City of Sacramento secures funding to expand financial coaching services for small business owners
The City of Sacramento received a $90,000 grant to strengthen financial coaching services for small business owners and entrepreneurs through the Sacramento Financial Empowerment Center (FEC).
Sacramento is one of only seven municipalities selected for the Small Business Boost (SBB) Initiative, which aims to connect local small businesses with free, professional one-on-one financial coaching.
“While small business ownership is widely regarded as a strong path toward wealth building, many small business owners and entrepreneurs face personal finance barriers that can impede their ability to start or grow a business,” said the City’s Financial Empowerment Manager, Amy Williamson. “The FEC’s certified financial coaches can help business owners tackle those challenges.”
The funding comes as part of the Small Business Boost Initiative, a national program led by the Cities for Financial Empowerment Fund. and nonprofit Principal Foundation.
This initiative, supported by Principal® Foundation, a global nonprofit organization committed to helping people and communities where Principal Financial Group, Inc operates build financially secure futures, will help local entrepreneurs and small business owners in the city of Sacramento 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 the City of Sacramento 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.
The Sacramento FEC, operated by the International Rescue Committee of Northern California (IRC), provides free financial coaching to residents 18 years and older. Since its launch in 2020, the FEC has worked with more than 1,500 individuals, providing services such as budgeting assistance, savings strategies, debt reduction, credit improvement, and access to safe and affordable financial products.
Coaching is available in English, Spanish, Dari/Farsi, and Urdu. Student loan counseling is also available in English following a grant from the California Department of Financial Protection and Innovation (DFPI).
Several local small business support organizations will participate in the grant outreach work. Entrepreneurs and small business owners can also schedule an appointment directly through the City’s website or by calling 916-808-4927. The appointment link and more information are available on the Sacramento Financial Empowerment Center website.