Rochester has been chosen by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) to participate in its new Emergency Financial Empowerment (EFE) initiative. This program aims to enhance emergency preparedness and response by integrating financial stability support into local plans.
Mayor Malik D. Evans expressed enthusiasm about the collaboration, stating, “Financial empowerment is key to resiliency. I’m excited to have our Office of Emergency Management and the Mayor’s Office of Financial Empowerment work together to develop a thoughtful emergency preparedness and response plan that includes financial support resources to prepare city families for the potentially lasting impacts of an unexpected disaster or local emergency.”
Jonathan Mintz, President and CEO of the CFE Fund, emphasized the importance of financial stability in emergencies: “Financial stability is foundational to preparing for and recovering from an emergency, and the CFE Fund is thrilled to work together with Mayor Malik D. Evans’ administration to ensure the City of Rochester and other local governments can incorporate the array of public and community financial empowerment resources to support individual and family finances for emergencies.”
The initiative addresses challenges such as unforeseen expenses and income loss during disasters. It also highlights how a household’s financial condition before a disaster affects access to relief programs. Notably, 90% of Small Business Administration disaster loan denials since 2001 have been due to unsatisfactory credit history or lack of repayment ability.
Garnesha Ezediaro from Bloomberg Philanthropies’ Greenwood Initiative noted, “When communities experience natural disasters, their residents’ financial, housing, and job stability are all simultaneously tested. This burden has a greater effect on the most vulnerable families.”
Rochester joins Dallas, Gainesville, St. Louis, and St. Paul in this inaugural EFE cohort. The CFE Fund engagement will be supported by a $150,000 grant from Bloomberg Philanthropies as part of their Greenwood Initiative.
