Wells Fargo, LISC Tackle Racial Equity Issues
A collaboration between Wells Fargo and the Local Initiatives Support Coalition is supporting additional programs addressing racial equity issues.
The bank and the national nonprofit group are working on programs in Connecticut and other states that focus on wealth creation, job training, and opportunity gaps worsened by the pandemic.
Wells Fargo has contributed $150,000 to support LISC’s Statewide Financial Opportunity Center Network, launched in 2020 in response to COVID-19.
The FOCs are neighborhood-based programs that offer 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 allows access to LISC’s robust data tracking system.
“LISC Connecticut greatly appreciates Wells Fargo’s financial contribution to maintain and expand our FOC Network, and our shared commitment to help Black and Brown residents advance financially through financial coaching, employment, and access to benefits,” LISC Connecticut executive director Jim Horan said.
“Financial health is one of our major focus areas as a company, and we’re proud to partner with LISC Connecticut to help with this important community initiative,” said Wells Fargo community relations specialist Terence Floyd.
“As the state’s economy recovers and jobs opportunities open, these FOCs are well-prepared to provide coaching and training to individuals and families so that they can make the most of these opportunities and secure financial gains for the long-term.”
“We are honored to work in partnership with LISC Connecticut to help individuals realize their potential, by developing employable skills and obtaining jobs that improve the financial position of their family,” Urban League of Greater Hartford CEO David Hopkins said.
“Our FOC team has embraced this service model, which has strengthened our Project STABLE program and, with the support of Wells Fargo, allowed us to more effectively provide the full scope of services needed to advance community-based wealth building.”
“CAANH helps families meet the needs and challenges of daily living, while improving their financial behaviors,” said Community Action Agency of New Haven director of programs and case management Patricia Tully and financial capability center coordinator Karahn Green said.
“With this grant opportunity, Wells Fargo and LISC have helped advance the agency’s strong foundation by allowing us to obtain more tools, equipment, and broadened our ability to provide financial services to many individuals in the community.”
Less than two years after the launch of the program, LISC Connecticut’s statewide FOC network has helped more than 2,800 clients and placed over 320 people in jobs with an average starting wage of $16.24 an hour, while 80% of clients accessed 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 Darien.
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