Dallas, TX- The national nonprofit Cities for Financial Empowerment Fund(CFE Fund) announced that Dallas has been selected as one of the inaugural cities for its Emergency Financial Empowerment (EFE) initiative. This groundbreaking initiative aims to integrate financial stability resources into the local emergency preparedness and response framework, directly benefiting Dallas residents.
Disasters can severely impact the financial stability of families, leading to unexpected expenses and loss of income. For many underserved communities, the effects of such crises can have lasting repercussions. Residents often struggle not only with the immediate aftermath but also with understanding and accessing available assistance. Additionally, a household's financial stability before a disaster takes place can have a major impact on their ability to access relief programs when emergencies do happen. Historical data reveals that 90% of Small Business Administration (SBA) disaster loan denials since 2001 have stemmed from "unsatisfactory credit history" or "lack of repayment ability."
Through the EFE initiative, Dallas will enhance its ability to connect residents with crucial financial support resources during emergencies. The City will receive technical assistance from the CFE Fund to integrate financial empowerment services into emergency response protocols. These services may include individualized financial counseling and guidance on navigating federal grant and loan applications post-disaster. This engagement is bolstered by a $150,000 grant from Bloomberg Philanthropies as part of their Greenwood Initiative, a philanthropic effort that aims to accelerate the pace of wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities.
Dallas joins other cities-Gainesville, FL; Rochester, NY; St. Louis, MO; and Saint Paul, MN- competitively selected for their commitment to enhancing household financial resilience through local emergency management strategies.
"The inclusion of financial stability resources in our emergency response plan is a vital step forward for Dallas," said Kimberly Bizor Tolbert, Interim City Manager. "This initiative aligns with our ongoing commitment to ensure that all Dallas residents, especially those in underserved communities, have access to the support they need in times of crisis."
"When disasters strike, financial security becomes paramount," said Travis Houston, Deputy Director of the Office of Emergency Management and Crisis Response. "By integrating financial empowerment into our emergency preparedness and response plans, we are working to create a more resilient Dallas."
"Financial stability is foundational to preparing for and recovering from an emergency, and the CFE Fund is thrilled to work together with the Johnson administration to ensure Dallas and other local governments can incorporate the array of public and community financial empowerment resources to support individual and family finances for emergencies," said Jonathan Mintz, President and CEO of the CFE Fund. "Thanks to generous support from Bloomberg Philanthropies' Greenwood Initiative, this new Emergency Financial Empowerment initiative will help Dallas residents better prepare for and recover from unexpected disasters."
The EFE initiative marks a transformative partnership between emergency management and financial empowerment, ensuring all Dallas residents, particularly those in historically underserved areas, can access critical financial resources during emergencies.
"When communities experience natural disasters, the financial, housing, and job stability of its residents are all simultaneously tested. This burden has a greater effect on the most vulnerable families," said Garnesha Ezediaro, who leads Bloomberg Philanthropies' Greenwood Initiative. "That's why local strategies to combat disaster-induced financial inequity are so critical. Through this partnership, the Cities for Financial Empowerment Fund will create opportunities to significantly strengthen local emergency responses and prepare our communities in a way that centers underserved residents."
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. The EFE initiative draws on the CFE Fund's extensive programmatic work over almost a decade with local government leaders in over 100 cities and counties, connecting critical on-the-ground insights about the impact of financial instability on families, communities, and municipal budgets with tangible, measurable, and sustainable municipal strategies to improve families' financial lives. The EFE initiative grows particularly from the CFE Fund's COVID-era Financial Navigators program; over 26,400 client sessions, the initiative helped residents in 31 localities individually navigate the array of local, state, and federal resources made available during the crisis. The CFE Fund has disbursed over $66 million in grant support to municipal partners. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
