Belmont University will play a foundational role in new Financial Empowerment Centers to help low-income Nashvillians reduce debt and build assets through free, individual counseling. The Office of Mayor Karl Dean and United Way of Metropolitan Nashville have received a $2 million grant funded by Bloomberg Philanthropies and Living Cities’ Cities for Financial Empowerment Fund. The University will train six United Way financial counselors to staff the centers.
Belmont Associate Professor and Nashville Poverty Council Chair Kristine LaLonde is coordinating the educational partnership and has worked with College of Business Administration Dean J. Patrick Raines, Finance Professor Greg Faulk and Adjunct Instructor Paul McCullough to implement the program.
“Belmont University was honored to be invited by the mayor’s office and United Way to be the educational partner in this important initiative serving some of Nashville’s most vulnerable families,” said Gene Mage, executive director of the Center for Executive Education at Belmont University. “In our contribution to the grant application, we were able to draw on our College of Business Administration’s personal finance curriculum, our long history equipping certified financial planners and the University’s deep commitment to serve the local community.”
The Center for Executive Education wrote the educational piece of the grant application and identified the instructor and now is working to create the curriculum design, oversee participant registration and course logistics. The center also will evaluate results and provide quality control for the course as it runs to encourage continuous improvement of the program.
The three-year grant will serve an estimated 5,000 Nashvillians at Financial Empowerment Centers run by United Way of Metropolitan Nashville. Financial counselors will teach clients how to open safe and affordable checking accounts, establish a credit score, maintain a positive balance, decrease debt and maintain savings. The centers also have a strong focus on integrating with other services driving toward self-sufficiency, including benefits enrollment, family stabilization services, workforce training and job placement and housing.
“These Financial Empowerment Centers will play a vital role in helping Nashville families move from poverty to financial stability,” said Nashville Mayor Karl Dean. “Making sure individuals and families get personalized financial literacy services will help us build stronger families and a stronger community.”
