According to the Philadelphia Business Journal, “the Bloomberg Philanthropies will give $3.3 million to Philadelphia to offer financial counseling for low-income residents.” In a move that will undoubtedly get Fast Eddie’s attention, the grant will go towards funding a Financial Empowerment Center, much like the ones in New York City, which Mayor Michael Bloomberg said he hopes will “create measurable change for low-income residents in Philadelphia.”
NYC’s Financial Empowerment Center offers free one-on-one counseling to help people “take control of [their] debt, deal with debt collectors, improve [their] credit, create a budget, open a bank account, start an emergency fund, save and plan for [their] future, and much more.” BizJournal continues, saying that the Philly FEC will open in March, be operated by the mayor’s office in partnership with Clarifi, and expects to counsel up to 9,000 people in the first year. Mayor Nutter said of the grant:
By offering personalized financial literacy services to low-income individuals, we make it possible for Philadelphia families to move toward self-sufficiency and, ultimately, better position our city economically for the future.”
You can read more about NYC’s FEC here.
DOUBLE GOOD NEWS UPDATE: Mayor Nutter announced the 10,000 Small Businesses Initiative today. The initiative, which will be done in partnership with Goldman Sachs, will “help create jobs and economic growth by providing small businesses in the Philadelphia region with practical business education, business support services and access to capital.”
The $20 million committed to the area by Goldman Sachs will be handled like this: “Community College of Philadelphia will deliver the business education portion of the program, and Philadelphia Industrial Development Corporation (PIDC) and Community First Fund will originate loans to small businesses.” John F.W. Rogers, Executive Vice President of Goldman Sachs and the firm’s chief of staff said:
10,000 Small Businesses is a good fit for Philadelphia because of the city’s strong local leadership, engaged partners and economic need in the small business sector. We are pleased to work with our partners to help create jobs and drive growth that will ultimately benefit the economy of the greater Philadelphia area.”
The grander 10,000 Small Businesses initiative includes $500 million across the U.S., including Chicago, Cleveland, Houston, Long Beach, Los Angeles, New Orleans, New York, Salt Lake City, and now Philadelphia. The program begins in May, and applications for the education component of the program are being accepted now over here.
So there you have it: The world is not totally made of shit. Have you got some good news? If so, send it to tips[at]philebrity[dot]com with “GOOD MOTHERFUCKING NEWS!” in the subject header — we’d love to hear about it.