$500,000 Investment in core operating support will enable Neighborhood Trust to empower low-wage workers to achieve long-term financial health and convert their wages into assets
April 26, 2018, New York. The Citi Foundation announced that Neighborhood Trust Financial Partners (Neighborhood Trust) was selected as the recipient of a $500,000 grant as part of the 2018 Community Progress Makers Fund. The Fund is a $20 million, two-year initiative by the Citi Foundation to support high-impact community organizations that are driving economic opportunities in our communities by bringing together residents, nonprofits, businesses, and municipal agencies. Neighborhood Trust joins a group of 40 change agents who are playing a key role in coordinating the efforts of multiple partners toward common goals and working in new ways to address urban challenges in Chicago, Los Angeles, Miami, New York City, San Francisco Bay Area, and Washington D.C.
Through the fund, Neighborhood Trust will empower low-wage workers to achieve long-term financial health and convert their wages into assets by partnering with employers to bring its trusted financial counseling model to employees as a financial wellness benefit. The goal is to address the full ecosystem of services in which workers operate, get paid, and seek support, saturating the community market with opportunities for financial empowerment and creating a web of financial supports that touch all aspects of workers’ lives. Additionally, Neighborhood Trust will also strengthen the ties between for-profit and nonprofit institutions with a stake in worker financial health and asset development by demonstrating and articulating the value of financial wellness in the workplace.
“We launched this program in 2015 as our version of ‘venture philanthropy’—a chance to invest in the vision and mission of these organizations who are helping positively transform their communities,” said Brandee McHale, President of the Citi Foundation. “We’re pleased with the results from our inaugural Community Progress Makers and are looking forward to implementing the lessons we’ve learned with this next, impressive group of community leaders as they scale, innovate and drive impact.”
“Millions of low-wage workers in New York and across the country are facing income volatility and wage stagnation—and unfortunately, having a job no longer leads to financial security. At Neighborhood Trust, we believe all workers should have the tools for financial health at their fingertips, and we want to create transformative change by incorporating financial empowerment into the full ecosystem of institutions they already know and trust,” said Justine Zinkin, CEO, Neighborhood Trust. “As a Community Progress Maker, we will bring more employers, unions, and leaders in the job quality movement to the table to ensure workers have access to best-in-class financial counseling at the place where they need it most—where they get paid.”
In 2016-2017, the inaugural cohort of Community Progress Makers helped more than 14,700 low-income people secure financial assets; built over 10,500 affordable housing units; strengthened more than 1,100 small businesses; and connected 1,800 young people to jobs in their communities.
About Neighborhood Trust Financial Partners
Neighborhood Trust is a leading provider of financial counseling services. For more than 20 years, we have empowered low-income individuals to take control of their finances and achieve financial health. Neighborhood Trust embeds our services in partner organizations where our services are trusted, relevant and actionable, including employers, financial institutions, community-based nonprofits, and unions. Annually we serve nearly 9,000 low- and moderate-income workers and job seekers across the country. For more information, visit www.neighborhoodtrust.org.
About the Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.