Nashville is set to receive a $2 million grant aimed at low-income residents who need help reducing debt and building assets.
The grant is part of a collaboration by Bloomberg Philanthropies and Living Cities’ Cities for Financial Empowerment Fund, which chose Nashville as one of five cities to receive a grant from a total investment of $16.2 million.
The grant is meant to help provide one-on-one financial counseling incorporated into existing services offered in the city, according to a statement from Mayor Karl Dean’s office.
Dean and United Way of Metropolitan Nashville partnered in applying for the grant.
The philanthropies expect the three-year grant to serve about 5,000 Nashvillians at Financial Empowerment Centers (operated by United Way) where counselors will work with clients on financial issues.
Officials expect the centers to open in March, and they are set to be at the Levy Place Center in East Nashville and at the Casa Azafran Community Center, on Nolensville Pike near Interstate 440.
The United Way’s 18 Family Resource Centers, Metro Action Commission, Metro Social Services and state offices that provide welfare benefits through the Temporary Assistance to Needy Families program will host satellite locations, according to Dean’s office.
Former Metro Councilman and former chairman of the Metro Homelessness Commission Erik Cole will oversee the Financial Empowerment Center program out of the Mayor’s Office of Economic and Community Development.
That position is to be funded through the Living Cities and Bloomberg philanthropies.
Belmont University is expected to train six United Way financial counselors to staff the centers.
Denver, Philadelphia, San Antonio and Lansing, Mich., were also selected to receive Financial Empowerment Center grants.