Citizens Bank Announces $110,000 In Financial Literacy Grants

As part of its ongoing commitment to give consumers the confidence and tools they need to reach their potential, Citizens Bank announced that six nonprofit organizations in Michigan will receive $110,000 in contributions as part of the Citizens Helping Citizens Manage Money financial literacy initiative.

Citizens Bank will provide $1.5 million in grants in nine states including Michigan that will help people obtain a better understanding of financial topics ranging from the basics of checking accounts and household budgeting to the intricacies of starting or building a business and long-term financial planning. During Financial Literacy Month and throughout the year, Citizens wants to help individuals and businesses in achieving their financial goals, and the tools they need to budget, save, invest and be fiscally healthy.

The yearlong effort will support financial literacy programming for small business owners, entrepreneurs, homebuyers, students and other consumers throughout the communities it serves. A significant piece of funding in Michigan is going to Great Lakes Women’s Business Council.

“The grant from Citizens Bank allows us to better equip Detroit’s small business community with the financial literacy tools they need to succeed,” said Michelle Richards. “Business failure rates in Michigan are at 66% for companies 10 years old, according to the SBA. A large reason for this is inadequate financial education and resources. With the help of the Citizens financial literacy grant, our CEED Detroit Loan Program provides microloans up to $50,000 at 5% for 5 years, along with extensive hands-on technical assistance. Weekly loan orientations and financial literacy sessions are also held weekly for approximately 200 participants annually.”

The following are the funding recipients in Michigan and how the money will be used:

• Accounting Aid Society of Metropolitan Detroit – To support the 2018 Tax Assistance and Financial Education Program to increase and expand economic security and financial literacy for low-to-moderate income households.
• Detroit Land Bank Community Development Corporation – To support the Home Buyer Counseling Program to improve financial literacy and prevent foreclosure.
• Great Lakes Women's Business Council – To address the need for affordable financing, financial literacy, and technical assistance for women and minority-owned businesses in Detroit neighborhoods.
• Junior Achievement of Southeastern Michigan – To support the JA Financial Literacy for Youth program to prepare students to proactively manage their finances through age-appropriate instruction.
• Southwest Economic Solutions - To build the capacity for integrated financial coaching services across diverse programming, specifically ProsperUS.
• Wayne Metropolitan Community Action Agency - To improve the economic well-being of fellow citizens by increasing financial capabilities and assets.

In addition to the financial literacy grants, Citizens Bank offers helpful tips on its website for consumers to learn how to budget and save as well as advice on how to save to buy a home, seek identity protection and more. The bank is also inviting those interested in learning more about money management to follow along on social media, including Facebook, Twitter and Instagram, throughout the month of April to learn and share tips about topics such as goal-setting, saving and managing credit. The bank’s Community Ambassadors— colleagues trained to deliver the FDIC’s MoneySmart curriculum to consumers— will offer their real-world tips on saving and money management.

“At Citizens, we believe that becoming financially savvy is a skill that benefits everyone. Learning the basics is the first step in achieving your financial goals and getting on the path to financial security,” said Rick Hampson, President, Citizens Bank, Michigan. “With Citizens Helping Citizens Manage Money, more than 400 Citizens Bank colleagues will provide members of our communities with the knowledge, confidence and resources they need to budget, save, invest and be fiscally healthy.”

Citizens Helping Citizens Manage Money is part of the bank’s broader Citizens Helping Citizens program, which addresses three key areas: hunger, financial education and strengthening communities.

For additional information on Citizens Helping Citizens Manage Money, visit Citizens’ website.