneurs. With a generous $90,000 grant from the Principal Foundation, this initiative intends to address the financial barriers that challenge many local business owners.
Understanding the Financial Landscape
Small businesses represent a vital segment of Akron’s economy. However, many aspiring entrepreneurs struggle with personal financial issues that inhibit their ability to either start or scale their businesses. This program aims to mend that gap. By linking local entrepreneurs with the Financial Empowerment Centers (FEC), operated by the United Way of Summit & Medina, the initiative will deliver one-on-one financial counseling at no cost. Appointments can be seamlessly made online or by calling 2-1-1, ensuring accessibility for all who need assistance.
Building Financial Resilience Among Small Business Owners
Mayor Shammas Malik articulated the city’s commitment to small business viability: "Our small businesses are the heart of our community. We want to help entrepreneurs start and grow their businesses as well as manage their own personal financial journeys." With ongoing support building from past pilot programs that have shown promising results—such as a 19% reduction in delinquent accounts and an 8% increase in savings among participating business owners—this initiative signals a hopeful future for Akron’s small business community.
The Success of Previous Pilot Programs
The Small Business Boost Initiative has extensive roots. Previously piloted in March 2022, it provided critical insights into how financial counseling could stabilize and enhance personal finances for over 500 entrepreneurs across various locations, including Akron. Based on the successful findings, Akron's current initiative aims to build on that momentum, further informing the integration of financial counseling into small business support services.
Training for a Brighter Future
As part of this initiative, Akron's Financial Empowerment Center counselors will receive specialized training aimed at bridging personal finance with business growth. Counselors will be equipped to navigate the unique challenges faced by entrepreneurs while addressing their financial needs, thus creating a more robust ecosystem that nurtures local business growth.
Financial Empowerment: A Pathway to Success
According to Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, "Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities." The initiative reflects a broader trend where local governments seek innovative solutions to enhance the financial landscape for small business owners. Access to financial resources and professional guidance can significantly impact their journey toward entrepreneurship.
Encouraging Participation in Financial Counseling
This program stands as an open invitation for all small business owners in Akron. By participating in financial counseling, entrepreneurs can address pivotal personal finance challenges and gain insights that enhance their business acumen. The Free Financial Empowerment Centers strive to demystify finance, offering professional advice on managing debt, increasing savings, and establishing credit.
Conclusion: Taking the Next Step
For local entrepreneurs, the Small Business Boost Initiative is more than just an opportunity—it's a lifeline. By utilizing these free resources, small business owners can obtain the essential financial skills needed to thrive. It’s clear that the city of Akron is stepping up to support its small businesses during this vital time. As the initiative gains traction, it reflects our collective effort to be proactive in nurturing a healthier economic environment.
To further explore how this program can assist you or a small business you know, visit www.akronohio.gov/FEC or call 2-1-1 for more information on financial counseling appointments.
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