Our story begins with a 25-year-old Black woman in Chicago who, facing wrongful termination during medical leave and financial struggles, turned to ride-sharing to make ends meet. Struggling to gain clients for her business and on the brink of losing her car and home, she sought help from LISC Chicago Financial Opportunity Center® (FOC) Network Partner. With their support, she improved her financial situation, increased her credit score, paid off debt, and secured a $65,000 job with benefits in just three months, showcasing the transformative impact of the FOC model.
All of our FOC Network partners offer many similar stories, especially of Brown and Black families plagued by racial inequities in Chicago and across the country. More importantly, the FOC model offers a unique strategy to close the racial wealth gap. These centers provide employment services, one-on-one financial coaching, and low-cost financial products to build credit, savings, and assets. This human-centered approach goes beyond job placement, enabling the workforce development system to help communities build generational wealth and begin to reduce the racial wealth gap.
While the FOC model has proven effective in serving Chicago's communities, it is essential to expand its reach. In 2019, LISC Chicago decided to share their learnings with other organizations through the FOC Model Implementation Academy. Five Chicago-based organizations participated, tailoring the model to their community needs. Our white paper explores how this model works and how organizations can take what we have learned to have deeper and more meaningful impact with their clients.
Unveil the blueprint for equitable financial empowerment through our white paper, showcasing how Financial Opportunity Centers® are revolutionizing wealth-building strategies and empowering individuals who live in underserved communities.