COLUMBIA, MD — The Howard County Financial Empowerment Center has officially opened in Columbia and will offer free one-on-one financial counseling services to people who live, work or attend school in the county.
Howard County is the first county in Maryland to launch a FEC program and is one of three FEC programs in the state.
The FEC in Howard County replicates a national model established by Cities for Financial Empowerment Fund and is supported by a $250,000 CFE Fund grant from the Wells Fargo Foundation, along with additional grant funding.
"Financial empowerment is a key building block for economic mobility and the foundation of strong families and thriving communities," said Howard County Executive Calvin Ball during a news conference. "Our Howard County Financial Empowerment Center will help our neighbors to reduce debt, grow savings and achieve long-term stability. Together, we are ensuring every Howard County resident has the tools and support they need to reach their financial goals and build a more secure future for themselves and their family."
At the FEC, certified financial counselors will help people manage their finances, pay down debt, increase savings, establish and build credit, prepare for legacy planning and access safe and affordable mainstream banking products.
"At the core of the FEC model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, prisoner reentry, benefits access, domestic violence services and more," said Tracy Rezvani, OCP administrator.
UWCM, a regional nonprofit, will deliver financial counseling services for the FEC through bilingual counseling staff. Services will be offered at OCP's office at 9820 Patuxent Woods Drive in Columbia and at several other locations across the county, as well as virtually.
"Local leaders know first-hand the connection between family financial stability and community financial stability," said Jonathan Mintz, president and CEO of the CFE Fund.
FECs across the country have worked with more than 222,000 clients, helping them reduce individual debt by more than $407 million and increasing their families' savings by more than $85 million. A CFE Fund evaluation showed that the program works even for residents with very low incomes and other complex financial challenges.
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