Rochester Reporter

The City of Rochester has been selected to join the Small Business Boost Initiative, a program led by the Cities for Financial Empowerment Fund with support from Principal Foundation. This initiative grants $90,000 to Rochester's Office of Financial Empowerment to provide free financial counseling to local entrepreneurs and small business owners. The aim is to strengthen their personal finances, enhance access to capital, and facilitate business growth.

Rochester is one of seven cities chosen nationwide for this program. The grant will be used to integrate small business support services with the Rochester Financial Empowerment Center (FEC), which offers professional, one-on-one financial counseling as a free public service. This service assists residents in reducing debt, increasing savings, and building credit.

Mayor Malik D. Evans stated, “Supporting small businesses and entrepreneurs is more important than ever. They are the foundation of our economy, drive our city’s growth, and provide hope and opportunity for residents. Thanks to the Cities for Financial Empowerment Fund, we can expand our support for our local entrepreneurs and business owners—helping them build wealth and achieve economic mobility.”

The initiative addresses personal financial challenges that often hinder small business success by providing trained FEC counselors who work directly with business owners. These counselors help navigate financial obstacles, access capital, and improve long-term sustainability.

Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund said, “Small business ownership can be a powerful pathway to opportunity...but for too many people, personal finances are an obstacle to a strong start.” He expressed enthusiasm about partnering with Mayor Evans and Principal Foundation on this initiative.

Jo Christine Miles, Director of Principal Foundation and Community Relations added, “Small businesses are the backbone of our communities...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."

The Small Business Boost Initiative was initially piloted in 2022 with Principal Foundation's backing. Local partners such as SUNY Brockport’s Small Business Development Center and the RIT Center for Urban Entrepreneurship will collaborate on expanding this effort.

Since its inception, the Rochester FEC has assisted 3,146 residents in reducing $4.9 million in debt while building $2 million in savings. Nationally, the Financial Empowerment Center model has helped over 180,000 clients reduce collective debt by $293 million and increase savings by $57 million.

Entrepreneurs interested in scheduling an appointment with an FEC financial counselor can visit www.CityofRochester.Gov/FEC or call 585-252-7110.