MAYOR GREENBERG ANNOUNCES CITY WILL ENHANCE FINANCIAL COUNSELING SERVICES FOR SMALL BUSINESSES, ENTREPRENEURS
Louisville, KY (March 17, 2025) – Today Louisville Mayor Craig Greenberg announced that theLouisville Financial Empowerment Center, in association with the nationalCities for Financial Empowerment Fund (CFE Fund), has been selected to participate in the Small Business Boost (SBB) Initiative. To support this work, the Louisville Financial Empowerment Center (FEC) received a $90,000 grant to support new initiatives. The Louisville FEC is an initiative of the Louisville Metro Office of Social Services.
“Louisville is one of seven municipalities selected to connect local small business support services to the Financial Empowerment Center initiative, which offers professional one-on-one financial counseling as a free public service,” said Mayor Greenberg. “We are thrilled to be able to offer this service and grow new businesses here in Louisville.”
While small business ownership is widely regarded as a pathway toward wealth building, many small business owners and entrepreneurs face personal financial barriers that impede their ability to start or grow a business. This initiative, supported generously byPrincipal® Foundation, will help local entrepreneurs and small business owners in Louisville improve their personal finances, better positioning them to access capital and achieve their business goals.
“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We’re thrilled to team with Mayor Greenberg and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”
“Small businesses are the mainstay of our nation’s economy, the pathway to financial security for millions of Americans, and the backbone of our communities,” said Jo Christine Miles, director, Principal® Foundation, and Community Relations. “Principal® Foundation supports organizations and programs that remove barriers and create opportunities for small business owners and entrepreneurs so they can grow their business and build financially secure futures. It’s why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative – a program that has had a positive impact on local small business owners and their communities.”
With support from the Louisville Economic Development Alliance, Louisville Urban League, Navigate Enterprise Center, Metro United Way, Office of Immigrant Affairs, and Human Relations Commission, the Louisville FEC has already helped more than 2,000 residents reduce debt – saving them more than $2.1 million and building savings by nearly $100,000.
First piloted in New York City under Mayor Michael R. Bloomberg in 2008, FECs across the country have worked with over 180,000 clients, helping them reduce individual debt by over $293 million, and increasing their families’ savings by over $57 million.
At the Financial Empowerment Centers, professionally trained FEC counselors help consumers with low and moderate incomes manage their finances, pay down debt, increase savings, establish, and build credit, and access safe and affordable mainstream banking products.
Through the Small Business Boost initiative, Louisville FEC counselors will support business owners and entrepreneurs in addressing personal financial challenges that present barriers to success in building wealth through business ownership. In addition, Louisville FEC counselors will receive training on how to navigate entrepreneurial ecosystems and drive business outcomes through improving personal finances.
Entrepreneurs and small business owners can email fec@louisvilleky.gov or call 502-574-5789 to make a FEC financial counseling appointment.
About Principal® Foundation
Principal Financial Group Foundation, Inc. (“Principal® Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to organizations that build financial security in the communities where Principal Financial Group, Inc. operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in almost 150 cities and counties representing 62 million people and has disbursed over $69 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org.
