As we wrap up the month of April—Financial Literacy Month—we’re looking back at the unprecedented impact that the COVID-19 pandemic has had on the past 30 days. The economic repercussions of the virus have reverberated across the country and a record number of layoffs, furloughs, and cut hours have brought personal finances to the forefront of many public conversations.
During this tough time, we are thankful for the many organizations working hard to help individuals and families during this time. Today, we want to highlight our Financial Opportunity Centers (FOCs) operating across the country. FOCs provide one-on-one coaching to support individuals and families build budgets, reduce debt, increase credit scores, increase short and long term savings, and gain an overall sense of financial stability and peace of mind – which is especially important in times like these. We’ve all heard that common phrase “it’s during a storm that sailing lessons prove their worth”. The LISC FOC Network includes more than 100 FOCs across the country, is backed by more than 15 years of research and data, and is proven to help individuals and families increase their net income, net worth, credit scores, job placements, job retention, and assets.
Our Financial Opportunity Centers didn’t shut their doors when the health crisis hit – in fact, they are stepping up in big ways to serve our rural communities across the country and worked hard to design new ways to support their clients virtually to ensure their financial state was one less thing they needed to worry about.
For example, our Kingsport Housing FOC partner in Kingsport, Tennessee, is being called upon by their FOC clients to help them plan out their stimulus funds in a way that keeps their credit scores in good standing and ensures they are prepared for the future. 100% of their FOC clients have a financial action plan they developed with their coach and of those working on building their savings, have an average savings amount of more than $1500.
Our Clinch-Powell FOC partner in Rutledge, Tennessee, is regularly posting financial education blogs that ensure all of their clients have the latest information on financial resources. You can find some of the great information they are providing here: http://www.clinchpowell.net/content/whats-new
Even more, new rural communities in Missouri, West Virginia, Oregon, and Virginia are asking Rural LISC for help to bring these much-needed FOC resources to their communities because they know this is an important solution for so many impacted by this health crisis. If you’re also interested in learning more about our FOC programs you can visit our website here https://www.lisc.org/rural/our-work/economic-workforce-development/financial-opportunity-centers/.