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AKRON, Ohio — Akron is one of seven municipalities that was selected for the Small Business Boost Initiative.
The city, alongside the national Cities for Financial Empowerment Fund, made the announcement Monday. The goal is to connect local, small business support services to the Financial Empowerment Center (FEC) initiative, which is operated by United Way of Summit and Medina.
"Our small businesses are the heart of our community," said Akron Mayor Shammas Malik in a news release. "We want to help entrepreneurs start and grow their businesses as well as manage their own personal financial journeys. We saw success with the Small Business Boost pilot program and are looking forward to continuing that growth with support from the CFE Fund and Principal® Foundation. They are choosing to support Akron, so it is exciting to support them.”
Akron received a $90,000 grant to support the new initiatives.
Professional one-on-one finance counseling is being offered through the FEC as a free public service. Business owners and entrepreneurs can call 211 to make a counseling appointment, or click here.
“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We’re thrilled to team with Mayor Malik and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”
Akron said in the release while owning a business is regarded as a pathway toward building wealth, there are many owners and entrepreneurs that face personal finance barriers that may affect their ability to grow or even start a business.
Principal® Foundation, a global nonprofit, is supporting the initiative as well to help local business owners improve personal finances and set them up for success.
“Small businesses are the mainstay of our nation’s economy, the pathway to financial security for millions of Americans, and the backbone of our communities,” said Jo Christine Miles, director, Principal® Foundation, and Community Relations. “Principal® Foundation supports organizations and programs that remove barriers and create opportunities for small business owners and entrepreneurs so they can grow their business and build financially secure futures. It’s why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative – a program that has had a positive impact on local small business owners and their communities.”
Akron was among the first municipalities selected in the pilot Small Business Boost in March 2022-2023. That program explored managing and improving personal finances and setting a foundation to build and grow a business. Through the city’s participation, this next iteration will use the information from the pilot program to encourage the new initiatives between financial counseling services and small business support programs. There will also be research into the small business client journey and the impact personal finances can have on a business’ success.
The city will work with Progressive Alliance, North Hill CDC and The Well, specifically the Akron Food Works team to reach different neighborhoods around Akron. Any small business in the city can join this program. The Akron Financial Empowerment Center has helped more than 3,000 residents increase savings by $3,449,790.
Business owners can schedule virtual, or in-person at either the Medina or Summit locations of United Way of Summit and Medina
