City of Racine: City’s Financial Empowerment Center Receives 2021 Governor’s Award in Financial Literacy
Town of Racine – Today, Governor Tony Evers announced the winners of the 2021 Governor’s Awards for Financial Literacy, which included the Racine City Financial Empowerment Center (FEC). The 2021 Governor’s Financial Literacy Awards honored winners in one of three categories – individual, organization or legacy – for providing exceptional financial literacy and skills training in an inclusive and innovative way. The Racine FEC was honored in the organization category.
The City of Racine FEC is the first and only FEC in the State of Wisconsin and is an official service of the City of Racine, offered in partnership with the local nonprofit Housing Resources, Inc. (HRI). FEC Racine is part of the FEC Public initiative, led by national partner and funder the Cities Fund for Financial Empowerment (CFE Fund).
The Racine FEC provides city residents with free, professional, one-on-one, and confidential financial counseling to help them improve their credit, reduce debt, save, access safe and affordable banking products, and achieve their financial goals. .
“The Root FEC is a central part of the City’s efforts to empower our residents, address long-standing disparities, prepare residents to become homeowners, and help transform residents’ financial futures. Both professional and individual financial advice work, and I am thrilled to see the results that FEC Racine is already achieving, after just one year. The City particularly appreciates the excellent work that our partners at HRI are doing to contribute to the success of the Racine FEC. I am honored that the Governor and his Council on Financial Literacy and Capability have selected the Racine FEC for this award,” said Racine Town Mayor Cory Mason.
The Racine FEC opened its doors (virtually) on December 7, 2020 after more than a year of planning and fundraising. Since its opening, the Racine FEC has already served nearly 200 residents of the city and helped these FEC customers reduce their debts by almost $200,000. FEC Racine has also helped clients increase their savings by nearly $80,000 and reduce over 80 delinquent accounts. Additionally, dozens of FEC customers have successfully increased their credit rating by more than 35 points.
City residents are encouraged to use the Root FEC to help them meet their financial challenges and achieve their financial goals. They can make an appointment for this free City service at www.racinefec.org or by calling 262-200-0831.