ALBANY — The Community Loan Fund announced the launch of a first-of-its-kind Financial Wellness Program aimed at supporting low-income entrepreneurs seeking financial options for their start-up businesses.
The program consists of up to six months of intensive credit counseling at a low cost to customers, as well as additional financial education courses to help entrepreneurs address credit and budget issues.
Funding for this new initiative will be provided by Empire State Development (ESD) as part of the CDFI Access to Financial Services program.
This program is specifically aimed at supporting entrepreneurs who are currently in business or looking to start a business within the next year. To be eligible for the program, new businesses must have a written business plan dated within the past year, and active businesses must have a date within the past three years.
Once registered, participants will participate in a series of workshops hosted by local experts in the field on topics such as personal budgeting, debt repayment options, and financial education. In addition to this, eligible participants will receive her 3-hour QuickBooks training for free. All classes will be held remotely to encourage remote participation.
“Community Loan Fund remains committed to providing a level playing field when starting a business,” said Community Loan Fund Executive Director Linda McFarlane.
“Our staff knows from prospective borrowers and training clients that their dreams of owning their own business and building generational wealth for their families are far from overdue for past credit issues or past budgeting mistakes. “We are told over and over again that it is impossible,” she added. “Our new financial wellness program tackles this issue head-on and continues to break down decade-old barriers for low-income entrepreneurs.”
Destiny Watkins, the loan fund’s director of training and technical assistance, said it has become more difficult for businesses to maintain financial health since the coronavirus pandemic.
“Over the past few years, mainly since the pandemic, we have seen more and more clients ask questions about maintaining their businesses financially, or simply not knowing how to start if they have had financial issues before. We’ve seen people come to us for advice,” Watkins said. “We are very grateful to our program partners and sponsors for allowing the Community Loan Fund to address this issue.”
Nishaea Richardson, founder and owner of Wealth Phenom, is one of the program’s many subject matter experts.
“Having a healthy relationship with money contributes to overall well-being,” Richardson said. “Whether emotionally, physically, spiritually, or spiritually, our finances play a huge role in our lives. They aim to succeed and I am confident that this course will enable them to do so.
Interested participants should email Destiny Watkins. [email protected] Set up a consultation.
The Capital Region Community Loan Fund is a nonprofit organization serving the metropolitan area, including Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington counties. is a community development financial institution.
