A Big Apple Look at Akron’s Financial Uplift for Entrepreneurs

Akron’s Fresh Financial Voyage

If you haven’t heard, Akron’s about to roll up its sleeves. The city’s joining forces with the Cities for Financial Empowerment Fund, jumping into their Small Business Boost Initiative. This initiative’s all about dismantling those pesky financial hurdles that trip up our beloved small businesses. Through the program, local business owners can grab some free financial counseling to spruce up their personal finance game.

But, folks, it ain’t just about the initiative. Akron’s syncing up its vibe with the Financial Empowerment Center (FEC) operated by none other than United Way of Summit & Medina. Thanks to this match made in financial heaven, Akron bagged a sweet $90,000 courtesy of the Principal Foundation.

Why Akron Shines

Picture this: "Our small businesses are the heart of our community," Akron’s very own Mayor Shammas Malik chimes in with quintessential optimism. These local heroes, aka entrepreneurs, are the catalysts fueling our towns. And who doesn’t want to see them flourish?

The mission of this initiative? Easy. It’s all about helping business folks tackle financial hiccups without breaking the bank. At Akron’s Financial Empowerment Center, counselors are ready to roll up their sleeves and dive into managing debts, savings, and credits. And yes, they’re doing it with the clients, side by side.

A Look Back at the Pilot Triumph

Rewind real quick to the one-year Small Business Boost pilot program—a little teaser of greatness that kicked off in March 2022. This pilot wasn’t just fluff; it was a groundbreaking effort. The results? Oh, 19% saw a zip in their delinquent accounts, and 8% enjoyed an upswing in their savings according to an Urban Institute report. Take a bow, Akron.

Want in? Akron’s opening the program to anyone running a small biz in town, with a few seasoned players stepping in: Progressive Alliance Community Development Corp., North Hill CDC, and Akron Food Works’ dynamic team at The Well CDC.

Unpacking the Initiative’s Wisdom

You see, Akron ain’t rolling solo. It’s steering a larger ship towards financial empowerment. With trained counselors getting schooled on the nexus of personal finance and business growth, Akron’s small biz owners are in solid hands. This initiative uncovers how honing in on personal finances aids business roadmaps.

Jonathan Mintz, the man behind the curtain at Cities for Financial Empowerment Fund, expresses it best: "Personal finances shouldn’t be a stumbling block," he says. They’re paving pathways for budding entrepreneurs to gain stability and wealth. And in a way that lifts up families and communities alike.

At its core, this initiative might just be a game changer for Akron’s hustlers. And as small businesses spin their wheels and drive forward, Akron stands tall—showcasing what financial empowerment truly means. If you’re in Summit or Medina County, dial up that financial counseling right here or simply call 2-1-1. It’s on the house. Pla$$ ahead!