8 SE Michigan non-profits get $120,000 for financial literacy

DETROIT - Citizens Bank is contributing $120,000 to eight Southeastern Michigan non-profit organizations to support financial literacy programs for entrepreneurs, small business owners, homebuyers, students and other consumers.

The largest donations are $30,000, going to Great Lakes Women’s Business Council (GLWBC), and $20,000 each going to the Accounting Aid Society, Junior Achievement of Southeastern Michigan and Southwest Housing Solutions Corp.

“We are committed to empowering women and minorities economically and financial education is the foundation for their success,’’ said Michelle Richards, Executive Director of Great Lakes Women’s Business Council. “With the support from Citizens Bank, we will continue to empower entrepreneurs by providing effective business tools and removing barriers that hinder development of successful, sustainable businesses.’’

Accounting Aid Society is a volunteer income tax assistance (VITA) program that will use the donation to help low- to moderate-income families with free tax help; financial coaching and education; and counseling and financial management help to small businesses and entrepreneurs. A number of Citizens Bank employees volunteer for the free tax service. The average refund clients receive is $1,300.

Joe Dennison, Citizens Bank Senior Vice President and Community Development Team Leader, volunteers with the VITA program.

“Helping out with the VITA program is a way that I can use my financial skills and give back to the community,’’ said Dennison “The program provides free tax assistance for people below a certain income, allowing them to avoid commercial tax return preparation fees and ensuring they get the maximum tax credits to which they are entitled.’’

Southwest Housing Solutions Corp. will use the money for its integrated financial coaching services across ProsperUS Detroit, a program that identifies and fosters entrepreneurial talent through micro-enterprise training, lending, technical support and community capacity building.

“We work to help neighborhood entrepreneurs who have limited access to support services and who often can’t secure capital,’’ said Steve Palackdharry, Director of Communications for Southwest Housing Solutions. “Our program is aimed particularly at those people who don’t qualify for typical bank loans because the loans are small or they have credit history issues.’’

Palackdharry talked about the success of one 40-year-old Detroit resident who has an online clothing and accessory store for women. Through the ProsperUs program, she improved her financial health, credit score and net worth substantially and now has nearly $100,000 in help from various organizations and expects to open a brick and mortar location in Detroit sometime this summer. “It’s a great story and indicative of what we can do with ProsperUS to help realize entrepreneurial dreams,’’ he added.

Junior Achievement will use the donation for its JA Financial Literacy for Youth program, primarily in low-income neighborhoods throughout Wayne, Oakland and Macomb counties.

Other Southeast Michigan organizations receiving funding include:

• Detroit Land Bank Community Development Corporation, $15,000 for its home buyer counseling program.
• Girl Scouts of Southeastern Michigan, $5,000 for the Girl Scout Cookie Rally.
• Jewish Family Services of Washtenaw County, $5,000 for its Financial Literacy for New Americans program.
• Matrix Human Services, $5,000 to expand the Matrix Financial Center.

“Financial education is something we deliver every day at Citizens Bank, and learning how to manage money is the first step for achieving your financial goals.” said Rick Hampson, President, Citizens Bank, Michigan. “With our Citizens Helping Citizens Manage Money initiative, we extend our expertise to the broader communities we serve by providing funding for financial literacy programming and complementing that by deploying more than 400 trained Citizens Bank colleagues to share the tools, tips, and resources people need to make informed financial decisions and gain financial confidence.”

Nonprofit organizations from across the Citizens Bank’s 11-state footprint were chosen in a competitive application process based on their track record of success providing financial education programs, clear and measurable goals for the program and a demonstration to incorporate sustainability in their program plans.

Citizens Helping Citizens Manage Money is part of the bank’s broader Citizens Helping Citizens program, which addresses four key areas: hunger, economic development, financial education and volunteerism.

Throughout the year, Citizens Helping Citizens Manage Money is expected to improve the financial acumen of more than 338,000 individuals seeking a better understanding of financial topics ranging from the basics of checking accounts to the intricacies of household budgeting and long-term financial planning.

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