Rochester expands free financial counseling for small businesses owners
City Receives $90,000 Small Business Boost Initiative Grant
The City of Rochester has been selected to participate in the Small Business Boost (SBB) Initiative, a program by the Cities for Financial Empowerment Fund (CFE Fund) with support from Principal® Foundation. This initiative will enable the City’s Office of Financial Empowerment to provide local entrepreneurs and small business owners with free financial counseling to strengthen their personal finances, improving their ability to access capital and grow their businesses.
Rochester is one of seven cities nationwide chosen for this program and has received a $90,000 grant to integrate small business support services with the Rochester Financial Empowerment Center (FEC). The FEC offers professional, one-on-one financial counseling as a free public service, helping residents reduce debt, increase savings, and build credit.
“Supporting small businesses and entrepreneurs is more important than ever,” said Mayor Malik D. Evans. “The are the foundation of our economy, drive our city’s growth, and provide hope and opportunity for residents. Thanks to the Cities for Financial Empowerment Fund, we can expand our support for our local entrepreneurs and business owners—helping them build wealth and achieve economic mobility.”
While small business ownership is a key pathway to wealth building, personal financial challenges often hinder success. Through this initiative, trained FEC counselors will work directly with business owners to help them navigate personal financial obstacles, access capital, and improve long-term business sustainability.
“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We’re thrilled to team with Mayor Evans and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”
“Small businesses are the backbone of our communities and a critical path to financial stability,” said Jo Christine Miles, Director of Principal® Foundation and Community Relations. “Principal® Foundation supports organizations and programs that remove barriers and create opportunities for small business owners and entrepreneurs so they can grow their business and build financially secure futures. It’s why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative – a program that has had a positive impact on local small business owners and their communities.
The Small Business Boost Initiative was first piloted in 2022 with support from Principal® Foundation. Local partners, including SUNY Brockport’s Small Business Development Center and the RIT Center for Urban Entrepreneurship, will collaborate to expand this effort and evaluate its impact.
Since its launch, the Rochester FEC has helped 3,146 residents reduce $4.9 million in debt and build $2 million in savings. Nationally, the Financial Empowerment Center model has supported more than 180,000 clients, reducing collective debt by $293 million and increasing savings by $57 million.
Entrepreneurs and small business owners can schedule an appointment with an FEC financial counselor by visiting www.CityofRochester.Gov/FEC or calling 585-252-7110.